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Category: Blog

2022 Ontario Budget Highlights

May 3, 20222022 Only, BlogNo commentsAbility Private Wealth

On April 28, 2022, the Ontario Minister of Finance delivered the province’s 2022 budget. It’s focused on five different pillars:
• Rebuilding the economy.
• Better jobs and bigger paycheques.
• Building highways and critical infrastructure.
• Keeping costs down.
• Investing in health care.
Budget 2022 includes no changes to personal or corporate tax rates.

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2022 Federal Budget Highlights

April 8, 2022Blog, Insurance, InvestmentAbility Private Wealth

On April 7, 2022, the Federal Government released their 2022 budget. Our article contains highlights of the various financial measures in this budget, divided into these sections:
• Housing
• Alternative minimum tax
• Dental care
• Small businesses
• Tradespeople
• Canada Growth Fund
• Climate
• Bank and insurer taxes

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2021 Income Tax Year Tips

April 1, 2022Blog, TaxAbility Private Wealth

It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.

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Estate Planning for Business Owners

April 1, 2022Blog, Business Owners, Estate Planning, Family, Life Insurancebusiness owners, estate planning, life insuranceAbility Private Wealth

What happens when the children grow up and they are no longer dependent on their parents? What happens to your other “baby”- the business? Estate planning for business owners deals with the personal and business assets.

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Easy Exit: Business Succession in a Nutshell

March 4, 2022Blog, Business Ownersbusiness owners, business succession, key personAbility Private Wealth

Getting into the world of business is a meticulous task, but so is getting out of it Whether you’ve just hit the ground running on your business or if you’ve been at it for a long time, there is no better time to plan your exit strategy than now.

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2022 British Columbia Budget Highlights

February 23, 20222022 Only, BlogAbility Private Wealth

On February 22, 2022, the B.C. Minister of Finance announced the 2022 budget. We have highlighted the most important financial measures you need to know, with an emphasis on:
• Supporting sustainable economic development
• Offering stronger healthcare
• Expanding child care options and lowering fees
• Supporting capital infrastructure
• Providing funding for affordable housing
• Promoting clean transportation
Budget 2022 includes no changes to personal or corporate tax rates.

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TFSA versus RRSP – What you need to know to make the most of them in 2022

February 1, 20222022, Blog, RRSP, Tax Free Savings AccountAbility Private Wealth

TFSAs and RRSPs can be significant savings vehicles. To help you understand their differences, we have put together this article to compare:

– TFSA versus RRSP – Differences in deposits
– TFSA versus RRSP – Differences in withdrawals

Understanding the differences between these two types of tax-advantaged accounts can help you better plan for future purchases and your eventual retirement.

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2022 Financial Calendar

January 4, 20222022, Blog, Financial PlanningAbility Private Wealth

Looking for an “at a glance” document covering all the important dates you need to know to stay on track with your financial planning in 2022?

Our 2022 financial calendar (which you can easily bookmark or print out) makes sure you’re always in the loop! It lists important dates, including:

• Payments dates for the Canada Child Benefit, CPP, OAS, and the GST/HST credit.
• When TFSA contribution room starts again.
• Tax filing deadlines.
• Charitable contribution deadlines and the last day to contribute to registered investment accounts.
• When the Bank of Canada interest rate announcements are.

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2021 Personal Year-End Tax Tips

December 7, 2021Blog, IndividualsAbility Private Wealth

The end of 2021 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.

We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:

• Individuals, including details on COVID-19 benefits and important tax credits.
• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.

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2021 Year-End Tax Tips for Business Owners

December 1, 20212021, Blog, Business Owners, corporateAbility Private Wealth

We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner.

We’ve focused on:
• How to determine the right salary and dividend mix.
• The best ways to handle compensation.
• How to make sure you can take advantage of the small business deduction.
• What you need to know about depreciable assets and charitable donations.
• How to make the most of Covid-19 relief programs.

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Recent Posts

  • 2022 Ontario Budget Highlights
  • 2022 Federal Budget Highlights
  • 2021 Income Tax Year Tips
  • Estate Planning for Business Owners
  • Easy Exit: Business Succession in a Nutshell

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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

  • 2022 Ontario Budget Highlights
  • 2022 Federal Budget Highlights
  • 2021 Income Tax Year Tips
  • Estate Planning for Business Owners
  • Easy Exit: Business Succession in a Nutshell

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