What does estate planning have to do with your pets?
You’re probably already acquainted with the basics of estate planning: the importance of a Will, Power of Attorney, a Living Will as well as the significance of settling your taxes, planning ahead for your estate when you are gone, and so forth.
The introduction of the Tax-Free Savings Account (TFSA) in 2009 presented the most important change to the way Canadians save money. RRSPs were launched in the 1950s. But the big question on many people’s minds is whether they should contribute to a Tax-Free Savings Account (TFSA), the tried-and-tested RRSP, or both?
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.