For the fourth quarter, Wells Fargo says its earnings rose 17% from a year ago. One of the main reasons, according to the banking giant, is it benefited from the recently passed GOP tax bill…Read more 

Excess contributions to RRSPs and TFSAs can lead to penalty taxes, so advisors and investors should be mindful of the rules. For this article, we’ll focus on excess contributions to TFSAs and discuss options for dealing with excess TFSA amounts.  Read more…

CRA has posted changes to services for the 2017 tax-filing season. The following are new:

• Express NOA, ReFILE for Efilers, Pre-authorized debit for EFILE, Represent a Client…
• Also read about Important Year End Tax Deadlines… Read more

Who could have ever imagined, even a few years ago, that money would become virtual? Not so long ago, we could have thought that credit cards represented the end of currency evolution, but that was before the emergence of bitcoin.

For those who haven’t been paying attention, bitcoin is a digital currency…read more

Segregated Funds for Estate Planning

Canada Life’s new Estate Protection segregated fund product offers a 100% death benefit to clients who are between the ages of 80 and 90.

In promotional materials released earlier this week, the insurer says the new product is meant for clients who want to “leave a meaningful legacy for those who matter the most to them” and will provide older investors with a “sense of control, certainty and relief”.    Read more »

In April 2016, Kathleen Wynne’s Liberal government introduced the Ontario Retirement Pension Plan Act. If the legislation is passed, it will require workers to join a new Ontario Retirement Pension Plan, if they are not already members of a comparable workplace pension plan. The legislation claims that its new pension plan will offer a lifelong, inflation-indexed stream of income with up to 15% of an individual’s pre-retirement earnings. All employees between 18-70 will be required to join the ORPP if they are not already covered by a comparable plan. Enrolment is scheduled to begin in January 2017 and the collection of contributions will be phased in starting in January 2018.

Ontario notes that current federal income tax and pension rules prevent the self-employed and non-crown federally regulated workers (i.e. those who work in banks, telecommunications, railways, or air transportation) from joining, although the province says it is in discussions with the Federal government about making changes that would make their participation possible.  The Ontario Ministry of Finance is still working on the plan design and more details will be revealed when the accompanying regulations are published this summer.

Special GIC Offer from Manulife Bank…click here

Offer ends March 15, 2015

Manulife Bank: High Interest Savings & Chequing Accounts (personal & business); TFSAs, RRSPs – Higher Interest Rates, Lower Fees: Request Information