Tax season is approaching, which means looking for credits and deductions to pay less tax wherever possible. However, other opportunities are available to save tax that may be implemented at any time during the year.
Saving Tax All Year
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Tax Planning
We want to make financial topics easy to understand and help you take control of your financial future. With tips on smart saving, investing, budgeting, and even philanthropic planning, we’ve got you covered. Our goal is to give you the tools and knowledge to feel confident about your financial journey—while also making a positive impact along the way!
Have You Built Charity and Philanthropy Into Your Estate Plan?
With the winter holidays fast approaching, many media campaigns are asking us to remember the less fortunate in our communities and beyond, and to donate generously to help support them.
Are You a Canadian Resident with U.S. Property?
With the weather cooling and winter on the horizon, snowbirds are poised to fly south—but if you’re looking to purchase a property in the U.S. or returning to one you already own, you may face estate planning complexities.
Why Tax Deferral Works
Whenever you have a chance to defer paying tax, a common thought is, “Why pay tax now when I can pay it later?” However, there’s more to the story than simply postponing the tax bill. Depending on the tax deferral situation, one or more of these benefits may apply. Here are some common and less well-known tax deferral opportunities.
Will Your Parents Need Your Help?
The day may come when your parents find it more difficult to take care of their financial matters. Your help can make a difference, whether it’s in the form of your time, advice or financial assistance.
Transferring the family vacation property: now or later?
When you sell or give a vacation property to your children, you’ll need to manage the tax liability on capital gains. Should you pay a smaller tax bill now or leave a larger tax bill for your estate?
Help your child purchase a home with an FHSA
What do you get when you combine some of the best features of a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA)? Read about the new First Home Savings Account (FHSA).
Split your income to save tax
There are limited ways to earn income and pay no tax. However, there are many ways to pay less tax.
Managing a windfall, large or small
Whatever size a windfall may be, acting hastily can lead to regret. Learn what to consider and how to make the most of bonuses, tax refunds and larger windfalls that come your way.
Time for a vacation property chat?
If you plan on passing down your cottage, cabin or chalet to your children, make sure they actually want to own the property. Finding out where everyone stands will prevent family conflicts down the road and help you with tax and estate planning.
RRIF, meet JLTD
One of the tax breaks the government gives to couples takes place when the first spouse passes away. That person’s Registered Retirement Income Fund (RRIF) can be taken over by the surviving spouse without taxes being payable at the time. So those funds continue to grow on a tax-deferred basis.
Save tax by splitting income with children
When you think of income splitting, what first comes to mind is likely moving taxable income to a lower-income spouse. But several income splitting opportunities with children are available and worth exploring.
Claiming home office expenses
Thankfully, the Canada Revenue Agency (CRA) has made it easy for employees to claim home office expenses if you spent more than half of your working hours at home for at least four consecutive weeks in 2020 due to COVID-19.
How to minimize tax on retirement income
When you’re retired, you need an income strategy that balances today’s cash flow needs with an investment strategy to safeguard your ability to produce income in the future.
Missing any tax credits or deductions?
When filing a personal tax return, you want to take advantage of every break available, so we’re alerting you to tax deductions and credits that are commonly missed.
End of year reminders and strategies
Several routine financial planning items must be completed by December 31. For example, make any charitable donations that you wish to report on this year’s tax return.
Next best thing to saving tax now
The federal government has recently taken away several tax advantages enjoyed by individual Canadians and businesses, from ending tax-free switching of corporate class funds to removing key benefits of income sprinkling.
How to save tax as a couple
You can’t escape paying tax on income, but you may be able to split some of your income with your spouse. And if your spouse is in a lower tax bracket, you’ll pay less tax as a couple. Here are three scenarios that illustrate some of the tax-saving strategies available through income splitting.
Financial Freedom Insights
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At Endurance Wealth Partners, we’re here to help you simplify your financial journey. Whether you have questions, need advice, or are ready to take the next step, we’d love to hear from you!