We invest money with the expectation it will produce a future return on investments. We use this return to achieve a current or future lifestyle. If your money is not growing, it is shrinking.In the absence of it growing on trees, we can earn a return on our investments 3 ways: interests...
Read PostBomb Shelter Investing
Since the arrival of COVID-19 our world has been in a constant state of uncertainty.Uncertainty about COVID-19, the stock market, our businesses. Uncertainty is a common catalyst for fear. When making financial decisions, fear clouds our ability to make the 'rational decision'. So how do the...
Read PostTurn Your Personal Medical Expenses into 100% Corporate Tax Deductible Expenses
One of the most common questions we ask business owners is, “How do you pay for your personal medical expenses that are not covered by your benefit plan?” 95% of the time, the response we hear is, “out of my personal pocket”. As soon as we hear that, we know we can save that person a...
Read PostRetirement Mistake No.26: The Ten Biggest RRSP Mistakes
I have seen the rise and fall of RRSP programming. I saw investors pour money into RRSPs trying to maximize every tax deduction and save for retirement. Today investors are wondering whether it is still a good idea. Remember, it is a tax deduction today, not at retirement. Here are some of the...
Read PostRetirement Mistake No.25: Not Taking Back Your OAS Claw
You work your whole life and retire at 65. Then, because you worked so hard, the Government keeps the pension that you were promised. It hardly seems fair. So, how can you stop this? The answer is the Old Age Security (OAS) program.Old Age Security (OAS) It may take a little planning. The...
Read PostRetirement Mistake No.24: Missing Pension Income-splitting Opportunities
Learning about the Federal budget every year can save your tax dollars every year. If you are earning income from a pension plan and having tax taken off at source, you may be paying too much tax.Tim from Coquitlam, a retired fireman, has a pension plan that deducts tax based on the pension...
Read PostRetirement Mistake No.23: Overlooking a Powerful One-Two Tax Punch in Retirement
Don’t Just Buy a Mutual Fund–Combine Corporate Class and T- SWPAs mentioned in the previous chapter, some companies allow you to set up a T-SWP tax-advantaged withdrawal program. You can also switch between investments without triggering tax. Now you get the best of both worlds,...
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