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Disability insurance helps protect you and your family from an unexpected illness or accident. It provides protection if you're unable to work and earn an income. Generally, disability insurance replaces between 60% to 85% of your income. It replaces your income up to a maximum amount, for a specified time. If your employer pays all or part of the disability premium, your disability benefits will be subject to income taxes. If you pay the entire amount of the disability premium... more
Taxes and Debt. The biggest impediments to your wealth. Let's consider a common scenario. Jack and Jill Hill are saving for retirement. They have decided to use a GIC – Guaranteed Investment Certificate. Guaranteed Investment Certificates (GICs) are secured investments. This means that you get back the amount you invest at the end of your term. At the end of a specified time period (term) interest is payable. If that GIC is outside a Registered Plan the interest earned becomes taxable. Interest income is taxed at an... more
BREAKING NEWS the Canada Revenue Agency (CRA) will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), for the 2023 tax year, unless the CRA makes a direct request for these
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