Canada Needs a Financial Plan
According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim. This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future: retirements, education and homeownership. It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.CPP Premiums for 2017 Top $5,000
The CRA has announced the maximum CPP pensionable earnings for 2017: $55,300, up from $54,900 in 2016. The employer-employee contribution to the plan is now $5128.20 when maximum contributory earnings are reached.
CRA Serious About Cracking Down on Tax Evasion and Avoidance
The Canada Revenue Agency (CRA) is taking its fight against non-compliance by offshore tax evaders to a new level, as 85 Canadians are investigated and 60 tax audits have been initiated, as reported by news media this week. This is the result of searching millions of files and identifying 2600 Canadians with a link to the abuse.
Review RESP Details Before Year End
Year end education planning requires a close look at the Registered Education Saving Plan (RESP) as an option for families saving for their children’s education. The RESP features a generous Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) which really sweetens the savings pot thanks to the federal government.
Canada 150: Financial Advice at the Crossroads of Change
After the highly acclaimed DAC 2016 in San Diego, the location of the 14th Distinguished Advisor Conference (DAC) was announced. Following tradition, advisors will be visiting a retirement haven that their clients frequent; this time in beautiful Kelowna, B.C., November 5-8, 2017.
Cross-Border Taxation Issues after Election in U.S.
With the U.S. election results and the subsequent crash of the Canadian immigration site, now is likely a great time to brush up on the rules for cross-border taxation and for U.S citizens living in Canada. Knowledge Bureau covers the subject in its online Cross Border Taxation Course and will also devote a half day to the subject in the May edition of the Distinguished Advisor Workshops.
Life Purpose
"I always like to look on the optimistic side of life, but I am realistic enough to know that life is a complex matter." Walt Disney
