Personal Finance
How to fund your post-secondary education
Graduating from high school is one of the greatest milestones in life. Very rarely will you have as many exciting opportunities ahead of you than in this moment – and obtaining a post-secondary education is often key to unlocking these opportunities.
Aug 9, 2022
Personal Finance
Assessing the Disability Tax Credit: A guide for individuals with learning disabilities and their caregivers
The Disability Tax Credit (DTC) is a non-refundable tax credit that helps people with impairments, or their supporting family member, reduce the amount of income tax they have to pay.
Aug 4, 2022
Personal Finance
Alter ego and joint spousal trusts: requirements, benefits, and drawbacks
Since their introduction in 2001, alter ego trusts (AETs) and joint spousal trusts (JSTs) have become important wealth- and succession-planning tools for Canadians who are 65 and older. With an alter ego trust, only one person is entitled to all of the trust income and capital in their lifetime. With a joint spousal trust, an individual and their spouse/common-law partner (spouse) are both entitled to all of the trust income and capital in their respective lifetimes.
Jul 18, 2022
Personal Finance
How inflation is affecting your finances in 2022
Canada’s inflation rate reached 6.8% as of April 2022, a huge jump compared to the 1.3% and 1.9% recorded in 2021 and 2020 respectively.
Jun 2, 2022
Personal Finance
Giving the gift of life insurance to charity
When planned carefully, making charitable contributions by gifting life insurance can further reduce the after-tax cost of giving from the base-case scenario.
May 25, 2022
Personal Finance
Building an investment portfolio to match life goals
It’s easy to walk into a bank branch or contact a discount brokerage, open an investment account, deposit money and buy investment products. People buy stocks, mutual funds, GICs and bonds every day in investment accounts, but the question is: what’s your plan?
Apr 29, 2022
Personal Finance
Crush fraud: How to identify, protect yourself, and report fraud
Did you know that March is Fraud Prevention Month in Canada? This is a time to educate or refresh ourselves on the types of fraud being practiced and how we can protect ourselves.
Mar 17, 2022
Personal Finance
How does COVID-19 affect your 2021 personal income tax filing?
This year marks yet another pandemic tax season. And just like last year, when you file your personal income taxes for 2021, it will be important to note some changes in how federal COVID-19 benefits affect your taxes.
Feb 17, 2022
Personal Finance
CryptoRom: The Tinder match you don’t want
There’s one type of romance fraud that’s quickly trending: CryptoRom. And this is one dating profile you definitely want to swipe left for.
Feb 11, 2022
Personal Finance
RRSP and TFSA: 4 things every Canadian should know about
With the new year comes the start of a new tax season. As you begin to think about your financial goals and your personal income tax filing for the 2020 tax year, it’s important to be aware of how RRSPs and TFSAs can benefit you.
Jan 27, 2022
Personal Finance
Will capital gains or losses affect your 2021 income tax filing? What you need to know
If you wish to sell capital property and apply the gains or losses to your 2021 tax return, your captial property transcations must be complete by December 31. We explain how this works.
Dec 8, 2021
Personal Finance
Six financial tips to prepare you for 2022
As the end of 2021 approaches, so is the time for you to review how you can reap all of your potential financial benefits from this past calendar year.
Dec 7, 2021
Personal Finance
The 5 most important tax slips you need to know about for tax season
The tax season always seems to come up and surprise us. And since many Canadians find doing their taxes stressful, keeping track of what you need to know is all the more important to minimize anxiety in the process.
Dec 2, 2021
Personal Finance
How emotions can impact our financial decisions
We are living in a volatile world and many of us are experiencing feelings such as anxiety and confusion more frequently than in the past.
Nov 23, 2021
Personal Finance
Busting 7 common money myths
The Internet is filled with financial “tips” that can be more myth than truth. Whether you encounter them via YouTube, TikTok, Instagram, Reddit, or Facebook, it’s very important to validate financial tips by doing your own research and speaking to a professional, such as a CPA or a financial advisor.
Nov 4, 2021
Personal Finance
Saving for retirement: Top tips for young people
When was the last time you actively planned for an event that was 40 or even 50 years away? Chances are, you didn’t.
Nov 3, 2021
Personal Finance
Millennials, Gen X, and Boomers: How your generation can save for retirement
Meeting our needs and goals later in life depends in large part on successfully saving for retirement, but with approximately 70 per cent of Canadians worried they won’t save enough for retirement and one third of Canadians having no retirement savings at all, it’s worth taking a look at strategies that can help us save for the day when we no longer have a work income.
Nov 2, 2021
Personal Finance
Declaring revenue: Is it a hobby or a business?
Whether you bake cupcakes and sell them to co-workers or go fishing after work and sell what you catch to friends, any profit you make from your passion could be considered business income, subject to income tax in Canada.
