April 22, 2015
As your financial advisor, I make a point of keeping current with issues that pertain to the financial health of you and your family. On April 21, Finance Minister Joe Oliver delivered his federal budget for 2015. Here is an overview of budget highlights that may affect your financial plan.
Tax‐free savings accounts - Annual contribution room doubles to $10,000 effective 2015
Withdrawals from RRIFs - Mandatory minimums lowered by as much as 28% for seniors aged 71 and older
Small business - Small business corporate rate reduced in stages from 11% to 9%
Foreign asset reporting - Streamlined form coming for holdings where cost is less than $250,000
The Government balanced it budget, as promised. They had to rob Peter to pay Paul, but its balanced. They have made some changes to the child tax credit and tinkered with the small business non‐qualifying dividend tax. ~
If you would like to discuss these budget initiatives and how they may affect your financial plan, please don’t hesitate to contact us.