Did you know that many Canadians are not adequately prepared to pass on or inherit family wealth? This is often due to a lack of communication and planning. The good news is that it’s never too early or too late to start. Planning helps you identify tax saving opportunities, mitigate potential financial gaps and maximize your current lifestyle.
The lifetime capital gains exemption (LCGE) is one of the key tax planning advantages available to small business owners, farmers, and fishers. In 2021, it can exempt from tax up to $892,218 of capital gains realized on the sale of shares of a qualified small business corporation and up to $1 million of capital gains realized on the sale of shares of a family farm or fishing corporation.
In response to the COVID-19 pandemic, employers have embraced an environment where employees work from home. With the opportunity to work from home, some Canadians are taking the opportunity to work from anywhere. For some that means working from the cottage or working from a foreign location. Before you switch from working from home to a location of your choice, there are a few things that you should consider.
Each June, we honour National Indigenous History Month and National Indigenous Peoples Day. However, these observances cannot be recognized without acknowledging the atrocity of the remains of 215 children discovered in unmarked graves at a former residential school in Kamloops, B.C. This news has deeply saddened all of us at IG Wealth Management, and it is a sombre reminder of our country’s past and the injustice that continues today.
With an increasingly aging population, issues around providing services, including financial advice to seniors, are becoming more important. While attention is often focused on funding retirement and wealth transfer to the next generation, susceptibility to fraud often goes unnoticed.
One of the most important documents you should have as part of your estate plan is an up to date power of attorney, otherwise known as a protection mandate in Quebec. This is a document that gives someone else the power to make financial decisions on your behalf if you are unable to. Needless to say, you need to give special consideration to whom you appoint as attorney or mandatary.
IG Wealth Management is a proud sponsor of the Alzheimer’s walk, and as part of that, we want to support Canadians who are dealing with dementia, or may have a family member dealing with dementia.
Several measures were introduced during 2020 to help Canadian businesses navigate the economic impacts of COVID-19. Often these measures included cash payments. This article provides an overview on what government assistance may be taxable to your business for 2020.
Several measures were introduced during 2020 to help Canadians navigate the economic impacts of COVID-19. Often these measures included cash payments. This article provides an overview on what government assistance may be taxable to you or your loved ones.
A core component of your retirement plan is the CPP retirement benefit (or Québec Pension Plan for Québec residents, which mirrors many aspects of the CPP). CPP offers flexibility as to when payments can begin, which affects how much you could receive. Familiarizing yourself with CPP provisions can help you decide when to start payments and optimize the benefit throughout your retirement.
If you’re a U.S. taxpayer, learn about the additional information we can provide which allows you to make an important election for your investment in Canadian mutual funds and will make it easier to file your U.S. tax return.
It’s wonderful to be able to leave children an inheritance, but you want to make sure that the wealth you’ve worked so hard to build and set aside for their future is protected, regardless of where life takes them.