Family

2025 Financial Calendar

January 1, 2025Blog, Family, Financial Planning, personal finances, RRSP, Tax, Tax Free Savings Account

Managing your finances effectively begins with staying informed about important dates and deadlines throughout the year. This comprehensive guide outlines key financial milestones, including tax deadlines, benefit payment schedules, and contribution opportunities, to help you stay organized and on track. Whether you’re planning for tax season, reviewing your investments, or ensuring timely payments, this calendar provides everything you need to navigate the year with confidence. Take a moment to familiarize yourself with these essential details and set yourself up for a smooth and successful 2025.

What is disability insurance?

August 5, 2024Blog, Business Owners, disability, Disability Insurance, Family, farmers, financial advice, health benefits, incorporated professionals, Individuals, Insurance, Professionals

Discover how disability insurance can safeguard your income if you’re unable to work due to injury or illness. Learn about the benefits, how it works, and why it’s crucial for everyone, especially the self-employed.

Getting Ready for Money Emergencies

July 2, 2024Blog, Debt, Family, financial advice, Financial Planning, incorporated professionals, Individuals, Investment, personal finances, Professionals

Facing unexpected financial emergencies? An emergency fund acts as your financial safety net, ensuring peace of mind without dipping into savings or incurring debt. Start small, build steadily.

Succession Planning for Business Owners

June 3, 2024Blog, Business Owners, Estate Planning, Family, Life Insurancebusiness owners, estate planning, life insurance

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates

April 22, 20242024, Blog, Business Owners, Family, financial advice, Financial Planning, Individuals, Investment, Retirees, Retirement

Explore the upcoming 2024 Canadian tax changes affecting investors, business owners, and high-net-worth individuals. From capital gains adjustments to new incentives, stay informed with our comprehensive checklist.

2024 Federal Budget Highlights

April 17, 2024Blog, Business Owners, Estate Planning, Family, Financial Planning, incorporated professionals, Individuals, Investment, mortgage, personal finances, Professional Corporations, Professionals, Retirees, Retirement, Tax

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:

• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business

Tax tips to know before filing your 2023 income tax

April 2, 20242024, Blog, corporate, Family, financial advice, Financial Planning, Tax

Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you’re not leaving money on the table this tax season.

Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting

March 4, 2024Blog, Debt, disability, Disability Insurance, Family, financial advice, Financial Planning, Individuals, Insurance, RDSP

Secure your family’s financial future with effective budgeting. Learn how to gain financial clarity, achieve your goals, and prepare for emergencies in our comprehensive guide.

TFSA vs RRSP – 2024

February 1, 20242024, Blog, Business Owners, Estate Planning, Family, financial advice, Financial Planning, Individuals, Investment, personal finances, Professionals, Retirement, RRSP, Tax Free Savings Account

When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.

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

September 1, 2023Blog, Family, Investment

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.

Category: Family

2025 Financial Calendar

What is disability insurance?

Getting Ready for Money Emergencies

Succession Planning for Business Owners

Stay Ahead in 2024: A Comprehensive Checklist for Federal Tax Updates

2024 Federal Budget Highlights

Tax tips to know before filing your 2023 income tax

Empowering Your Family’s Financial Future: A Comprehensive Guide to Budgeting

TFSA vs RRSP – 2024

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

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Derrick Lee-Shanok

derrick@abilitypcg.com

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