2023 Personal Year-End Tax Tips
Maximize your tax savings! Discover expert tips on investments, family deductions, retirement, and more in our latest article.
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Entries by Kelly Smith Group
The Health Spending Account for Business Owners and Incorporated Professionals
Discover a game-changing solution to manage medical expenses efficiently – the Health Spending Account. As a business owner, reduce tax burdens and provide tax-free benefits to yourself and employees. No monthly premiums, cost-effective, and hassle-free reimbursement process. Unlock the full potential of your healthcare budget now.
Financial Planning For Self-Employed Contractors
Being a self-employed contractor can bring you a large cash flow and the satisfaction of being your own boss – but it can also make financial planning more complicated than being an employee.
When creating a financial plan, Self-employed contractors need to keep a number of items in mind. Read to find out!
Understanding Registered Education Savings Plans (RESPs) in Canada
Dive into the details of Registered Education Savings Plans (RESPs)! This guide covers how RESPs work, eligibility criteria, benefits, and government grants such as the Canada Education Savings Grant. Learn how to open an RESP and safeguard your child’s educational future.
Understanding Tax-Free Savings Accounts (TFSAs)
A Tax-Free Savings Account is a powerful tool to help you achieve your financial goals. Whether you’re saving for a new home, planning for retirement, or investing in your children’s education, a TFSA can be a valuable part of your financial strategy. The flexibility and tax advantages it offers make it a great choice for many Canadians.
Remember, the sooner you start, the more time your investments have to grow tax-free. Every dollar counts when you’re planning for the future, and a TFSA can help you make the most of your savings.
Don’t wait until tomorrow to start planning for your future. Contact us today to begin your journey to financial security today.
Different types of life insurance explained
Whether you already have life insurance or are looking to get some, it’s essential to be familiar with the four most common kinds of life insurance available. Getting the best type of life insurance for you ensures that you are getting the coverage you want while providing financial protection for you and your family. These are the four most common kinds of life insurance:
• Term life insurance
• Permanent life insurance
• Participating life insurance
• Universal life insurance
First Home Savings Account (FHSA): What You Need to Know
Are you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.
Why A Buy-Sell Agreement Is Vital For Your Business
A buy-sell agreement is a legally binding document that sets out what must happen to a business if one or more of the owners is no longer involved. It is crucial for businesses as it protects both shareholders and the business itself in the event of a partner’s departure. A buy-sell agreement provides many benefits, including maintaining business continuity, minimizing disputes between remaining co-owners and the family of the departing owner, decreasing stress and uncertainty for all business owners, and protecting business assets and liquidity with a solid financial and tax plan.
Tax Tips You Need To Know Before Filing Your 2022 Taxes
It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:
• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.
When and Why You Should Conduct an Insurance Audit
As our lives grow and change with variable circumstances, new additions, and job transitions, our needs for insurance will also evolve. Additionally, economic fluctuations and external circumstances that influence your insurance policy will need frequent re-evaluation to ensure that you are making the most appropriate and financially favorable decisions. Talk to us we can help.
