Canada Pension Plan (CPP) Changes: What You Need to Know About CPP Enhancement
The Canada Pension Plan (CPP) has been undergoing changes since 2019, with further changes taking place in 2024. This CPP enhancement was designed to increase retirement income for working Canadians and their families by gradually increasing CPP contribution amounts. Key Components of the CPP Enhancement The CPP enhancement applies solely to people who have worked and […]
How to Prepare Your Family for the Future: 10 Things to Do Now That Will Protect Your Family When You’re Gone
10 Things to Do Now that Will Protect Your Family in the Future Thinking about the future can be a difficult thing, but it’s important to consider what you can do now to protect your family when you’re gone. To help you prepare your family for the future, here’s a checklist of 10 things you […]
Secure Your Future: A Guide to Financially Preparing for Retirement
Retirement planning can seem overwhelming, but with the right strategy in place, you can ensure a pleasant and financially secure retirement. This guide will walk you through essential steps, from determining how much you need to save to deciding where to invest your money. By planning carefully and making informed decisions, you can create a […]
Electing Out of CPP Payments: Important Considerations
Canada Pension Plan (CPP) contributions are mandatory for working Canadians between the ages of 18 and 64, but are optional from age 65 onward. Electing Out of CPP Payments If you’re between the ages of 65 and 70 and are still working, you can elect to stop making CPP contributions. This election can be filed […]
Small Business Succession Planning | How to Plan for Successful Succession
According to the Canadian Federation of Independent Businesses (CFIB) report released in January 2023, 76% of small business owners plan to exit their businesses within the next 10 years. However, only 9% have a formal succession plan in place. Some common obstacles to succession planning include: Completing a business valuation Improving the value of your […]
2023 Tax Changes and Updates for Canadians
Based on the relatively high inflation that Canada experienced in 2022, many significant tax figures, rates, and rules have been updated for 2023. Find changes to federal and Albertan tax brackets and rates, and updates to basic personal amounts, the CPP contribution rate, and Canada Child Benefit here. 2023 Updates to TFSA Limit The 2023 […]
Understanding and Increasing Your Personal Net Worth | Advice for Physicians
What is Personal Net Worth Your personal net worth is based on the value of all your assets minus the value of your liabilities. What would you have left after selling everything you own and then paying off your debts? That is your personal net worth, or PNW. Your assets may include cash and anything […]
2023 Canadian Federal and Alberta Tax Brackets and Rates
What Are Tax Brackets? The Canada Revenue Agency collects federal income taxes using a marginal tax rate system. A different tax rate is applicable to each level of income, and these levels are called tax brackets. Tax brackets are structured so that low-income Canadians pay a lower percentage in taxes than high-income Canadians. Changes are […]
Financial Forecasting For Businesses
You need a financial forecast for your business if you’re considering a major change to your operation. Perhaps you’d like to add new investors or partners or expand your operation, or you’d like to sell your business or you’re in need of a loan. Forecasting allows you to analyze how different choices will impact the […]
How to Determine Your Personal Net Worth
When you determine what your personal net worth is, you can make strategic choices to plan for the future and improve that value. Understanding your personal net worth will help guide how you approach personal investment decisions, the potential sale of your business, retirement planning, or major purchases. You should consider obtaining a PNW statement […]