Notes for the new finance minister Canada’s new finance minister Bill Morneau is stepping into the role amid great uncertainty for the nation’s economic prospects. The economy has perked up in recent months, but languished in a brief technical recession to start the year. Still,…
With their mortgage paid off and no other debt, Greg and Jody Mathieson describe their financial situation as “fairly comfortable.” The residents of B.C.’s Sunshine Coast, who are 50 and 49 respectively, are on track to retire at 60, assuming they put aside significant annual…
Life insurance. After just those two words I can sense your attention starting to waver. But if you are a high-net-worth Canadian who cares about your investment returns and paying less in taxes, you should pay attention to life insurance. Ted Rechtshaffen: In 2015, what…
While middle-class Canadians may relish the modest cuts to mid-level tax brackets, Monday’s landslide Liberal majority constitutes a major setback for the affluent. What Canada’s new Liberal government will mean to your taxes — and when Depending on your tax bracket, the incoming Liberal majority…
Individual pension plans (IPPs) aimed at high net-worth business owners can be complicated and technical and need to be explained carefully to both financial advisors and their potential clients, say two experts in the field. Stephen Cheng, managing director and senior consulting actuary at Westcoast Actuaries…
Most family businesses do not have a formal succession plan, and may not make it to the next generation. CIBC offers some tips to deal with the problem. A survey released by CIBC on Oct.15 shows that 80% of business owners who say they have a succession…
Business owners who invest in a TFSA rather than leaving surplus funds in their corporations generally end up with more after-tax cash, especially when the time horizon is significant, says Jamie Golombek, managing director, Tax & Estate Planning, Wealth Advisory Services at CIBC. “Leaving investments in the…
During the summer months, many families spend time together away from the hustle and bustle of daily living and retreat to one of the “four Cs” of summer: the cabin, condo, chalet or cottage. Unbeknownst to you, however, is that lurking under the surface of…
One of the surprises in this year’s Federal Budget was the announced increase in the small business deduction for corporations. Simply put, this means the small business tax rate will be lower. This is welcome news to small business owners, who will benefit from being…
It’s not unusual for grandparents to want to give money or gifts to grandchildren. And as the Canadian population ages, you may find more clients choosing to skip over their adult, and more financially secure, children in order to provide for the younger generation. Grandparents…