As 2017 winds down, assess your finances and get them new-year ready. Your overall quality of life is directly related to the overall quality of your finances. So as one year ends and the next is about to begin, take some time to be sure you’re making the right choices financially. That will make for a truly happy new year. Set a budget And stick to it. With the holidays fast approaching, you need to create a realistic budget that will allow...
Taxation Update 2017
Proposals impacting private corporations On October 16 and 18, 2017, Federal Finance Minister Bill Morneau released new measures designed to counterbalance the proposals that were previously announced on July 18 of this year. This summary contains highlights of these new announcements and modifications to the previous proposals, which are not yet law. Clients should contact their Investors Group Consultant for information on how these...
New Incorporation Rules and the Impact on Your Business
The government recently announced that it wanted to change some long-standing tax rules on incorporated business. Here’s how these changes might impact you and your business. Should you incorporate? Until recently, the answer was fairly simple: if you needed to use all the income you made in a given year, then there wouldn’t be much of a tax benefit to incorporating. If some money wasn’t needed for personal use, but rather could be kept inside...
Why We Worry About Money When We Shouldn’t
Even the wealthy can feel precariously close to financial ruin. You have a great career and a solid and growing investment portfolio. You have a spacious home and maybe even a cottage. By most measures, you’d be called affluent. So, why do you still worry about money and feel your financial empire could fall apart at any time? You’re not alone. Many high net-worth people think of themselves as having less than they do. Just being wealthy...
The Challenges of Owning Two Homes
Sometimes, when you buy a second home, you can’t sell the first. Here’s how to cope. Until recently, Paul and Kelly were quite happy at their home in Sanford, Manitoba. They took care of their three foster children and ran their natural beauty business. Then the house next to Paul’s old family cottage in Kenora, Ont., went up for sale. It was everything they needed: a cottage-style house fit to raise the children and 160 acres to continue...