Sep 22, 2021
Personal Finance
Saving strategies for Generation X
Between the Baby Boomer and Millennial generations are the Gen Xers (early 40s to mid-50s), who grew up in interesting times. This is the ‘latch-key’ and the ‘MTV’ generation, often children of working parents.
Sep 16, 2021
Personal Finance
Conquer your back-to-school spending with these four tips
A new school year comes with new costs – housing, transportation, text books, social activities, etc. It’s not only important to keep track of these expenses but also to ensure that you can pay for them with the money you have.
Aug 26, 2021
Personal Finance
How you can invest in your child’s education
As your child or children head back to school in this fall, immediate financial needs aren’t the only academic expenses to consider.
Aug 16, 2021
Personal Finance
5 tips on how to conquer personal debt
If you’re struggling with mounting credit card debt as household expenses climb, you are not alone.
Aug 11, 2021
Personal Finance
Budgeting: The journey out of debt
British Columbians are being pushed to their financial limits like never before. According to Sands and Associates 8th Annual BC Consumer Debt Study, the COVID-19 pandemic was a major contributing factor for over half of the survey respondents who filed insolvency since March 2020.
Jul 8, 2021
Personal Finance
The 4 main reasons why you should care about financial ratios
Financial ratios are tools used to compare figures in the financial statements of your business. They provide an objective measure on the performance of your business in the past, present, and future to help you determine growth, pay yourself & your employees, and still make a profit.
Apr 6, 2021
Personal Finance
How investing while young can lead to big returns
A common excuse many young people have as to why they haven’t begun the process of putting money into investments is that they don’t have enough to start. Somehow, we’ve become conditioned to think “it isn’t worth it” unless we have thousands and thousands of dollars to invest.
Mar 17, 2021
Personal Finance
How does COVID-19 affect your 2020 personal income tax filing?
The 2020 tax year will be very different for many Canadians who have to file their personal income taxes. That’s because many of the federal government’s emergency benefits in response to COVID-19 are taxable.
Mar 1, 2021
Personal Finance
The three common types of investments Canadians should know about
For many Canadians, terms such as GICs, mutual funds, and ETFs, can be daunting. What do they even mean, and how can you invest in them?
Feb 8, 2021
Personal Finance
5 tips to help you prepare your income taxes effectively
The 2020 tax season is in full swing and you have until April 30, 2021 to file your income tax return to avoid any penalties.
Jan 28, 2021
Personal Finance
What you need to know about home office tax deductions
We explain how to deduct your home office expenses, including how to claim up to $400 using the new Temporary Flat Rate Method.
Jan 20, 2021
Personal Finance
Planning successfully for retirement: CPA Financial Literacy volunteers share top tips
How much of a challenge would it be for you to save $756,000? How long do you think it would take you?
Nov 23, 2020
Personal Finance
Demystifying debt: CPA FinLit volunteer helps young people understand how to leverage debt to their advantage
Canadians recently reached a dubious high point – collectively, we have amassed $100 billion in credit card debt.
Nov 18, 2020
Personal Finance
Small steps have a big impact: Volunteer helps high school students improve financial literacy
As much as parents plan financially for their children’s future and offer tips on how to manage money, the time will come when young people will need to take ownership of their finances.
Nov 5, 2020
Personal Finance
Helping kids get financially smart for life: Volunteer stokes passion for real-world skills
“I wish I’d known how to start saving for retirement when I was young… I would’ve liked to have known how to draw up and keep to a budget... I would have benefited from an explanation of how to use credit cards properly…”
Nov 2, 2020
Personal Finance
What stays the same this school year? The importance of investing in RESPs
The new school year is well underway, and it’s a year drastically different from previous years. While the way children are being educated will continue to vary depending on COVID-19 measures, the importance of investing in registered education savings plans (RESP) remains constant.
Sep 30, 2020
Personal Finance
An overview of credits and benefits for persons with disabilities
For persons with disabilities, a variety of credits and benefits are available from the Canada Revenue Agency (CRA), as well as for the people who support or care for them.
Sep 23, 2020
Personal Finance
Planning during COVID-19
There’s no doubt that the COVID-19 pandemic has presented challenges when it comes to an individual or a business owner’s financial plan. Many people have relied on various government relief programs. It’s more important now than ever before to revisit your plan so that you can make short and long-term adjustments where necessary.
Aug 10, 2020
Personal Finance
Plan ahead to pay tax on the CERB
To date, approximately 1,100,000 people in BC have applied for the Canada Emergency Response Benefit (CERB), while over 8,245,000 people have applied for it nationally. Originally intended to last sixteen weeks, the CERB has been extended as COVID-19 continues to take a severe toll on employment and all parts of the economy.
