Important steps to consider when purchasing a new vehicle

Why this message to you today?  Purchasing a vehicle is one of the most important financial decisions you can make.  While you will own several vehicles throughout your lifetime, the challenge is that the value of a vehicle will always decline over time.  Therefore, how can you put the least amount of money into something that … Continued

Covid 19 – What do you do if your debts are continuing to rise?

Why this message to you today? As we move into the 4th and 5th month of this global pandemic environment, you may have found that your credit card and line of credit debt has continued to rise.  While your expenses may be less, so too may be your income.  How do you best manage this … Continued

Covid 19 – Phase 3 of the CERB Benefit: Do you still qualify?

Why this message to you today? Now that you have been receiving the Canada Emergency Response Benefit (CERB), you will begin to receive a renewal notice that asks you to reconfirm the extent to which you continue to qualify to receive this benefit.  Do you expect to go back to work shortly?  Might you need … Continued

Covid 19 – New Benefits for Seniors

Why this message to you today?  The Federal Government recently announced two new income support benefits for seniors, as we find our way through the Covid-19 pandemic.  A one time Guaranteed Income Supplement Top Up of $200: If you are eligible to receive the Guaranteed Income Supplement then an additional $200 will be paid to … Continued

Covid 19 – How might your tax picture change in 2020?

  Why this message to you today?  If your current income is being impacted by the Covid-19 health crisis, so too will your tax picture.  This could be a positive impact or a negative impact.  Understanding how your tax picture might change is extremely important.   Here are some examples to consider: Example #1:  If … Continued

Covid 19 – 25% Reduction In RRIF and LIF Payment Amounts

  Why this message to you today?  The Canadian Federal Government has launched an initiative for those who are receiving RRIF and LIF payments.  For payment amounts not yet received this year (2020), these remaining amounts can be reduced by 25%.  The purpose of this is to help reduce the potential negative impact of withdrawing … Continued

Covid 19 – Should You Delay Your Mortgage Payment?

  Why this message to you today?  Have you suffered from a loss of income?  Is it helpful to you to delay a payment on your mortgage?  Be careful of the implications of this strategy.   More Specifically:  (source: I have drawn this information from Federal Government website). The Federal Government has announced a plan … Continued

Covid 19 – Supplemental Income Benefits

  Why this message to you today?  The Federal government is providing several supplemental income programs to Canadians during the Covid – 19 crisis.  It is important to understand that this IS taxable income and there are no tax-withholdings on the amounts you are receiving.  This means that when you file your taxes next year, … Continued

Covid 19 – Delayed Dates for Taxes and Installments

  Why this message to you today?  The Federal and Provincial Government (Manitoba) have provided the opportunity to delay income tax filings and the payment of other installments.   More Specifically:  (source: I have drawn this information from Federal Government website). Tax Returns for Individuals:  The filing due date for 2019 income tax returns for … Continued