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Tax Advice and Planning

financial planning, retirement savings, estate planning
Collingwood retirement planning, estate planning, RRSP, RIF, financial plan, savings, accounting help, retirement consultation

TAX ADVICE AND PLANNING

When it comes to taxes there are so many questions people can ask that it can be difficult knowing where to turn to for sound advice.  At C.E. McMahon Professional Corporation we specialize in giving unbiased tax advice with the intent of achieving your financial goals and saving you money.

Common questions include,

  • Can Canadian seniors collect government benefits while still working?
  • Should I rent out my cottage?
  • Should I loan investments or money to my spouse?
  • Do teenagers need to file a tax return if they are working part-time?
  • What do I do with my retirement savings?
  • When should I open a Registered Education Savings Plan (RESP) for my child’s future?
  • What are the tax implications of transferring money between accounts?
  • Should I pay off my credit card debt?
  • Should I use my Tax Return to go on vacation or reduce my mortgage principle?
  • Should I invest in an RRSP, TFSA or both?

Many questions have obvious answers whereas otherwise depend on your unique situation and we can evaluate how various internal and external influences may factor into arriving upon the correct answer.

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ESTATE PLANNING AND RETIREMENT

Developing a retirement plan that achieves your long-term goals requires sound investment advice to tax planning and our team at C.E. McMahon Professional Corporation is here to help.  We offer transparency and openness in our discussions with you.  We will work hard to earn your trust and develop a realistic plan.

Retirees considering leaving the Greater Toronto Area and settling within the rolling hills of Central Ontario, the ski resort of The Blue Mountains or along the gentle coastline surrounding Collingwood will find our services convenient and supportive.  With respect to filing a tax return, we will focus on areas specific to seniors that will help in maximizing their return.  These include:

  • Split Pension Income
  • Claiming Medical Expenses
  • Claiming Caregiver Expenses / Attendant Care
  • Splitting Disability Tax Credits
  • Claiming Nursing Home Expenses
  • Home Accessibility Tax Credit (HATC)
  • Ontario Senior Homeowners’ Property Tax Grant

It is important to know that when you retire CPP will provide you or your family with partial replacement of earnings.  You may also receive a Retiring Allowance after retirement from office or employment in recognition of long service.  You may have to include the payments from Registered retirement savings plan (RRSP) and/or you may get a pension from a Canadian or foreign pension plan.  And finally the OAS pension is a monthly payment available to most Canadians age 65 or older.  Each of these payments are now a type of income that we will include in your next tax return.

COURTESY OF THE GOVERNMENT OF CANADA:

MAKE AND UPDATE YOUR WILL

A will is a legal document that says how you want your estate to be divided once you die.  Your estate includes what you own (called assets) and what you owe (called liabilities).  An up-to-date will can help your estate representative deal with your estate when you die. Provinces and territories set the laws for estates.

You’re not legally required to prepare a will.  However, if you don’t have a will, the laws in your province or territory will determine how your estate is divided.

It’s a good idea to get professional legal help when you make a will.  This will help you make sure all your documents are prepared and witnessed properly.  Be prepared to pay legal fees.

It’s a good idea to make a will, even if you’re not sick or don’t seek legal advice.

FUNERAL PLANNING

You can prepare financially for your funeral by pre-paying for your funeral service.  You can also arrange the funeral service in advance.  Funerals can be very stressful and expensive.  Preparing and pre-paying for your funeral will ensure that your loved ones aren’t responsible for this expense.

NAMING YOUR ESTATE REPRESENTATIVE

An estate representative is the person you choose to manage your estate after your death.  An estate representative may also be called an executor, an estate trustee or a liquidator.

You can name more than one person as your estate representative.  The estate representative follows the instructions you left in your will.

You may name anyone as your estate representative. You may name a person who is close to you such as a family member or friend as estate representative.  You may also name a financial professional as your estate representative.  It’s a good idea to talk to your estate representative to make sure they’re comfortable with their responsibilities.

If you have not named an estate representative or have no will, provincial or territorial courts will name someone to manage your estate.

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