And why you should care I’m going to ask in advance that you forgive me. This is not a platform that I tend to use as an activist, but today I am going to do just that. And, even worse, I’m going to ask you to get involved, too. In the 2023 federal budget, the Liberal government proposed changes to how the Alternative Minimum Tax (AMT) is calculated. Since then, the … [Read more...] about Alternative minimum tax rule changes
Back to school and RESPs
Strategizing withdrawals for the best outcome Registered Education Savings Plans (RESPs) were originally introduced in 1972 and they were terrible. Seriously! We would regularly tell clients to avoid them, usually suggesting informal trust accounts instead as they provided much greater flexibility without the risk of losing all your gains. But in 1998 the introduction of a … [Read more...] about Back to school and RESPs
First Home Savings Accounts
The wait is over At the beginning of the year, my son, Ben, wrote about the new First Home Savings Account (FHSA) that was announced by the Canadian government. At the time, financial firms had not put the required infrastructures in place to offer them, even though this brand-new account type had been introduced by the government and approved as a new tax-free savings … [Read more...] about First Home Savings Accounts
Care… but not that much
The little-known secret to getting ahead financially Over the many years that I’ve helped people get ahead financially, I’ve noticed that certain principles keep coming back. One of those principles is to care... but not that much. Those that earn the most, care about their money, but not that much. At least that’s the case when it comes to the day-to-day … [Read more...] about Care… but not that much
Unintended consequences: The hidden costs of a higher minimum wage
Sometimes I wish Aesop was still around today, he wrote, “Be careful what you wish for, lest it come true.” All too often we get what we wish for but often at the cost of unintended consequences. Actions with the absolute best of intentions sometimes lead to extremely poor unintended results. For example, the hidden costs of a higher minimum wage. I once had a … [Read more...] about Unintended consequences: The hidden costs of a higher minimum wage