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Financial Planning

How to use income splitting to reduce your tax bill

income splitting and tax savings couple working at table

Last updated: Apr. 20, 2021 
What is income splitting? Income splitting is the strategy of moving income from a family member in a higher tax bracket to a family member in a lower tax bracket. Since Canada has a graduated income tax system, the idea is to reduce the overall family tax burden. But since the … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more

FBC Member Spotlight: Canada’s Grocery Store and More

Lori and Bobby Hurry - Lake Fraser - FBC Member Spotlight

Last updated: Nov. 25, 2020 
When the Endako Mine closed at the end of 2014, the Village of Fraser Lake lost its biggest employer. About a year later, the only grocery store in the community closed too. With just a convenience store in town, Fraser Lake residents had to drive almost an hour to the nearest … Read more

Why you need a year-end tax plan

a farmer leans against a tractor

Last updated: Aug. 31, 2020 
In our last few articles we’ve highlighted elevated government spending programs and the inevitable increase in the accumulated debt to alleviate the worst economic impacts brought on by the COVID-19 pandemic. Both current and former senior civil servants, economists and at least one former prime minister are all predicting that while … Read more

Potential tax implications of COVID-19 spending

man looks at a tax bill

Last updated: Aug. 7, 2020 
Former governor of the Bank of Canada David Dodge, writing on behalf of the C.D. Howe Institute while referring to the government’s financial response to COVID-19, said the right decisions were probably made at the time. However, the report also stated that the government must implement a plan to “restore fiscal … Read more

FBC Reviews

A sign that says FBC Reviews on it

Last updated: Nov. 6, 2019 
We love hearing from farmers and small business owners on what they like about being a FBC Member. Here are some of our favourite recent FBC reviews. FBC On-Site Tax Appointment Our Members tell us they appreciate the convenience of an on-site tax appointment at their home or business. Always available … Read more

Understanding the Registered Disability Savings Plan

a man in a wheelchair is writing at a desk

Last updated: Oct. 30, 2019 
Do you have a disability or a child with a disability? Are you worried about saving for retirement? Then you should open a Registered Disability Savings Plan (RDSP) to help you start building long-term savings. The RDSP shares some similarities with the Registered Education Savings Plan (RESP), which was set up … Read more

What is the RESP and how does it work?

grandparents take their grandchild on a walk

Last updated: Oct. 11, 2019 
Are you worried about saving for your child’s education after high school? What if we told you there’s a way you can start saving now for their future, and get a boost from the Canadian government? The registered education savings plan (RESP) is a savings account that can be set up … Read more

7 ways a mobile app can help your small business

small business owner looking at an app

Last updated: Oct. 7, 2019 
When you first wake up, you might check your email or scroll through Instagram on your phone, which makes mobile apps your first touchpoint of the day. You might also check your bank account, or shop online, or listen to music. Like a growing number of Canadians, you could order your … Read more