BMO Private Wealth
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We can all agree that 2020 was an unprecedented year, and the global COVID-19 pandemic changed the way we live and work. Extended lockdowns made it challenging to do business, as everyone was confined to their homes. But as they say, when the going gets tough, the tough get going.
Most parents hope their children will pursue higher education – and for good reason. A post-secondary education can prepare your child for a fulfilling career, lead to enhanced earnings potential and, ultimately, steer them on the path to a successful and rewarding life. However, if adequate savings are not in place for post-secondary education, your children could graduate with the added stress of carrying significant student debt before they’ve even secured their first job.
Owning and operating a small business has several benefits as well as unique challenges. Small business owners enjoy independence, flexibility, and tax advantages; however, they must also manage day-to-day operations, seek opportunities for growth, and stay on top of financial responsibilities. Suppliers, employees, and bills all need to be paid regularly and on time. Additionally, business owners must also ensure that their company has sufficient funds to cover unexpected expenses, such as equipment breakdown, or significantly larger or longer-term expenses, such as increased mortgage rates.
As you consider your financial priorities for the coming year, here are some financial resolutions that could help you save taxes, protect your portfolio, and position you for financial success in 2022.
Life is a journey, with each of us choosing our own unique path. Your personal journey will be shaped by the decisions you make during significant milestones, and how you navigate through the detours you may be faced to take along the way. As a result, it’s important to understand some of life’s milestones to ensure you’re better prepared to navigate your way through these important crossroads
What Happens When a Canadian Resident Dies? discusses what happens to the assets of a deceased Canadian resident from a tax and estate perspective.
A quarterly publication written by BMO Subject Matter Experts on a variety of timely and relevant wealth management topics.