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First Home Savings Account (FHSA): What You Need to Know

September 1, 2023Ability Private Wealth

Are you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.

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Different types of life insurance explained

August 1, 2023Ability Private Wealth

Whether you already have life insurance or are looking to get some, it’s essential to be familiar with the four most common kinds of life insurance available. Getting the best type of life insurance for you ensures that you are getting the coverage you want while providing financial protection for you and your family. These are the four most common kinds of life insurance:
• Term life insurance
• Permanent life insurance
• Participating life insurance
• Universal life insurance

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Understanding Tax-Free Savings Accounts (TFSAs)

July 3, 2023Ability Private Wealth

A Tax-Free Savings Account is a powerful tool to help you achieve your financial goals. Whether you’re saving for a new home, planning for retirement, or investing in your children’s education, a TFSA can be a valuable part of your financial strategy. The flexibility and tax advantages it offers make it a great choice for many Canadians.

Remember, the sooner you start, the more time your investments have to grow tax-free. Every dollar counts when you’re planning for the future, and a TFSA can help you make the most of your savings.

Don’t wait until tomorrow to start planning for your future. Contact us today to begin your journey to financial security today.

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Essential tips and tricks for paying less tax and keeping more of your retirement income

June 1, 2023Ability Private Wealth

It’s important to make the most of your retirement income. To do so, you need to be aware of what income is and isn’t taxable, and also how to make the most of the tax breaks you’re entitled to. This article outlines the four main steps you need to take to ensure you keep as much of your retirement income as possible:
1. Make a financial plan.
2. Split your pension income.
3. Buy an annuity.
4. Be aware of retirement-related tax breaks.

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The Six Steps to Financial Planning

May 1, 2023Ability Private Wealth

A certified financial planner is trained to focus on all aspects of your finances – everything from your taxes to retirement savings.

The six steps to financial planning are:
• Meeting your financial planner
• Determining your goals and expectation
• Reviewing your current financial state
• Developing a financial plan
• Implementing a financial plan
• Monitoring the plan

A certified financial planner will develop a plan that works for you both today and in the future.

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Tax Tips You Need To Know Before Filing Your 2022 Taxes

April 3, 2023Ability Private Wealth

It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:

• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.

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How To Use Insurance To Provide Your Family With Financial Protection

April 1, 2023Ability Private Wealth

The best way to provide your family with financial protection is with solid insurance planning. These three types of insurance will ensure your family has the financial resources they need if you die, are injured, or become ill:

– Life insurance.
– Critical illness insurance.
– Disability insurance.

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Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs

March 30, 2023Ability Private Client Group

The federal government is proposing to extend to Dec. 31, 2026 a measure allowing qualifying family members to open an RDSP for an adult beneficiary whose contractual capacity is in doubt and who does not have a legal representative. The…

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Federal Budget 2023 Highlights

March 29, 2023Financial Tech Tools

On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:

• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.

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Ontario 2023 Budget Highlights

March 24, 2023Ability Private Wealth

On March 23, 2023, the Ontario Minister of Finance delivered the province’s 2023 budget. Our article covers the highlights as follows:

• Corporate tax credits.
• Indirect tax changes.
• Increased healthcare options.
• Supporting communities.
• Supporting the economy and infrastructure.

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Recent Posts

  • First Home Savings Account (FHSA): What You Need to Know
  • Different types of life insurance explained
  • Understanding Tax-Free Savings Accounts (TFSAs)
  • Essential tips and tricks for paying less tax and keeping more of your retirement income
  • The Six Steps to Financial Planning

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • First Home Savings Account (FHSA): What You Need to Know
  • Different types of life insurance explained
  • Understanding Tax-Free Savings Accounts (TFSAs)
  • Essential tips and tricks for paying less tax and keeping more of your retirement income
  • The Six Steps to Financial Planning

About

We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.

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