With Thanksgiving right around the corner, now is a great time to reflect on some end of year financial “harvesting” tips you can easily implement in your business or personal life.
#1 – TAX LOSS HARVESTING
In a recent article, I shared the 4 “must-have” things you need to sell your business for a top dollar. If you missed this article and want some easy tips on how to optimize the saleable value of your business, they can be accessed through the Compass Wealth blog by clicking here.
There is a misperception in Canada that the top income earners in our country generally do not pay their “fair share” of the overall tax burden. Rhetoric from the Trudeau government since their first day in government would have you believe this idea. However, the data would have you believe a different story.
According to a survey conducted by the Canadian Federation of Independent Business in May 2018, nearly three quarters of Canadian business owners plan to exit their business within the next 10 years. This is a staggering statistic and should provide all business owners the impetus to think more strategically about their future business goals and objectives.
As a successful business owner, you know just how difficult it can be to turn on the lights in the morning and carry on your business with consistent success. Each day, you are faced with important decisions which can impact the success or failure of your business. Here are some practical tips for how you can combat the new passive investment income rules passed by the Federal government in 2018.
There are a lot of things on people’s minds these days. Whether it’s the current state of our public institutions, fear over the economy or just simple day-to-day issues like the affordability of food and shelter, Canadians are walking around with a lot of worries.
With a new year upon us, you’ll want to be informed about key income tax changes that will impact your personal situation.
In the Workforce
Just last week I was at Costco picking up a few things when I noticed a massive line up of cars coiled in several directions around the already packed parking lot. The line-up of cars waiting to fill up their gas tanks was huge. By huge I mean that I literally couldn’t move anywhere in this parking lot – I could immediately feel my stress levels rising.
In years past, when an individual was preparing for retirement or leaving their employer for another job, it was commonplace that they would leave their defined benefit pension entitlement with their previous employer with the understanding that they would receive a monthly pension in retirement. Yet in recent years, there are a number of factors which have ‘flipped the script’ on the pension decision. Today, many employees are giving serious consideration as to why they may consider commuting their company pensions.
With April just getting underway, I always get excited this time of year. With each rare glimpse of what a beautiful spring day could look like, I know that warmer weather is on its way. And this means more time out in the outdoors doing the things I love.
As an avid gardener and “green thumb” in my spare time and as a wealth advisor in my professional life, I’ve come to notice some pretty interesting similarities between my gardening habits and how I help my clients manage their hard-earned money.
As a gardener, I’ve noticed the importance of:
