Are you familiar with the popular television show Shark Tank? Shark Tank features aspiring entrepreneurs pitching their investment ideas to seasoned investors like Barbara Corcoran. Corcoran actually refuses to do business with children of wealthy parents, citing her belief that: “[E]ntrepreneurs from a privileged background don’t have the need to have their business succeed, and that can make […]
Teaching is not normally thought of as a lucrative position; in fact, it’s considered to a be a profession that people go into because they are “passionate” about teaching. It comes as a shock, then, when some professors and teachers leave behind a fortune – and a great legacy – to their students, their communities […]
If you’ve ever dreamed of winning a fortune through the lottery or inheriting millions through some rich deceased relative, then you’ll probably find this story interesting: Marlena and Victoria Laboz are the daughters of the now deceased New York real estate magnate Maurice Laboz. They are both set to inherit $24 million dollars (out of […]
Canadians are financially struggling; there is no doubt about it. Obviously managing your finances in a time after the 2008 recession, the global pandemic and an economic downturn is more difficult than they were in the previous decades. But Canadians may not be as financially savvy as they think they are. One study showed that […]
A Power of Attorney is an integral part of estate planning; it is a legal document that allows someone else to act on your behalf to manage your finances and assets. If you ever become incapacitated or unable to look after your finances, a POA ensures that you won’t have to worry. So, what would […]
The federal government and all provinces allow a tax credit based on pension income received. The federal tax credit is 15 per cent of the lesser of $2,000 and the eligible pension income of the individual, while provincial percentages and limits vary.
The Canada Pension Plan (CPP) provides a number of benefits, the most significant of which is the retirement pension that forms an integral part of most Canadians’ financial plans for retirement. The Quebec Pension Plan (QPP) provides parallel benefits for Quebec residents. Every contributor to these government-sponsored pension plans will eventually need to make important […]
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.
Individuals in receipt of eligible pension income can allocate or split up to 50% of the income with their spouse or common-law partner, and the allocated income is reported as the spouse’s taxable income. This allows the shifting of income from a higher-income spouse to a lower-income spouse, enabling the couple to reduce their combined […]
Why Have a Will? Convenience is a factor in creating a Will online. A Will determines who controls your assets after death and also identifies the people to whom your estate and assets will go to. Preparing a Will is the simplest way to ensure that your funds and property will be distributed according to […]
