Tom Johnson, CFP

In Canada, there's one tax return that is BY FAR the most expensive in your lifetime: your Terminal Tax Return. Check out this video to find out "why" it's so costly and what you can do to minimize its impact.

In Canada, there's one tax return that is BY FAR the most expensive in your lifetime: your Terminal Tax Return. Check out this video to find out "why" it's so costly and what you can do to minimize its impact. #taxplanning #estateplanning #financialplanning #financialplanner #financialadvice #cascadefinancialgroup #winnipeg #manitoba

Do you own an insurance policy that feels expensive? Or are you thinking about applying for life insurance for the first time? Then check out this video to learn the "do's and don'ts" of buying life insurance for less money!

Do you own an insurance policy that feels expensive? Or are you thinking about applying for life insurance for the first time? Then check out this video to learn the "do's and don'ts" of buying life insurance for less money! #financialplanning #financialadvice #riskmanagement #lifeinsurance #budgeting #cascadefinancialgroup #winnipeg #manitoba

The Registered Disability Savings Plan (RDSP) is by far the most advantageous account type in Canada. Check out this video to learn what makes it such a powerful savings tool for Canadians living with disabilities and their families.

The Registered Disability Savings Plan (RDSP) is by far the most advantageous account type in Canada. Check out this video to learn what makes it such a powerful savings tool for Canadians living with disabilities and their families. #rdsp #investing #financialplanning #financialplanner #cascadefinancialgroup #winnipeg #manitoba

Are you leaving money behind? If you’re one of the thousands of Manitobans with a disability, or a parent of a child with a disability, here are two programs you MUST be aware of:

1. The Disability Tax Credit - as of 2023, the DTC is worth up to $2,081 for an adult and $3,295 for a minor. If you haven’t claimed the DTC for previous years, you can go back and file a claim for up to 10 years of back credits!

2. Registered Disability Savings Plan - this is BY FAR the best savings program in the country for adults or children who qualify for the Disability Tax Credit. Saving $1,500 in a year can result in up to $3,500 of grants and $1,000 in bonds being contributed from the government; an immediate quadrupling of your money!

For the first time in four years, the Bank of Canada has lowered the benchmark overnight rate; from 5.00% to 4.75%. What does this mean for your finances?

If you hold variable rate debt, like a line of credit or variable rate mortgage, your cost of borrowing just decreased! Any fixed rate debt, like term loans or fixed rate mortgages, will remain unchanged for the duration of the term.

Rates on savings accounts will follow suit and decrease the return you are paid for your deposits.

Investments in stocks and bonds are more nuanced, depending on investors perceptions. Typically lower interest rates bode well for investors as the cost of borrowing is cheaper for businesses (leading to more profitability and growth) and bond yields will reduce, leading to short-term appreciation.

If the cost of goods goes up by 2% and, meanwhile, your money appreciated by 1%, you've lost out on purchasing power. When it comes to long-term financial success, outpacing inflation with the majority of your money is critical! Otherwise it's one step forward and two steps back.

Learn more at: www.retirecheckup.com

Are you better off with $100 in a RRSP or $100 in a TFSA? Is $1 of interest worth the same as $1 of dividends?

When it comes to investing for retirement, what you earn is only a small part of the story. With a top personal tax rate > 50% in MB, what you keep in your pocket, after taxes, is even more important!

You can learn more at www.retirecheckup.com