October 3rd, 2023
Many financial advisers only work with wealthy clients.
So where are the masses going for help?
If you already have a million-dollar portfolio, you have access to a different world of financial advisers than the average household.
From time to time, people ask me for help finding a financial adviser, and $1-million dollars is generally the threshold that tells me whether it’s going to be an easy introduction, or if I’m going to have to dedicate significant time to explain the economics of financial advice models in Canada and what questions to ask any prospective adviser they interview. Read more Globe and Mail Article
December 1st, 2022
Thoughts about Giving this Holiday Season!
Christmas season is also a time when we are reminded that we are often fortunate, relative to others around us. Many of our clients are interested in giving but have asked us about how to intentionally start. Additionally, parents have asked us about ways to get their children involved with giving or learning to encourage generosity alongside hard work. We thought we would include some easy ways to start. Mike & Aravind recently touched upon giving from a financial planning standpoint in this webinar as well. Watch Here
December 1st, 2022
Recession-beating tips for the job market, housing, investing and cost of life
With all the bleak economic headlines, it’s impossible not to wonder if we’re in for a recession. Scare-mongering aside, now is a great time to prepare your finances in case a downturn materializes. In this episode, we’ve gathered advice from four experts on how to prepare for the changes in the job and housing markets, investing and the cost of living. Listen Here or read the Globe and Mail article
March 25th, 2020
The Government of Ontario has released their economic plan and the federal government changed some of their programs, so we wanted to post this helpful summary for our clients.
Employees and Individuals
Tax deadline extended and extension of payment due dates for taxes and installments
Canada Child Benefit will be increased by $300/child on the May 2020 payment
GST Credit will be increased by $400/individual or $600/couple to be paid in early May 2020
Student loan payments deferred up to 6 months NEW – OSAP payments and interest accruals deferred for six months (Ontario)
Minimum RRIF withdrawals can be reduced by 25% for 2020 to help rebuild retirement savings
REBRANDED – Canada Emergency Response Benefit will pay taxable benefit of $2,000/month for up to 4 months if you have been affected by Covid-19 (if you are can’t work because you are sick, you’re caring for someone who is sick, caring for children since school/daycare closed, employer shut down, or self-employed and can’t work). New portal being developed to administer
NEW – Increase to GAINS payments for low-income seniors by $166/individuals and $332/couple each month for six months (Ontario)
NEW – One time payment to parents with child under 12 of $200 per child ($250 per special needs child) (Ontario)
NEW – Off-peak hydro rates 24/7 for 45 days from March 23, 2020 (Ontario)
NEW – Expanding Ontario Works and Low-income Energy Assistance Programs (Ontario)
Businesses
10% subsidy of gross wages deducted from income tax portion of payroll remittance for wages paid March 18 – June 20, 2020 (Note: can be carried forward if subsidy exceeds taxes withheld)
Deferral of income tax payments and installments
Self-employed individuals are eligible for Canada Emergency Response Benefit
Increased financing options available through BDC and financial institutions
NEW – EHT exemption raised to $1 Million for 2020 calendar year (Ontario)
NEW – Provincially administered tax programs will not charge interest or penalties for 5 months (Ontario)
NEW – WSIB premiums can be deferred 6 months (Ontario)
NEW – Municipalities can defer school taxes for 90 days (Ontario)
For more information, these programs are summarized on the following websites:
Canada Emergency Response Benefit
Canada Economic Response Programs
CRA Updated Filing Dates and Summary of Programs
With the working atmosphere changing each day, we specifically ask for your patience and understanding as we wade through this unprecedented situation for everyone. As things change and progress we will do our very best to keep you informed…keep checking here for the latest “News and Updates.”