The Duke of Westminster principle remains alive and well here in Canada: taxpayers still have the right to manage their affairs in order to minimize taxes payable. For some, those affairs may include RRSP contributions which have a deadline 60 days after the end of the year, but for most tools the deadline is December 31. Tax planning shouldn’t be left until the end of the … [Read more...] about Time for some last-minute tax planning
Arnold Machel, CFP®
Arnold Machel lives, works and worships in the White Rock/South Surrey area and has been writing articles for the Light Magazine for over 10 years. He is a Certified Financial Planner® with Visionvest Financial Planning & Services.
Going broke slowly, the true cost of inflation
How much did a chocolate bar cost when you were a child? “10 cents” is the answer for me. At least that’s what the convenience store on the corner of Robson and Thurlow (where I returned bottles that I collected in the neighbourhood) charged. I even remember that it was only 9 cents if I went to the drug store across the street. It’s … [Read more...] about Going broke slowly, the true cost of inflation
The Canada Pension Plan: Decisions, Decisions…
“When should I take my Canada Pension Plan?” is another one of those very commonly asked questions that I get. And the answer will probably surprise you. Obviously, it varies person to person, depending very heavily on one’s tax and health situation. If only we knew how much longer we had to live, it would make that decision so much clearer. Methuselah certainly would have … [Read more...] about The Canada Pension Plan: Decisions, Decisions…
The case for optimism, the world is becoming a better place
Lately I’ve found myself disturbed by the pessimism I hear around me. It seems to be Christians and non-Christians alike in this regard. Yes – there’s lots of bad news, but let’s put it in perspective. Overall, the world is a much better place than it was. And it is getting better. I once heard a wise person say that optimism was the only long-term reality – and if we really … [Read more...] about The case for optimism, the world is becoming a better place
Deduct, divide and defer, taking advantage of a little-known tax strategy
The three D’s of Tax Smart Investing are Deduct, Divide and Defer. Generally, Tax Deductions are best as they usually offer the highest tax savings. Dividing can offer substantial tax savings if you are able to shift income from a high bracket taxpayer to a low bracket taxpayer. And deferring can provide substantial tax savings but is best when the deferral is decades … [Read more...] about Deduct, divide and defer, taking advantage of a little-known tax strategy