Why does a Financial Advisor need to be on LinkedIn?

LinkedIn is no longer only used for posting a resume or looking for a job but it’s being used to network with clients, centres of influence, share your content and connect with prospects.

2019 Ontario Budget

2019 Ontario Budget

The 2019 budget for Ontario was announced by Vic Fedeli, Finance Minister, giving details of a deficit of $11.7 billion for 2018-19 and $10.3 billion for 2019-20. Below are details of the key changes in relation to personal and corporate finances.

Personal

The budget did not announce changes to personal tax rates.

Ontario Childcare Access and Relief from Expenses (CARE) tax credit

Effective the 2019 tax year, the budget introduces a new refundable Ontario Access and Relief from Expenses (CARE) personal income tax credit, beginning with the 2019 tax year.

The tax credit will be based on the taxpayer’s family income and eligible child care expenses. It will provide the following tax credit per child up to:

  • $6,000 under the age of 7

  • $3,750 between age 7 to 16

  • $8,250 with a severe disability

The new credit will be calculated as the amount of eligible child care expenses multiplied by the credit rate shown below. The credit is eliminated when family income is greater than $150,000.

For 2019 and 2020, the taxpayers may claim the new tax credit on their tax returns. In 2021, Ontario intends to allow families to apply for regular advance payments.

Estate administration tax

Effective Jan 1, 2020 the budget eliminates the Estate Administration Tax on the first $50,000 of an estate’s value and extends the filing deadline of the Estate Administration Tax Information Return with the Ministry of Finance to 180 days (from 90 days) after the receipt of an estate certificate, and extends the deadline for filing amended information returns to 60 days (from 30 days).

Review of property tax assessment system

The province will review the property tax assessment system.

Addressing tax loopholes and tax integrity

The province has created a specialized unit of tax experts to find and address tax loopholes and abuse.

Corporate

The budget did not announce changes to the provincial corporate rate.

Ontario interactive digital media tax credit

The budget reduces the minimum Ontario labour expenditure to qualify as a specialized digital game corporation to $500,000 (from $1 million.)

Review

The budget will review the Ontario Innovation Tax Credit, other research and development incentives and cultural media tax credit certification process.

Please don’t hesitate to contact us if you have questions about how the budget will affect you.

2018 Year End Tax Tips

How did 2018 fly by so quickly? It’s that time of the year again… when we’re all thinking about…TAXES… Download your year end tax tips kit!

Financial Planning Week 2018

In order to help you promote Financial Planning Week, we’ve put together a free social media kit including a social schedule, social media exclusive images and of course the awesome resources from FPSC. Download your free kit!

Financial Planning Checklist for Incorporated Professionals

When dealing with an incorporated professional, things can get pretty complicated. This checklist is focused on helping you make sure you don’t forget to discuss key aspects of a professional’s financial planning.

Financial Planning Checklist for Business Owners

When dealing with a business owner, things can get pretty complicated. This checklist is focused on helping you make sure you don’t forget to discuss key aspects of a business owners financial planning.

Financial Planning Checklist

This financial planning checklist is client-centric and focused on their entire financial picture with the goal of having a meaningful and open conversation with client/prospect about their finances.

Life Insurance Campaign

Summer time is a great time to catch up and plan for the next quarter. Many advisors head into the last quarter with little or no planning. Fortunately, we’ve put together a Life Insurance Marketing campaign to help you effectively market insurance so you have prospects ready to go in September. Download your free Life Insurance Campaign kit.