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All items tagged with: Debt Management

Homes and Private Pensions Help Canadians Increase Net Worth

Posted: December 13, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , Debt Management, Debt, knowledge bureau, statistics canada, Evelyn Jacks, retirement planning, retirement savings, Canadian economy, principal residence, wealth management, survey of financial security, net worth, assets, home purchases, mortgage stress test, savings tips

Canadians who focus on building their asset base will quickly grow their personal and family net worth – that’s the difference between the value of assets and the debt attached to them. Based on the December 7 release of the Survey of Financial Security for 2016, median net worth was up almost 15 percent to $295,100 over 2012 figures. The principal residence was the largest asset, followed by private pensions. But will this trend continue?

Debt Management Series: Purchasing vs. Leasing Vehicles

Posted: December 13, 2017 By : Marcia Elaschuk, DFA-Specialist™
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, interest rates, Evelyn Jacks, tax courses, wealth management, financial education, asset management, Marcia Elaschuk, budgeting, debt sources, debt planning, buying a car, leasing a car, car loan, financing a car purchase, financing options, credit report

In the market for a new car before year end?  Take the time to visit your tax advisor first.  He or she can take the time before the holidays to help you consider your after-tax options and evaluate the best approach to acquiring this asset; as debt management is likely part of the equation.

Retirement Planning: Make Sure Your Advice Keeps Up with Your Clients

Posted: December 05, 2017 By : Doug Nelson
Posted in: Strategic Thinking , Debt Management, Financial Literacy, Financial Advisor, investments, knowledge bureau, statistics canada, Evelyn Jacks, rrsp, tax courses, retirement planning courses, tax advisor, retirement income, wealth management, doug nelson, financial education, Baby Boomers, year-end planning, retirement plan

According to recent census data from Statistics Canada, the baby boomers continue to live life on their own terms, especially as they approach and surpass the traditional retirement age, but they are working longer, supporting adult children and often they are also in debt. The provides opportunities for interaction with retirement specialists.

CRA Targets Business PayPal Accounts

Posted: November 21, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Succession Real Wealth Management, Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses

Do you or your clients use PayPal for business transactions? Did you report them on your tax return?  If not, you’ll want to correct those errors or omissions quickly under the Voluntary Disclosures Program (VDP), because you are in the sights of the CRA.  A federal court ordered PayPal to disclose information about all business account holders who received or sent a payment between January 1, 2014, and November 10, 2017.

Debt Management Series: Mortgage Debt Management Matters

Posted: November 21, 2017 By : Marcia Elaschuk
Posted in: Strategic Thinking , Debt Management, Real Wealth Management, President - Knowledge Bureau, Financial Advisor, Evelyn Jacks, Investing, tax courses, wealth management, financial education, CE summits, Marcia Elaschuk, mortgages, debt strategies, new mortgage rules, stress test

As of October 17, 2017 new mortgage rules were introduced that could change the way Canadians approach debt management. Advisors, we’ve prepared this resource to share with your clients so they understand how mortgages play a significant role in debt management strategies.

How Should You Manage CRA Tax Debt?

Posted: November 21, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , Debt Management, Financial Literacy, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, voluntary disclosure program, tax debt, tax courses, debt and cash flow management, wealth management, Marcia Elaschuk, financial courses, CRA debt, PayPal, online business transactions, CRA interest, CRA penalties, income tax filing, business tax, T2 Tax Preparation for Small Businesses

If you owe money to the CRA, but you can’t pay, what is the best course of action? For example, if you or your clients use Paypal for business and were not previously reporting this income on your tax returns, the new CRA requirements may leave you in a position where you have to pay taxes you weren’t anticipating.