Creating a will means making big decisions that will impact your family for years after you’ve gone. While divvying up assets, assigning care for dependants and tax planning will take up most of your will-creating conversation, you’ll also have to consider who should be the executor of your will (or the liquidator in Quebec).
The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
In the relentless pursuit of success, Canadian high-net-worth individuals, including CEOs, senior executives, entrepreneurs and managers face a business landscape defined by constant change.
It’s tax season, a time when many people’s thoughts turn towards their tax refund and what they’ll do with it. Should you put it towards your mortgage, add it to your RRSP or make a TFSA contribution? While many financial institutions often recommend one of those options, we might suggest a different one: don’t get a tax refund at all.
If you owned a residential property in Canada on December 31, 2022, you might have to pay an Underused Housing Tax (UHT) if it was vacant or underused. Even if you’re not subject to tax, you may be required to file an Underused Housing Tax return to claim an exemption.
By IG Wealth Management • April 2023 • 8 min A Tax-Free Savings Account (TFSA) is a great tool to build wealth for most Canadians while paying less tax. Although there are many benefits to investing in a TFSA, there can also be costly mistakes. This article outlines the eight most common pitfalls people encounter and how to avoid them...
By IG Wealth Management • April 2023 • 6 min HELOCs are becoming increasingly popular with Canadians, as they are flexible and easy to use. But what is a home equity line of credit, exactly, and how can you make the most of it? Canadians love to use home equity lines of credit (HELOCs). In 2021, the amount of money...
By IG Wealth Management • March 2023 • 7 min And is it a better option than a conventional mortgage? When you’re considering a new mortgage, whether it’s to buy a new home, refinance to tap into your home’s equity or to simply switch lenders, it’s important to know about your options. Most homeowners know the difference between fixed and...
By IG Wealth Management • March 2023 • 9 min Exploring the myth that it’s always better to take a fixed over a variable mortgage, and how you can choose the best option for your circumstances. Exploring the myth that it’s always better to take a fixed over a variable mortgage When you’re looking to buy a home or renew...
By IG Wealth Management • March 2023 • 10 min Did you know that over half of Canadians don’t have a will? And that number jumps to 70% for younger Canadians (aged 18-34) and 66% for those aged 35-54. This is even more surprising given that almost 60% of Canadians think they have a good level of estate planning in...
Tax preparation season is a good time to take a look at your unincorporated business and consider whether you should consider changing its status. If you don’t need all of your business’s income for your personal needs, it could make sense to incorporate it. In this article, we examine the different kinds of business ownership, the types of tax advantages and savings that can come with incorporation, and whether it might be a valid option for your business.
BY IG WEALTH MANAGEMENT / DECEMBER 2020 To take full advantage of the tax-deferred growth available when investing in a tax-free savings account (TFSA), many Canadians strive to maximize their TFSA contributions as early in the year as possible. However, while the goal with a TFSA should be to contribute as much as you can within the limits of your...