Jul 23, 2020
Personal Finance
Family trusts: Recent changes and continued benefits
The last three years have seen significant changes in tax legislation. Private family businesses have felt the bulk of these changes, and many are still trying to digest the impact within their businesses.
Jun 3, 2020
Personal Finance
Tips to manage through a volatile market
There’s no doubt this is a worrisome time for investors and that it’s more important than ever to remain calm so that you can make clear and informed decisions about your portfolio.
Apr 5, 2020
Personal Finance
Time is running out to put money in your RRSP for 2019
Are you satisfied with how much you’ve contributed to your registered retirement savings plan (RRSP) in 2019? If you still want to contribute more, you can – but not for long.
Feb 14, 2020
Personal Finance
Could you benefit from a readvanceable mortgage? Here’s what you should know
Canadian homeowners often have two critical financial goals: pay off the mortgage and save for retirement. It is conventional practice in Canada to approach these two goals sequentially as most Canadians have a fixed amount of income each month and there is a contractual obligation to make monthly mortgage payments.
Feb 3, 2020
Personal Finance
RESP 101: What’s the difference between the 3 types of RESPs?
If you’re looking for a holiday gift that will benefit one of your loved ones far beyond the holiday season, a registered education savings plan (RESP) contribution may be the answer. But as the year draws to a close, time is running out to make an RESP contribution for this calendar year.
Dec 20, 2019
Personal Finance
Capital gains 101: How to calculate transactions in foreign currency
When you sell capital property, you must report the transaction in your personal income tax return – and there are benefits to doing so. Capital gains are taxed at half the standard rate, and capital losses can be used to offset capital gains.
Dec 19, 2019
Personal Finance
Savings strategies for baby boomers
Baby boomers are the generation that “had it all,” with unprecedented opportunities for upward mobility.
Nov 12, 2019
Personal Finance
What would I tell my younger self? CPAs share their personal finance tips
Being a young professional is an exciting time in life. When someone graduates from their post-secondary studies, they begin a new chapter that may include embarking on a career, relocating to a new city, and enjoying new relationships.
Nov 7, 2019
Personal Finance
6 apps that’ll help keep track of your personal finances
Whether you’re managing debt, saving to buy a home or planning for retirement, figuring out your finances can make your head spin. Luckily, these apps (available for iOS and Android) can help you get a handle on things.
Oct 7, 2019
Personal Finance
Saving strategies for millennials: The earlier the better
As an investment advisor, when I meet with my millennial and boomer clients I am often reminded of how much they can learn from each other: millennials, with their dynamic optimism to enjoy life in the now, and boomers, who can model the lessons and benefits of saving over time. But millennials (aged 22 to 37) do face some unique generational challenges.
Mar 31, 2019
Personal Finance
From candy to Bugattis - How to help kids embrace money matters
When is the right time to begin teaching kids about money? As an investment advisor, and as a father of two, I believe the earlier the better as it can help set young people up for financial success.
Nov 19, 2018
Personal Finance
Plan in advance: Leave a lasting legacy
Most of us would like to leave a lasting legacy; however, we may not know what steps to take to fulfil that goal. An advisor can help you assess the options and determine which ones are suitable to your situation.
Sep 12, 2018
Personal Finance
Assess and address - How to transition your business before retiring
As business owners near retirement, they may have questions about transitioning the business. For example, who is going to take over the company?
Jul 30, 2018
Personal Finance
Finding YOUR retirement investing strategy
The most pressing question that potential retirees ask me is: Will I have enough money to fund my retirement lifestyle? That’s why, it’s not surprising that in a recent survey, baby boomers expressed that they are more afraid of running out of money than they are of dying.
May 7, 2018
Personal Finance
Six things to remember when filing small business tax returns
If you’re a small business owner, there are a few key dates to keep in mind when it comes to taxes. If you’re a non-incorporated small business owner, April 30 is the deadline for you to pay any income tax that your business owes and June 15 is the deadline to submit your T1 return.
Apr 30, 2018
Personal Finance
Cryptocurrencies: Are they taxable?
With the price of bitcoin spiking in 2017, cryptocurrencies are gaining traction and moving into the spotlight of currency trading. If you jumped on the bandwagon and sold cryptocurrency (such as bitcoin or ether) in 2017, or made a purchase using cryptocurrency, you’ll need to report those capital gains on your tax return.
Mar 19, 2018
Personal Finance
Retiring? Evaluate these five investment risks first
Will I have enough money to retire comfortably? More and more, people nearing retirement have to confront this question.
Feb 21, 2018
Personal Finance
Maximize your TFSA savings
Believe it or not, the tax-free savings account (TFSA) has been around in Canada for nine years now. If you haven’t given much thought to it in the past or you’re just thinking about investing into a TFSA account, here are some things you’ll want to know.
Feb 14, 2018