Pension income splitting is a tax savings strategy designed to lower a couple’s overall family tax bill, leaving more disposable income. When filing their annual income tax returns, a couple can jointly elect to shift up to one-half of eligible pension income from the spouse in a higher tax bracket to the spouse in a […]
The Canada Revenue Agency (CRA) recently released an updated folio publication on the topic of interest deductibility. This is part of the CRA’s new Income Tax Folio series, which is designed to provide details of their current administrative practices and is targeted at the professional tax community. Folio S3-F6-C1, released in 2015, sets out the […]
Distribution of an individual’s estate can take many forms. Assets can be gifted before death or distributed after death. Specific assets can be directed to specific heirs or the residue of the estate could be divided among a group of heirs. Methods for achieving these distributions can vary. A common estate planning strategy in Canadian […]
Charitable gift planning should involve the careful consideration of all aspects of making a large gift to charity. Some of the elements to be considered include the exact nature of the gift (i.e., cash versus a specific asset), the timing of the gift (i.e., all at once or in installments), whether the gift is inter […]
The system in place to tax Canadian dividend income is designed to achieve “integration.” The intent of integration is to ensure that the combined total personal and corporate tax imposed on different types of income received directly or from a corporation is roughly equal. In other words, integration tries to ensure that there is no […]
Filing a tax return isn’t always an easy task. Taxpayers want to ensure they claim every deduction and credit to which they are entitled. This means spending time under- standing the opportunities. Reporting income is simplified for many types of income because T-slips are issued to the taxpayer. The Canada Revenue Agency (CRA) is quick […]
The generosity of Canadians is evidenced by the $8.3 billion of charitable donations made by over five million people in 2012. The reasons are many. Some individuals have a strong desire to share their wealth during their lifetime. Others are reliant on their wealth to fund their retirement, but value the opportunity to share when […]
The medical expense tax credit provides financial relief for individuals who have incurred significant medical expenses for themselves and/or certain of their dependants. This tax credit is a non-refundable credit that reduces an individual’s income tax liability. The formula for the medical credit is comprised of two components: Part one: Medical expenses in respect of […]
The term rectification comes from the word “rectify,” which has its roots in Medieval Latin and means “make right.” Rectification is used by parties to a contract to modify the contract if there has been an obvious mistake that was not intended or the meeting of the minds was improperly documented. The courts have used […]
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At M.A. Schneider Insurance, we believe the saver deserves to be celebrated.
After all, it’s the saver that is conscientious every day to gradually create wealth for all.
That habit not only creates security for them but for their families and for the community as a whole.
We think they sometimes lose sight of how important they are.
This blog is here to help them. To help inspire them to stay the course and ultimately lead the great lives that they deserve.
1. Insight we gather about what’s going on that may affect the long-term quality of your life…
While there is a lot on the Internet, we know that making the best decisions for your life is often based on knowing just what your options are.
2. We hope that understanding what’s going on will help with perspective on what you can do.
3. New innovation and resources you can seek out.
This blog will offer an insight into the future because whether we like it or not, we’re going there. We’ll do the research to find the innovations that you should know about.
