This is part one in a multi-part series explaining some of the lesser know strategies used to effectively get money out of your corporation most tax efficiently. Many small business owners work a lifetime to build up retained earnings in their corporations, only to have CRA punish them with double taxation when they decide to [...]

Thinking about how to secure yourself a retirement income stream? In this video, I discuss the four crucial steps to develop a retirement income. In brief, the steps discussed in the video are: 1. Understand your pension and government income. 2. Understand your expenses. 3. Understand the tax implications 4. Plan for each year. If [...]

In Canada, the Disability Tax Credit is one of the most overlooked and underused tax credits available to individuals.  In the following, Senior Financial Planner Heather Holjevac explains what a disability tax credit is, and how it may benefit you. “Invariably, many of us, myself included, get surprised by unplanned expenses over the year. My additional [...]

Yesterday, we talked about the retirement strategy of using life insurance as a savings mechanism. Today,  we look at the benefits of using life insurance for retirement. To recap: Basically, you take out a guaranteed life insurance policy on an older relative and name yourself the sole beneficiary. When this older relative passes away, whether [...]

There is an alternative tax-sheltered retirement strategy that is a substitute for RRSPs or tax-free savings account. This strategy allows you to invest a set amount every year (that you can comfortably afford) and guarantees that you generally earn a return of around 8% after tax, annually. In your late working years or early retirement, [...]