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Financial Planning

How to use income splitting to reduce your tax bill

how to use income splitting to reduce your tax bill working at desk

Last updated: Oct. 11, 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

What’s CRA’s Position on Family Gifts?

Family enjoying the outdoors together

Last updated: Oct. 8, 2021 
Last updated November 23, 2020. Large gifts of money and property will get CRA’s attention. Follow these tips to limit the tax burden for giver and receiver. Gifts of property among family members are common and can be very welcome for the recipient and satisfying for the giver. Although Canada has … Read more

What you need to know about Bill C-208

multi-generational family image

Last updated: Oct. 8, 2021 
Bill C-208 passed royal assent at the end of June. Since then, there has been some confusion on its application and what the legislation will and will not permit. Canada’s Finance Minister has now confirmed that the bill is federal law, but there are intentions to amend it in November of … Read more

TFSA limit for 2021 announced

TFSA Limit Money Investing

Last updated: Oct. 8, 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) announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage of … Read more

Should I use an RRSP or TFSA as a business owner?

piles of coins depicting money growth rrsp or tfsa

Last updated: Oct. 6, 2021 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 5, 2021  After you file your tax return, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle them. What is … 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 … 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 … 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 … Read more