http://legacywealthcanada.com/wp-content/uploads/2021/01/TFSA_vs_RRSP_2021_Featured_Image.png 281 500 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2021-01-21 14:01:102021-01-21 14:39:11TFSA vs RRSP – What you need to know to make the most of them in 2021
Both TFSAs and RRSPs can be significant savings vehicles for your clients. We've put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals. The deposit section focuses on: • How much contribution room is available each year • How carry forward works for TFSAs and RRSPs • Tax deductibility of contributions • Tax treatment of growth The withdrawal section focusses on: • Conversion requirements • Tax treatment of withdrawals • Impact of withdrawals on government benefits • Impact of withdrawals on contribution room
http://legacywealthcanada.com/wp-content/uploads/2021/01/2021-FInancial-calendar-1.png 563 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2021-01-04 06:00:002021-01-04 06:15:232021 Financial Calendar
We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!
http://legacywealthcanada.com/wp-content/uploads/2020/12/Up-to-400-for-home-office-expenses.png 563 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-12-29 11:47:492020-12-29 12:33:14Government of Canada to allow up to $400 for home office expenses
For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
http://legacywealthcanada.com/wp-content/uploads/2020/12/Business-Owners_-2020-Tax-Planning-Tips.png 563 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-12-11 06:00:552020-12-11 06:18:24Business Owners: 2020 Tax Planning Tips for the End of the Year
It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections: - Year-end tax checklist - Remuneration - Business tax - Estate
http://legacywealthcanada.com/wp-content/uploads/2020/12/Highlights-of-the-2020-Federal-Fall-Economic-Statement@1000px.png 563 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-12-07 15:42:082020-12-07 16:27:25Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
Finance Minister Chrystia Freeland recently provided the government's fall economic update. It included information on the government's strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We've summarized the highlights for you: • Corporate Tax Changes, including extensions to subsidy programs. • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new "Work from home" tax credit. • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields. For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
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To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article: • Details about the different COVID-19 benefits programs and the tax ramifications of them • Information about family tax issues including the Canada Child Benefits and tips on how to split income. • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments. • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
http://legacywealthcanada.com/wp-content/uploads/2020/11/CERS_STARTS_TODAY.gif 280 500 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-11-23 14:01:152020-11-23 14:42:19Applications for the new Canada Emergency Rent Subsidy starts today!
The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19. An additional 25% Lockdown Support is available during a public health lockdown order.
http://legacywealthcanada.com/wp-content/uploads/2020/11/differencebetweensegfundsandmutualfunds-coverImage.png 1000 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-11-01 06:30:002020-11-01 06:36:09The Difference between Segregated Funds and Mutual Funds
Segregated Funds or Mutual Funds? What's the difference?
http://legacywealthcanada.com/wp-content/uploads/2020/10/CRB@2x.png 640 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-10-12 18:06:072020-10-13 17:06:08Applications for Canada Recovery Benefit now open!
The Canada Recovery Benefit (CRB) is now open for applications. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
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Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.
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Starting October 5, 2020, the Government of Canada will be accepting online applications for the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB).
http://legacywealthcanada.com/wp-content/uploads/2020/10/salaryVsDividendFI.jpg 810 1440 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-09-30 06:12:032020-10-01 05:12:04Salary vs Dividend
As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.
http://legacywealthcanada.com/wp-content/uploads/2020/09/ThroneSpeech@2x.png 640 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-09-23 16:33:082020-09-24 15:33:14Throne Speech: Recovery Plan Highlights
On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government's priorities.
http://legacywealthcanada.com/wp-content/uploads/2020/09/CEBA_extended_to_Oct_31_and_expanded@2x.png 640 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-08-31 17:51:072020-09-01 16:51:08CEBA extended to October 31st. Expanded to include more businesses.
On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan. In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.
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Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.
http://legacywealthcanada.com/wp-content/uploads/2020/08/CERB_to_Recovery_Benefits@2x.png 640 1000 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-08-20 15:30:072020-08-21 14:30:12CERB transitions to NEW Recovery Benefits and EI
On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.
http://legacywealthcanada.com/wp-content/uploads/2020/08/Details_expanded_CEWS-500px.png 320 500 Legacy Wealth http://legacywealthcanada.com/wp-content/uploads/2018/09/legacy-wealth-logo.png Legacy Wealth2020-08-11 16:30:052020-08-12 15:30:06Details of the EXPANDED Canada Emergency Wage Subsidy
On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS). If you're a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.
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Is the Storm upon us? In mid March we sent out a market commentary with our analysis of the market situation at the time, and our outlook going forward. The biggest story at the time was obviously the Covid-19 situation, but there were a couple of other factors at play, such as profit taking and the ‘oil war’. We had anticipated that there would be some continued downward pressure in the 2nd quarter, which there has been, and anticipated that things would start to look more positive in the 3rd and 4th quarter.