Belmonte Leger SEP’s Post

Note on Taxation and the Need for Change in Canada Over the past nine years, income tax has increased by 59%. While we excel at protesting injustices globally, we seem hesitant to stand against the injustices within our own country. Inflation is a minor issue compared to the heavy taxation we face, and the public services that should be funded by these taxes are diminishing. We need change. We need leaders with financial acumen who understand the intricacies of our economy.

Millions of Canadians file their income tax and benefit returns every year. Canadians filed approximately 31 million returns and 92% of them were filed electronically. Also, there were over 17 million refunds processed, resulting in a total amount of $37 billion! We know that having the information you need on hand makes filing easier. By following us you’ll find what you need to know for this year, including what’s new.

#Equity Time to hit rich with a wealth tax? The rich are now getting spectacularly richer -- while most Canadians are losing ground. Writes respected columnist, Linda McQuaig. From 1930s to 1980s big redistribution from rich to rest of society; then stopped. Rich 'rewrote' laws, making them richer. Wealth tax only to net assets over $10 million – just 87,000 families. A plan: pay 1% year on assets above $10m, 2% above $50m, 3% above $100m. The tax could raise $32 billion – 60 times more than Liberal income tax. A wealth tax has the support of 90% Canadians. Will gov have the guts to do it?

Great post, Jamie! Your insights on optimizing RRSPs and TFSAs for tax savings are invaluable. Thanks for sharing this important information.

🔍 Navigating Canada’s Financial Landscape in 2023: Maximizing Your Tax Efficiency 📈 With interest rates on the rise and top marginal tax rates reaching up to 55%, high-net-worth investors need to strategize now more than ever. There are a plethora of registered plans—#RRSP, #TFSA, #RESP, #RDSP, and the newly-introduced #FHSA—each offering unique benefits and limits. 🌟 Key Takeaways: 1️⃣ Prioritize ‘Free Money’: Contribute first to plans like RDSP and RESP that offer government grants and matches. 2️⃣ Be Strategic with FHSA: If you’re a first-time homebuyer, the FHSA offers tax benefits both on contributions and withdrawals. 3️⃣ Tailor Your Strategy: Align your contributions to your short, medium, and long-term goals, whether it’s a home renovation, education, or a comfortable retirement. Fantastic breakdown in the article below of the diverse registered plans available to Canadians in 2023 by Jamie Golombek, Head of Tax and Estate Planning at CIBC Private Wealth. #HighNetWorthInvesting #TaxEfficiency #FinancialPlanning #InvestmentStrategy #CanadianFinance”

April 30, 2024 – This is the deadline for most Canadians to file a tax return. By filing your tax return on time, you’ll avoid delays to any refund, benefit, or credit payments you may be entitled to. If you owe money to the CRA, this is also the payment deadline. You’ll avoid late-filing penalties and interest by filing and paying on time.  𝗖𝗮𝗹𝗹 𝘂𝘀 𝗮𝘁 +𝟭 𝟰𝟭𝟲 𝟱𝟬𝟴 𝟬𝟱𝟭𝟮 & +𝟭 𝟵𝟬𝟱 𝟮𝟵𝟬 𝟵𝟬𝟭𝟯 or Email us at irfans@hawksgroups.com to learn more. Your success is our mission! #HawksManagement 𝗩𝗶𝘀𝗶𝘁 𝘂𝘀 20 - 3545 Odyssey Drive, Mississauga, Ontario L5M 2S4 & 301c-3050 Confederation PKWY, Mississauga, ON, Canada, Ontario #AccountingSolutions #MississaugaBusiness #FinancialFreedom #Personaltax #eFile #TaxReturns #Mississauga #ontario #TaxAccounting #Accountingservices #OutsourceAccounting #payrollservices #payrollmanagement #payrolloutsourcing #payrollprocessing

Balancing the books took an unexpected turn in 2022 for Canadians. The latest Fraser Institute report reveals that taxes outweighed housing, food, and clothing expenses combined. Dive into the stats reshaping financial priorities. here.

Start the year tax smart. Canadians will pay 10 per cent interest on late taxes and six per cent prescribed interest on loans from family members starting in the first quarter of 2024. Those with a family loan must pay interest at the prescribed interest rate by Jan. 30 to avoid income attribution. #Tax #Calendar

In Canada, there are many government created #registeredaccounts that each have their own pros and cons. #AskDarcy to understand your #uniquegoals, your #cashflow, and #yourpriorities before creating your personalized #IGLivingPlan, that incorporates the best use of these registered accounts personalized with advice that's #rightforyou.

Balancing the books took an unexpected turn in 2022 for Canadians. The latest Fraser Institute report reveals that taxes outweighed housing, food, and clothing expenses combined. Dive into the stats reshaping financial priorities. here.