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Financial
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This newsletter is courtesy of Terry Fay and RetirementByDesign.ca. Please remember that while strategies outlined within this newsletter may be appropriate for some investors, you should always consult a financial advisor to determine if they are appropriate for you.
Sincerely,
Terry
Hello
:
As the holiday season approaches, we wish you and your family a safe and happy holiday season.
Lucie and I will be away on vacation from January 4 - 18. If you need immediate assistance please contact Wendy Wu at 604-687-1038.
To get a good start on next year's tax planning, book ahead. Call Lucie to set up an appointment for February.
- Terry
Tax-Effective
Spending Strategies
By Arthur Drache
What you earn minus what you spend equals what you have left over to invest. Just as there are tax-efficient earning strategies, there are tax-efficient spending strategies.
With two-earner couples now the norm rather than the exception, investment income often tends to accrue to the higher-income earner, primarily because he or she is the one with the most disposable income to invest. But good tax planning suggests that the ideal situation is for investments to be in the hands of the lower-income earner in order to reduce the tax bite on investment returns.
Of course, the main problem is that the Income Tax Act contains several rules that are designed to limit the benefits of this sort of planning. Most notable of the provisions are the income attribution rules. They require that, in cases where one spouse has transferred (either by gift or by way of a low-interest loan) property to the other spouse, the spouse who makes the transfer pays tax on the income generated by the transferred amounts.
Most tax planning is left to the last minute. Good tax planning happens year round.
All you really need to know is that we are committed to helping our clients achieve financial security and peace of mind.
Our Mission: Enhancing peoples lives by creating a positive life vision and the money to support it through our unique approach to financial planning.
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