Tax Planning Blog Articles
- Oct 09, 2024
- Willis Langford
Business Owners Can Deal With The New Capital Gains Tax By Using A Liquidity Contract
Recently the Federal government made changes to the capital gains inclusion rate for Canadians. The inclusion rates were increased from 50% to 66. 67%. For personal capital gains, the first $250,000, the inclusion rates remain at 50%; however, for. . .
- Aug 06, 2024
- Willis Langford
Ways To Avoid the OAS Clawback
Consider Bob and Andrea who are now 65 years old. They have been taking advantage of the tax deductions they get from contributing to their RRSP for many years. They purposely kept their savings plans equal as both of them have been earning similar. . .
- Jan 17, 2023
- Willis Langford
Tax Credits and Deductions For Canadians in 2023
Tax Credits and Deductions A non-refundable tax credit means that you receive a credit that can only be applied to taxes owed. If you don’t owe any taxes, the credit is of no value. Once your income tax is reduced to zero, there is no further. . .
- Aug 16, 2022
- Willis Langford
The Difference Between Marginal Tax Rate and Effective Tax Rate
Tax Planning Is Important Every dollar you save in taxes is a dollar you have available to spend on something that brings you joy or a dollar to reinvest and earn more money. You can remain ignorant and CRA will happily take your. . .
- Jan 01, 2022
- Willis Langford
Need Some Retirement Income or Tax Advice? - Talk To An Expert
Talk To An Expert This service is for you if you have a specific question about your financial situation that you would like to discuss with a Retirement Income & Tax Advisor. The cost is $125 for 30 minutes - You can select a phone. . .
- Sep 17, 2021
- Willis Langford
Reverse Mortgages and Other Alternatives To Increasing Cash Flow
Would you like to access more tax-free cash flow in retirement? The largest asset that you have in retirement is your home, it represents a large chunk of dormant equity. It's like you have this piggy bank, but the money is trapped inside. . . .
- Mar 11, 2020
- Willis Langford
5 Ways To Unlock Your Locked-In RRSP
Here are the 5 scenarios where you can withdraw money from a LIRA (Locked-In Retirement Account). The normal process for accessing the money inside a LIRA or LRSP to convert it to a LIF, which is a lifetime income fund, and start withdrawing. . .
- Dec 10, 2018
- Willis Langford
Advantages of Charitable Giving
Well, It's beginning to look a lot like Christmas. . . . and Christmas is the season of giving! I want to provide you with some valuable information on the advantages of charitable giving. The first advantage is that it is good for your health. . . .
- Mar 11, 2018
- Willis Langford
Why You Should Be More Concerned With TAXES Not FEES
Every dollar you save in taxes is not only an extra dollar that you have available to enjoy your lifestyle, but it is also a dollar you do not have to take from your retirement savings and it can be another dollar you can use to grow your. . .
- Jan 12, 2018
- Willis Langford
The Key Differences Between Mutual Funds and Segregated Funds
A mutual fund is simply a basket of individual stocks managed by either a manager or a team of managers. The team will select various investments to hold inside of the fund in order to create a return for their investors. Typically the mutual fund. . .
- Jul 09, 2017
- Willis Langford
6 Strategies For Reducing Taxes Before and During Retirement
There's one often overlooked way to grow your wealth and create more guaranteed returns - Reducing taxes. Way too many Canadians needlessly pay too much in income taxes. Mostly due to a lack of understanding of how our system works and a lack of. . .
- Aug 03, 2016
- Willis Langford
Is It a Good Idea To Tap Into Your Home Equity During Retirement?
You would be crazy not to, however, it becomes a question of when and how. If you retire and plan to live in your primary family dwelling, and it's completely paid for, then you should definitely consider setting up a home equity line of. . .
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