Misc. Planning

This is a helpful resource summarizing important tax, retirement and estate planning information.

Planning for Gifts to Adult Children

In the 2022 Federal budget, the Canadian government proposed the introduction of the tax-free First Home Savings Account (“FHSA”). This new registered plan enables prospective first-time home buyers to contribute up to $40,000 toward saving for their first home on a tax-free basis. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home – including from investment income – are non-taxable, like a Tax-Free Savings Account (“TFSA”).

At BMO Nesbitt Burns we can help you determine the best way to finance your child’s education and work with you to develop a savings program that helps meet your educational savings goals.

Entrepreneurs who have built successful companies often want to see their business passed effectively to the next generation. However, a sale or transfer of ownership of the business will generally trigger capital gains tax. If the value of the shares of your business has increased, you or your estate may be burdened with a substantial tax bill. The business may even have to be sold to cover the liability.

Understanding the Three Major Asset Classes:Cash, Bonds and Stocks

Market Corrections Are Not Uncommon

As the Periodic Table of Returns demonstrates, your portfolio should be well diversified amongst global asset classes to enhance return and reduce risk. Click to read more.