The Baby Boomer generation, born between 1946 and 1964, has long been regarded as one of the largest and most influential generations in history. As they are now reaching retirement, the process of Baby Boomers passing down their wealth to Millennials/GenZ/GenX, has begun. Trillions of dollars will change hands over the coming years. The beneficiaries […]
Millennials and GenZ are poor; these two younger generations are both facing emotional and financial turmoil in their lives. It’s no secret that with the 2008 recession, the global pandemic, and the inflationary cost of everything, it is not secret that Millennials and GenZ have very little in the way of savings. Wealth is (supposedly) […]
The musician known as Prince passed away in April of 2016, but the contentious battle over his estate and assets continues. Aside from numerous individuals proclaiming their lineage with Prince, there are also squabbling relatives arguing over how much the late musician’s assets are worth. It’s been estimated that Prince’s estate is actually worth far less than initial […]
One of the more popular tax planning strategies is “income splitting.” To the extent income can be shifted within a family unit from a higher income earner to a lower income earner, less income tax is paid and more after-tax income is retained within the family unit.
Please note: This article does not pertain to residents of Québec. Are you thinking of adding your adult child as a joint owner to any of your property? If so, you should be familiar with the legal and tax consequences of joint ownership. Joint tenancy vs. tenancy in common The common law, which applies in […]
Looking to buy that vacation home? Where will you get the extra cash? The principal residence exemption may help you; when you sell a home that qualifies as a “principal residence” – a significant amount of savings you can garner in tax savings.
Investing on a consistent basis is important. If you’re going to achieve your retirement and other financial goals, you should consistently contribute to your RRSPs, TFSAs and non-registered investments. “Paying yourself first” through monthly contributions is an excellent strategy to build an investment portfolio.
