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Pensions have changed a lot since the early days when employees could rely on a generous defined benefit (DB) plan to take them through their retirement years. DB plans, which guarantee a set payout on retirement, are being replaced by defined contribution (DC) plans or Group RRSPs. With these plans, there is no guaranteed benefit…
Along with an RESP, a small business-owner has another ace up his or her sleeve to pay for a child’s education – an Employee Profit Sharing Plan (EPSP). An EPSP allows you as a small business-owner to income split with your children. By directing a portion of your income to your children through the use…
You’ve spent years in anticipation of retirement – now that it’s around the corner, it’s time to realize there’s more to retirement planning than just financial security. If you’re only saving for basic living expenses once you retire, then you may want to revisit your plan. Retirement should allow you to pursue your interests and…
The 2009 Federal budget announced a temporary 100% Capital Cost Allowance (CCA) rate for computer equipment and systems software. Computer equipment or systems software purchased after January 27, 2009 and before February 1, 2011 will be eligible for the 100% CCA rate, provided that the equipment and software would otherwise be included in Class 50…
If you believe the numbers, then plan on spending over $66,000 for a four-year degree at a Canadian university by the time your toddler is ready to go. And that doesn’t even include food and board – these are projected to bring the total to more than $135,000 by 2022. Before you find yourself hoping…