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Tax Efficiency Strategy: Earn More Tax Exempt Income

There are many sources of tax exempt income of which most people are unaware. Here’s the tax secret… As a general rule, exempt income sources are not entered on the Canadian tax return at all. If you reported these amounts in error, you may contact the tax department to have them removed. The most common types of exempt income are the following…

Families that Save Together are Powerful

Comedian Ray Romano once said, “Having children is a lot like living in a frat house – nobody sleeps, everything’s broken, and there’s a lot of throwing up.” But aside from being highly amusing calamities at times, families are also powerful economic unions which are subject to fairly complicated tax rules. Those that master the art of saving together become powerful economic units. There is no better time than post tax-filing season to review your opportunities and become important savings role models for your kids. Here are three teaching tips to help…

The spousal trust: The remarried spouse’s best friend

In recent decades, the number of Canadians entering a second marriage has been on the rise, creating more and more blended families. And when it comes to tax and estate planning for a blended family, Advisors need to give it special attention. Indeed, the needs and desires of people living in blended unions are different from those in a more “traditional” family unit.

Deferring Old-Age Security

If you turn 65 before July 1, 2013, can you still opt to delay receipt of Old-Age Security (OAS)? You can defer starting your OAS pension by simply not applying for it at age 65. Under recent changes to the Old Age Security Act, your pension amount will be increased by 0.6% for each month of deferral after your 65th birthday or July 1, 2013, whichever comes later, until your 70th birthday.