Category Archives: Business

Good News and Bad News in Budget 2016

By Garry Keiller, The Nakamum Group, Edmonton On March 22, 2016, the Liberal Government tabled its first Budget. The original forecast of a $10 billion deficit has tripled to $29.4 billion, which is about 1.5 percent of Gross Domestic Product (GDP). Spending Programs The Government plans to spend $120 billion on infrastructure during the next 10 years, [...]

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TFSA – What’s New … What’s Unchanged … What’s as Complex as Ever

By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg When Justin Trudeau was elected Prime Minister, he acted quickly to reduce the annual Tax-Free Savings Account (TFSA) contribution limit from $10,000 in 2015 to $5,500 in 2016. Concurrently, annual contribution limit indexing provisions axed by the 2015 Conservative Budget were reinstated. TFSA Basics Except for the annual contribution [...]

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Take Advantage of Free Government Money

By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver The Federal Government offers a variety of generous grants and funding programs. Once you’ve qualified, applied, and set up the required accounts, funds are automatically deposited. In effect, free money from the Feds. If you qualify, why would you not apply to collect? Following are [...]

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TFSA “Successor Holder” Designation

By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg Rather than naming your spouse as “Beneficiary” of your TFSA, consider “Successor Holder” as the more appropriate designation. Both are options that are offered for a surviving spouse.

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Budget 2015 Reminders: Save More in Registered Plans

By Garry Keiller, The Nakamun Group, Edmonton Registered Retirement Income Funds (RRIFs) The 2015 Federal Budget reduced the required minimum income withdrawals from Registered Retirement Income Funds (RRIFs), effective this year. Decreased minimum withdrawals preserve more of the RRIF’s capital to support income in future years. Therefore, if you don’t need the higher income of [...]

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Consider Health Care Options

By Floyd Murphy, CFP, CLU, CHFC, The Nakamun Group, Vancouver Our public health care system is amongst the best in the world, despite its many challenges. People with critical health care issues are typically dealt with effectively, and most are pleased and grateful for the quality services they receive in a timely manner. However those [...]

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ESTATE PLANNING – The Art of Dying Neatly

In today’s complicated world of tax and legal structures, a poorly planned estate can create confusion and difficulties for your loved ones at a highly emotional time, and could result in an unnecessarily large portion of your estate paying administration costs such as legal, accounting, or probate fees.

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A Possible Personal Tax Solution for Corporation Owners

By R.A. (Bob) Challis, CFP, RHU, TEP, The Nakamun Group, Winnipeg Many individuals and families accumulate and hold assets within a private corporation, most often to provide flexibility in managing the amount and timing of personal income taxes paid. While a corporation can be effective for deferring personal income tax, at some point in time, [...]

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Budget 2015 Affects Everyone

By Garry Keiller, The Nakamun Group, Edmonton The 2015 Federal Budget includes proposals that will impact the financial, tax, and estate plans of our clients. The following is a summary of the items that might relate to you:

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Commuting a
 Pension Plan

By Garry Keiller, The Nakamun Group, Edmonton Some defined benefit pension plans offer the option, under certain circumstances, such as retirement or termination of employment prior to age 55, to transfer a lump sum value to an individual retirement account. This lump sum payout is the “commuted value”, and is the present value of future [...]

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