Wealth Strategies: Political Donations Yield Sizable Tax Credits

Published by Milestone Wealth Management Ltd. on Dec 21, 2020

Political donations are, first and foremost, to demonstrate support for the party or candidate of your choice, but the tax benefits are perhaps more than most Canadians realize. They may be either Federal or Provincial/Territorial, each with varying levels...

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Wealth Strategies: Family Income Splitting Loans - Reduced to New Prescribed Rate of 1%

Published by Milestone Wealth Management Ltd. on Oct 05, 2020

Income splitting strategies are always top of mind in order to minimize taxes, especially with many options being eliminated and/or reduced significantly by CRA in recent years. That said, CRA recently updated their prescribed loan rate for family members...

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Wealth Strategies: Family Income Splitting - CRA NEW Reduced Loan Rate

Published by Milestone Wealth Management Ltd. on Jul 08, 2020

The accounting firm Bennett Jones has written up an insightful update below on how to effectively income split with family members in order to reduce your overall household tax load. If you wish to learn more and discuss how this might be applicable to...

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Wealth Strategies: Government Support for Business Owners During Covid-19

Published by Milestone Wealth Management Ltd. on Apr 18, 2020

We continue to receive information and amendments on federal government aid packages available for small and medium-sized businesses affected by the COVID-19 situation. This includes both wage subsidies and credit through the Canada Emergency Business...

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Wealth Strategies: Summary of the Government of Canada COVID-19 Economic Response Plan

Published by Milestone Wealth Management Ltd. on Mar 20, 2020

Here is a summary of all the direct individual and business stimulus measures being implemented through the Federal $82 billion economic stimulus package made necessary by COVID-19’s impact on Canada and the global economy. There are measures that impact...

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Wealth Strategies: Tax-Savvy Estate Transfers

Published by Milestone Asset Management on Nov 30, 2019

Dealing with the passing of loved ones is never an easy situation, nor is dealing with the implications of wealth and estate transfers, and the resulting taxes. However, there are sometimes unadvertised loopholes that can significantly reduce tax liabilities...

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Canada Child Benefit - More Bang for the Buck Than You May Realize The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. To determine the amount of...

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Wealth Strategies: New RRSP Strategy for Retirement Planning

Published by Milestone Asset Management on Aug 09, 2019

It’s not often that we’re given a new strategy to add to our retirement planning toolkit. But the recent Federal budget introduced the option of an ALDA (Advanced Life Deferred Annuity). This is the largest shift in the Canadian retirement landscape in...

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Wealth Strategies: Federal Changes to Stock Option Taxation Forging Ahead

Published by Milestone Asset Management on Jun 24, 2019

Federal Changes to Stock Option Taxation Forging Ahead The Federal Government had tabled changes to stock option taxation in our recent budget, but have since confirmed that they are coming as of 2020. Specifically, these are proposed changes to employee...

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For all registered plans i.e. RRSP’s, TFSA’s and RRIF’s, the application form provides the option of designating a specific beneficiary, and in some cases a successor annuitant. You also have the option of merely designating your estate and providing...

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