FEDERAL BUDGET 2015

April 21 2015

A balanced-budget, low-tax plan for 2015

The Conservative Government has announced that it has fulfilled its promises and that the budget is now balanced in their Economic Action Plan 2015. With the culmination of several years of strong fiscal management, Minister of Finance, Joe Oliver, announced on April 21, 2015 that the Government’s priorities have succeeded in balancing the budget. The deficit has been reduced from $55.6 billion at the height of the global economic and financial crisis to a projected surplus of $1.4 billion for 2015–16.

      Key points
  • Increase in the annual contribution limit for TFSAs to $10,000 beginning in 2015
  • Lower RRIF minimum annual withdrawals creates more flexibility of retirement income for seniors
  • Reduced tax rates for corporations on active business income below the Small Business Limit

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Previous Tax & Estate Planning Strategies
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  • 2015 Tax Planning Checklist

    Dec 07, 2015

    Financial planning is time sensitive. While the following list is not exhaustive, here are some items that must be considered, incurred or paid prior to year-end in order to be included in your 2015 tax return.
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  • Anticipated tax changes with the new Liberal Government

    Oct 27, 2015

    Knowing the results of our most recent federal election, we should take a look at what our new government might have in store for taxpayers. During the election, the Liberal party platform had several initiatives and promises that affected taxpayers.
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  • Registered Retirement Income Fund (RRIF)

    Sep 15, 2015

    A RRIF is a popular RRSP maturity option. While RRSPs allow you to accumulate tax-sheltered savings for retirement, RRIFs generate a taxable retirement income stream from these savings.
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  • Healthcare - Time is of the essence

    Aug 05, 2015

    Living benefits are getting more and more sophisticated. Faster medical treatment is a concern for all of us. What options are available to cut wait times?
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  • Learn about the Canada Pension Plan

    Jul 02, 2015

    Are you nearing the age of retirement? Time to review your Canada Pension Plan strategies and take into consideration the recent changes that have been made to the CPP and QPP which may affect your original retirement plans.
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  • Cottage succession: Keeping it in the family

    Jun 01, 2015

    Do you have a cottage that you want to transfer to future generations without family conflict or potential tax liability? Transferring ownership of a cottage can have unique estate planning issues.
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  • Take advantage of the newly increased TFSA contribution limit of $10,000

    May 01, 2015

    The recently introduced Federal Budget for 2015 includes an increase to the Tax-Free Savings Account (TFSA) contribution limit from $5,500 to $10,000 per year. The Canada Revenue Agency is allowing this new change to be effective immediately – prior to the regular process of the Budget passing through Parliament and before receiving Royal Assent.
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  • Federal Budget 2015

    Apr 21, 2015

    TFSA contribution limit increase, lower RRIF minimum annual withdrawals and reduced tax rates for small businesses. We take a look at the 2015 Federal Budget and how it affects you.
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  • Estate Bonds

    Apr 09, 2015

    Life Insurance can be used as an effective way of accumulating and transferring wealth. An Estate Bond is a financial planning strategy that transfers non registered savings from a tax exposed investment to an exempt life insurance policy.
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  • Changes to the "exempt test" for life insurance policies

    Mar 03, 2015

    Our insurance legislative environment is known to be fairly stable. However, for the first time in many years, major changes to the legislation will modify the landscape of tax-exempt life insurance contracts and prescribed annuities. What are the impacts?
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  • Tax Filing Changes: Foreign Income Verification Statement

    Jan 30, 2015

    The Foreign Income Verification Statement (“T1135”) has been around since 1997. Its purpose is to capture a Canadian taxpayer’s worldwide income and to gain disclosure of foreign holdings.
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