Avoid these 6 TFSA Mistakes in 2022

In December 2021 the federal government announced that the 2022 annual TFSA limit will remain at $6,000. This means the cumulative tax-sheltered lifetime limit is now at $81,500.

As I have explained to many clients, there is no “downside” to owning a TFSA, any TFSA is better than no TFSA. However, many people make mistakes with the accounts which can cost them in the long term.

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Private Health Services Plans

Over the last decade traditional group insurance premiums have increased an average of 10% per year. Provincial governments downloading once-covered expenses such as chiropractic, physiotherapy, and vision examinations, have had much to do with escalating costs. Drug costs for new medications and annually adjusted dental fee guidelines, have also made a large impact on increased premiums.

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Succession Planning for Business Owners

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

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Making Interest Payments Tax Deductible

We all want to reduce our income taxes and deducting interest payments on mortgages, loans, Lines of Credit or even credit cards can do that.

Canada Revenue Agency (CRA) has set criteria and rules that allow for the deduction of interest under certain situations. The key factor is the money you borrow must be used to generate income.

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15 Ways to Damage your Financial Well-Being Mid-Life

Since my 1980 start in the financial industry, I have had many clients retire only to realize a big disconnect between how they envisioned their retirement versus the assets that they have accumulated.

For most people, it is not just one mistake made over the years, but rather a multitude of poor financial decisions, many of which were implemented mid-life (from age 35 to 55).

The 15 most common reasons that financial health was negatively impacted:

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Fundamental Estate Planning Concepts

Draft a Will

Dying “Intestate” creates legal and financial obstacles for your family, something which could easily be avoided with a Will.

By not having a Will the government will use a default selection, stating how assets are to be split between your spouse and children

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Medical Expense Tax Credits (METC)

With April being the month most of us are thinking of filing our tax returns the subject of Tax Credits should be of interest to many of you.

Tax Deductions and Tax Credits are two entirely different tools to reduce our income taxes. A tax deduction lowers a person’s tax liability by reducing their taxable income.

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14 Financial Tips for Newlyweds

Whether you are getting married for the first time or planning for a second, the subject of finances will play a big role in the relationship.

Here are 14 well used tips to guide you through the process:

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