There is a new tax reporting rule for the year ending December 31, 2023, we want you to be aware of as we think it could impact you or someone you know.  The change applies to trust arrangements, most notably “bare trusts”.  Many people may not know what a bare trust is, so unknowingly many of you fall into this scenario and as such, are affected by the new rule.  We anticipate several Canadians will be required to file a separate T3 Trust Return in addition to their normal T1 Personal Tax Return.

Financial planning is the cornerstone of building optimal wealth for individuals and business owners in Canada.  The journey towards financial prosperity requires careful consideration of unique aspects such as tax laws, government benefits, and specific investment opportunities. In this article, I'll delve into the integral role of financial planning in securing a prosperous future for Canadians.

Are you dreaming of owning your first home? Well, there's great news for aspiring homeowners in Canada! The First Time Home Buyers Savings Account (FHSA) is a fantastic opportunity that can help you turn your dream into a reality. In this blog post, I will dive into the details of the FHSA program, its benefits, and how you can make the most of this opportunity with the guidance of a financial advisor, financial planner, or investment advisor.

Understanding the First Time Home Buyers Savings Account (FHSA)

In this heightened interest rate environment, are you suddenly finding yourself struggling with debt? As a team with financial advisors and financial planners on staff, we’re finding that it's crucial to assist our clients in managing their debt effectively. In this blog post, we will discuss a few strategies that can help you pay off debt and achieve a sense of financial freedom. Whether you have credit card debt, student loans, or other financial obligations, implementing these strategies will allow you to take charge of your financial situation.

When it comes to saving for retirement, the laws of mathematics say the earlier you start, the better off you will be.

The internet is an efficient way for you to stay connected with family and friends. On the flipside, like any public environment, you need to be aware and cautious.  Fraudsters and scammers have particularly been active at trying to trick unsuspecting victims during the Covid-19 pandemic. Just as locks on your doors can help you secure your home and belongings, there are steps you can take to safeguard your computer and personal information.

Financial literacy is increasingly being recognized as a necessary life skill. After all, fluency in the language of finance can help pave the way to greater economic security, especially when proficiency is learned early on. That’s why core curriculum for children as young as elementary-school age now includes financial education alongside other basics like reading and math. Nevertheless, one of the best places to learn about money continues to be at home.

Have you ever given much thought about retirement?  If so, do you know what steps you have to take to get there? 

Truth is, many Canadians are waiting until it’s too late to properly prepare for retirement.  Are you going to let that be you or would you be willing to take a series of small, manageable steps to put yourself in a better financial position?  You may even be able to retire earlier than you initially thought.

With Thanksgiving right around the corner, now is a great time to reflect on some end of year financial “harvesting” tips you can easily implement in your business or personal life.

#1 – TAX LOSS HARVESTING

In a recent article, I shared the 4 “must-have” things you need to sell your business for a top dollar.  If you missed this article and want some easy tips on how to optimize the saleable value of your business, they can be accessed through the Compass Wealth blog by clicking here.