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2019 TAX PLANNING TIPS FOR THE END OF THE YEAR

Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning. Below, we have listed some of the key areas to consider and provided you with some useful guidelines to make sure that you cover all of the essentials. We have divided our tax planning tips into 4 sections:

•  Tax Deadlines
•  Family tax issues
•  Managing your investments
•  Retirement planning

2019 Federal Budget: Top Changes You’ll Want to Know About

The first quarter of 2019 has come to a close and the Liberal government released their proposed Federal Budget. While last year’s budget was cautious in the face of NAFTA negotiations and competitive US corporate tax initiatives, this year’s proposal focuses on maintaining economic growth over the long term and announced strategic social initiatives for individual Canadians rather than corporations. Here we have highlighted some of the key proposals.

ETFs: a cheaper, smarter way to lower investment risk – while maximizing returns

A common question is: “Just what is an ETF?” A simple way of replying is to explain that, with Exchange-Traded Funds, you can trade shares of a mutual fund on the stock market.

An ETF has been a type of an investment option since the early ’90s. It was Harry Markowitz who revolutionized investing at that time by offering a different way for financial advisors to manage various retirement accounts. Markowitz, who won a Nobel Prize for his work, developed a concept called the modern portfolio theory. Up to then, the general investing ideology was to invest in certain stocks, hoping to find a winner – while avoiding very much risk.

How to take the confusion out of investing –and instead make investing work for you and your future

The world of investing can be overwhelmingly stressful and confusing, with the result that many people never feel adequately informed about it. Not surprising, then, that they put off planning for their future. They figure that things are comfortable now, so why worry beyond that?

But the future tends to arrive faster than we expect. By planning now, you will make your future as comfortable as your present. To help with that planning, we at Ciccone-McKay have created a specific investment approach that demystifies investing – that takes the confusion out and replaces it with clarity. Our straightforward approach, called Goal-Based Investing, allows us to work with every client to derive the plan tailored exactly to that client’s unique, individual wants and needs.

Get the future you want: Make a financial plan – Part 6 Tax Deferrals

In the previous article of this series, Part 5, we discussed two income sources: the long-term but temporary one of salary; and the permanent one of investments. We looked at how investments keep working for you 24/7, and therefore how advisable it is to invest asap in them. But which kinds of investment are right for you? We looked at that, too, from registered savings plans to real estate and more. Now, in the sixth and final part of our series, we turn to the dread topic of taxes. Actually, not so dread, once you start putting money into tax deferrals. Let’s explore this important, intriguing topic now. 

Pssst!: It’s not how much you make, but how much you keep

No, the sky isn’t falling. Let us remind you of a few things.

In the previous article of this series, Part 4, we looked at strategies for saving. We discovered that there are two types of savers – one is definitely more strategic than the other! We also studied the all-important topic of budgeting, and finding a way of budgeting that suits you best. In this fifth article, we examine how investing now pays off in a permanent income later.

Get the future you want: Make a financial plan – Part 4 Savings

In the previous article of this series, Part 3, we discussed the vital role insurance plays in providing a financial safety net for you and your family in case of emergency. Much as we don’t like to think of accidents or health crises, it’s better to face up to the prospect of them by setting up a solid insurance plan. Such risk management, should an emergency occur, reduces or eliminates your debt (mortgage, credit card, line-of-credit, etc.); also, it replaces your income for your family. In this article, we move on to examine savings strategies.