An overview of all the tax changes introduced in the recent budget and how they'll affect everyday Canadians.| Million Dollar Journey
After writing a deep dive article on whether the 4% safe withdrawal rate still works for retirement at various ages, I received a lot of questions basically asking: “Ok, so 4% is a good rule of thumb, but when I actually go to withdraw money from my various investment accounts, to put into my chequing account & high interest savings account in order to pay for day-to-day expenses, what is the best way to avoid taxes?” Upon reading many of these types of questions, I realized that I wasn...| Million Dollar Journey
How and when to pay yourself through your business. Are dividends better than a salary? Should you use income splitting, are pensions worth it and more.| Million Dollar Journey
Detailed guide on CCPC taxation - learn whether you should incorporate your business or not, and how much tax would you pay.| Million Dollar Journey
Income splitting is a tax-saving strategy that divides a stream of income between family members (usually two spouses). The goal is to apportion as much of the higher-earning family member’s income to other family members, in an effort to get that higher-earning spouse into a lower tax bracket. Some economists and policy wonks have made the argument that income taxation should be applied to the family unit as a whole, and thus negate the need for fancy income splitting accounting altogether...| Million Dollar Journey