Taxes

Planning Ahead: A Rising Capital Gains Inclusion Rate

July 11, 2024

It has been over 20 years since we’ve seen changes to the capital gains tax. Since late 2000, 50 percent (1/2) of realized capital gains have been subject to tax. As of June 25, 2024, the inclusion rate increases to 66.67 percent (2/3) for corporations and trusts, and on the portion of capital gains realized in the year that exceed $250,000 for individuals.

Digesting the Proposed Capital Gains Tax Hike

May 2, 2024

History, ultimately, will be the judge of the recently proposed capital gains tax hike. The Government argues the extra billions of dollars generated will be invested in programs that give people a fairer chance “to build a good, middle-class life”, but critics say this will deter the risk-taking capital that stimulates economic growth and penalize hard-working business owners and individuals.

Beware of the TFSA ‘Danger Zone’

April 23, 2024

The first four months of the year have been referred to as a ‘danger zone’ for those relying on TFSA contribution room data posted on their CRA account. If you’ve based your TFSA contributions on “My Account” information, be aware that it may not be accurate.

Are You Holding a “Bare Trust”?

April 19, 2024

Are you holding assets in an arrangement where there is a separate legal and beneficial owner? If so, you may be holding a “bare trust” arrangement and subject to new reporting rules.

The Impact of Taxes on Investments Can Be Significant Over Time

April 10, 2024

This is the season when many of us are busy preparing income tax returns, perhaps a good time to reflect on the taxes we pay in investing. Just as investments benefit from compounded growth over time, the tax on income and gains can accumulate to become significant.

Tax Season is Here Again: Here are Some Reminders

April 1, 2024

As we deal with tax returns, this may be a reminder that we should be doing all we can to minimize taxes. Here are some actions to consider...

RRSPs & RRIFs: Be Aware of Taxable Withdrawals

February 5, 2024

As the cost of living has risen substantially over the past couple of years, some may consider accessing funds from the Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF). Yet, early withdrawals may be costly.

Year-End Tax Planning: Don’t Forget the Carry-Back & Forward Rules

November 22, 2023

As we approach year end, this is often a time when tax strategies are top of mind. Don’t forget: the tax rules allow you to carry back or forward certain tax credits or deductions not used in the current year.

The FHSA: The High-Net-Worth (HNW) Investor Opportunity 

October 3, 2023

Beyond its benefits in supporting the purchase of a first home, the First Home Savings Account (FHSA) offers a compelling opportunity for investors to transfer wealth to the next generation or potentially increase their retirement nest egg — but planning ahead is important.

A Reminder: The TFSA is a Valuable Tool for Every Stage of Life

September 14, 2023

Taking a look at your recent CRA Notice of Assessment for your 2022 taxes, do you have available TFSA contribution room?

Don’t Overlook the Impact of Taxes & Inflation on Investment Returns

July 31, 2023

When we think about our investments, consider the impact of taxes on returns. And, as inflation continues to be at above-average levels, we should also not overlook its effect on returns.

Saving Tax is a Year-Round Exercise: Don’t Overlook Income Splitting

July 18, 2023

This is just one reason why tax planning remains important: Saving tax is a year-round exercise. If you have a spouse/common-law partner (“spouse”) or adult kids, don’t overlook the opportunity to split income by shifting taxable income from a higher-income earner to a lower-income earner to save taxes.

The Taxing Issue of Succession Planning

May 5, 2023

70% of families report failure when it comes to intergenerational wealth transfers. Put another way, three out of every 10 transfers fail. It’s a core part of many people’s financial plan and yet 67% cite it as their biggest concern.

Drop us a line.
We’re here to help you
navigate your financial journey.

Location

147 Harrison Ave, P.O. Box 1950
Parksville, BC V9P 2H7

Contact

info@precisionwealth.ca
250.954.0247

Hours

Monday - Friday
8:30 am - 4:00 pm

Become a Client Become an Advisor 

Quintessence Wealth (Q Wealth) is a partnership that is registered as a portfolio manager, exempt market dealer and investment fund manager. The portfolio manager registration allows Q Wealth to provide investment advice to its clients. The exempt market dealer registration allows Q Wealth to engage in trading activity. These services are provided by Q Wealth through registered advising representatives and dealing representatives, respectively.

Q Wealth is a partnership that is owned by its partners, including Precision Wealth Management. As a client of Q Wealth, you may receive services from both Q Wealth and Precision Wealth Management. Note that individuals from Precision Wealth Management will only provide investment advice and trading advice if they are registered as advising representatives and dealing representatives of Q Wealth, and in providing such services, they will be doing so on behalf of Q Wealth only. Precision Wealth Management may however provide wealth management services such as financial planning, estate and retirement planning, insurance, group benefits and others.

Q Wealth Partners is a registered trade name of Quintessence Wealth, a registered Portfolio Manager in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Quebec, and Saskatchewan, an Investment Fund Manager in Newfoundland and Labrador, Ontario, and Quebec, and an Exempt Market Dealer in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Quebec, and Saskatchewan. The Ontario Securities Commission (OSC) is the principal regulator for Quintessence Wealth. Please visit www.qwealth.com for more information.

© 2024
Precision Wealth Management
All rights reserved.

Become a Client!

Fill out the form below to begin discussing how we can help you.

Thank you! Your submission has been received!

Thank you! Your submission has been received!

Become an Advisor!

Fill out the form below to begin discussing how Precision Wealth Management is the right fit for you and your business.

Thank you! Your submission has been received!

Thank you! Your submission has been received!