Impact Financial Planning Inc.

Here are some of the key highlights of the 2023 federal budget:

https://www.cbc.ca/amp/1.6792512?fbclid=IwAR22xfFXyP18VgCb4iz1_Xybr_Mb28DArBy-XU5kL2mcxJvmTLJKeZI7y6o

Highlights from the 2023 federal budget | CBC News The 2023 federal budget is proposing spending to make life more affordable, encourage investments in green energy, provide improved health-care services and roll out the next stage of the federal dental care program. It also offers targeted funding for students, workers, science and defence.

Here are a few ways to contribute to organizations you hold dear before the end of 2022 while also maximizing personal tax benefits:

Five ways to take advantage of tax benefits when donating to charity Here are five things to consider before Dec. 31 to make the most, tax-wise, of your charitable donations in 2022. Find out more.

With inflation rising this year the TFSA contribution limit will also be increased from $6000 to $6500 for 2023:

Inflation to trigger bump in TFSA room in 2023 | Investment Executive Next year's limit can be calculated using CPI data released Wednesday

With the Bank of Canada raising their lending rate again yesterday, here's a good article which provides insight on what this means and how it can affect you:

How the Bank of Canada’s interest rate works—and why it’s rising - MoneySense The central bank's overnight interest rate sets the tone for the prime rates offered by banks. We explain what that means for you.

The government released this year's federal budget yesterday. Here are some key points from the budget that could be relevant to how much tax you pay going forward:

Jamie Golombek: Here's how the federal budget impacts your wallet This year’s federal budget saw a variety of tax measures affecting individuals, corporations, and charities

As we all get ready to file our taxes for 2021, here are some tips that may help you prepare the submission.

Help clients prep for tax filing | Investment Executive Keep these 5 items in mind this season

Cryptocurrency has become an investment choice for many investors over the last 5-10 years. Here's a good article which helps clarify how the CRA will tax you on these kind of investments.

Revenue Canada defines what is cryptocurrency and when it is taxed - TechBomb News A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or othe...

With the holiday season coming up soon, gift purchases can turn into an expensive endeavor. Here are some tips to ensure that you won't be feeling a financial hangover in the New Year.

Millennial Money: Save for holidays now, skip regret later - BNN Bloomberg The small end-of-the-year window can offer some time to make money moves that help prevent a holiday debt hangover.

With house prices soaring, it's becoming more and more common that parents provide monetary support to their children for buying a home. To ensure that the parents ability to be repaid and their children's equity is protected, this article goes into some essential tips on how to structure the support offered.

How advisors can protect clients borrowing from the ‘Bank of Mom and Dad’ Lawyer urges advisors to document their loans and set up marriage contracts to protect their capital

There is a severe lack of understanding and transparency in Canada on how your financial advisor is compensated or how much you are paying annually for investment fees.

An even more important issue that's not understood well is how these annual fees add up over time to have you losing an insanely large portion of your life savings.

If you're not exactly sure what you're invested in or what you're currently paying in fees reach out and I'll give you an unbiased view on the situation.

How to figure out your investment fees | MoneySense John is unclear about what he’s paying his advisor, and cannot seem to get a straight answer.

Depending on the particular type of investment you're borrowing funds to purchase, it may be possible to deduct the interest paid on your taxes. This article outlines many of the circumstances where it can be possible to deduct the interest. Two key points to consider in any of these scenarios are:

1) It's always a good idea to keep borrowing for investing purposes separate from personal borrowing use (i.e. set up one line of credit for the business reason, one line of credit for personal use)

2) Leveraging credit to invest includes extra risk as you can lose on the investment and still have to pay back the loan. It's always important to review the strategy with a qualified financial planner to ensure it makes sense for your situation

Are interest payments tax deductible? | MoneySense Interest paid may be tax deductible under the right circumstances. Find out which scenario might apply to you.

In this market many home owners are borrowing their maximum approved mortgage limit. However, it's important to know that this approval formula only factors in your mortgage payment, heat, property tax, condo fees (if applicable) and other borrowing payments such as car/student loans, credit cards or lines of credit.

The formula doesn't include other costs you'll have as a home owner like insurance, utilities, security systems and general maintenance or upkeep. It also doesn't include food, clothes, cell phone costs, travel, insurance for your car, gas/maintenance on your car or child costs.

After factoring in the maximum mortgage costs and the other lifestyle costs mentioned above, the majority of people will find large restrictions on their cash flow (commonly known as house poor). This can affect your ability to enjoy life as well as prevent you from achieving other financial goals such as saving for your retirement or children's education.

Prior to making a decision on how much of a mortgage you should borrow, it's important to speak with an unbiased financial planner who can help you create a realistic budget of your lifestyle expenses and the new costs of the home. That way you can get a feel of what payments you're truly comfortable with.

Normally the "maximum affordable mortgage" the lenders will give you and the maximum affordable mortgage you can comfortably afford are two different numbers.

Feel free to reach out if you have any questions!

Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage - Mortgage Rates & Mortgage Broker News in Canada Soaring home prices over the past year have forced a majority of today's homebuyers to use the maximum mortgage amounts they've been approved for.