When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
Are you, like many Canadians, planning to renovate your home or cottage? If so, you should keep your receipts in case you ever need to support the cost base of your property. Generally, Canadians have not been required to report the cost base of a principal residence that is sold on their tax return. But that changed a few years ago.
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2020 filing year.