Tax FAQ - 2023

Tax FAQ - 2023 Tax Year (Saskatchewan)

Preparing for taxes can often leave you scratching your head with questionsWe hope some of the questions answered below make things just a little easier to understand. 

How Much and When?

Written by: Cory Regier

 

Hey Cory – What are rates doing?

It’s a question I often hear from friends, relatives, and clients.  Everyone wants to know whether now is the right time to lock in their mortgage and/or their GICs or if they should wait for higher or lower rates that are coming.    Unfortunately, I don’t always know the answer as it often seems when I’m convinced that I know what is going to happen, something unexpected changes.  Interest rates move based on various economic and geopolitical factors and those factors are always changing.  Then there are wild cards like a global pandemic that come out of nowhere and suddenly change everything, including interest rates.

Choosing Your Executor and Trustee: A Decision That May Be More Important Than You Realize.

Written by Diane Enns

Let’s cut to the chase right off the bat. The harsh reality is that you’re going to die some day, and if you’re married, so is your spouse.  

Saving for your Home Sweet Home

Written by Cameron Enns

Buying a home is often the biggest purchase an individual or couple makes in their lifetime.  Unfortunately for many young Canadians, even those who live in Saskatchewan, owning a home no longer feels like a given, like it might have in the past.  Wages haven’t increased at the same rate as home prices have, so it’s taking much longer to be able to save for a down payment.  A new national program called the First Home Savings Account (“FHSA") is an attractive way to save for that down payment and may help get you there faster. 

Estate Planning Pitfall #3 - Failure to Plan for Probate

Written by Clarence Peters

She had known it was coming for few months now, and finally the day came.  Funeral planning went smoothly, the children came and left, and now many business matters needed attending to.  “Let’s see” she thought, there’s the driver’s license to cancel, CRA to notify, the bank to visit, and a few other estate related tasks to do today.

Providing Peace of Mind

Written by:  Cameron Enns, Investment Advisor

Retirement is full of unknowns. From income stability, to health concerns, to family circumstances, to travel plans, it’s often difficult to predict what that stage of life will hold. A key component of financial planning is creating investment plans today in order to better prepare for retirement. Working with a financial planner to build a retirement projection can help bring clarity to your current financial situation as well as retirement.

Financial Guidance Through this Season of Life

By: Cameron Enns, Amity Trust Investment Advisor

As a young adult, it’s difficult to prioritize between tuition payments due next week, the first home you plan to buy at 25, and don’t forget about the year you plan to spend backpacking across Europe.  Being a young adult often feels like you’re trying to accomplish a dozen different goals, with each of them changing by the hour. When attempting to find a balance between everyday purchases and long-term goals, individuals can feel constricted by their current financial situation. Adding on to the uncertainty of which goals to prioritize, the world of finances can be confusing, leaving people with a number of questions. What are the tax implications of my decisions? Should I hold money in an RRSP or TFSA? Which choice will bring me closest to my retirement goals?

Navigating Volatile Markets

By: Russell Willems, Chief Investment Officer, Amity Trust

The first half of 2022 has been a difficult start to the markets.  Both stock and bond markets are down double digits as of the end of June.  This means that many conservative portfolios, which typically have a higher bond component, are down over 10%.

In light of this reality, what should be done?  Does it make sense to make changes?  Will the markets keep going down?  These are normal questions that we ponder during times like these.

Estate Planning Pitfall #2 - DIY Wills and Estate Plans

By Clarence Peters

Dear Son,

I’m writing to thank you for asking me about estate planning.  I’m proud of you for the gains you’ve made in life – from education to work, to making family connections.  You’ve prepared for the future before, so it’s mature of you to start planning now.  It gives me comfort to know you’re not going to leave a mess behind for loved ones should you pass on unexpectedly.


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