Introduction Changes Effective in 2023 RRSP/RRIF Reporting Rules For clients with larger RRSP/RRIF balances,what appears to be a small administrative changeto the RRSP/RRIF reporting rules could havesignificant implications. Until recentlyfinancial institutions were only required to reportto the Canada Revenue Agency (CRA)contributions and withdrawals from RRSPs/RRIFs they administer. However, due to concernsthat RRSPs/RRIFs may hold assets […]

The rapid evolution of artificial intelligence (AI) is about to transform various industries, and the financial planning industry is no exception. With advancements in machine learning, data analytics, and automation, over the next few years AI is expected to reshape how financial planning is done, and its impact is expected to continue to grow from [...]

Home prices are finally starting to come down throughout BC, largely due to interest rate rises. And assuming we see another couple of years of rate rises, we should see prices recede accordingly to a level that is hopefully sane once again.  That means that for younger couples without a home today, starting now to […]

Do you want to know the secret to both financial success and a happy marriage along the way?   The first key is to make sure you're paying yourself first. This can be a real problem for people that are either not employed on a regular basis or are self-employed with a volatile income.  But the [...]

A great streaming tool for corporate owned life insurance proceeds that come with tax considerations Corporate-owned life insurance has become an important tool in meeting the planninggoals and objectives of private company shareholders. Corporate-owned life insurance is oftenpurchased for a variety of reasons, including: What are life insurance shares? From a legal perspective, life insurance […]

The tax rules governing the valuation of corporate-owned life insurance, for purposesof determining the fair market value (FMV) of private company shares on a shareholder’s death1, are well established. Subsection 70(5.3) of the Income Tax Act (the Act) provides that in valuing the shares ofthe corporation, the FMV of any corporate-owned life insurance on the […]

Resilience has been the best term we can apply to markets as of late. Despite concerns over rising inflation and interest rates, supply chain issues, a Chinese property market collapse and a new energy crisis, markets have been able to pull back from a September slow down and are now once again at or very […]

Part of the ideal of Canada is that it is a country of fairness.  Whether you agree of not, there is a process in place that allows anyone to challenge an existing law or statute based on the constitution. That's exactly what's happening with Bill C-208 right now.  It's a case that is being watched [...]

By Cass Schneider A YOUNGER PERSON’S GUIDE TO RRSPs  Authors note:  This is Part 1 of a series on basic money management for younger people.    People my age often put off saving until they are making more money, out of debt or more confident in their job prospects.  As a result, they often don't [...]