Are you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.
https://horizonfinancial.ca/wp-content/uploads/2023/06/fhsaFI.png250500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-06-01 12:05:192023-06-01 12:05:23First Home Savings Account (FHSA): What You Need to Know
As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.
We’ve put together an infographic checklist that can help you get started on this.
https://horizonfinancial.ca/wp-content/uploads/2023/04/Tax-tips-2022.png250500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-04-03 15:29:112023-04-03 15:29:15Tax Tips You Need To Know Before Filing Your 2022 Taxes
You know you need life insurance – but you’re not sure which kind is best for you. There are two main kinds of life insurance:
• Permanent, which lasts for your entire life. Premiums can be more expensive, but you can also use the policy to build up cash value.
• Term, which is only good for a set amount of time. Premiums are less expensive, and you cannot build up cash value – but coverage is easy to get and understand.
We can help you determine which type of insurance is best for you and how much it will cost you.
https://horizonfinancial.ca/wp-content/uploads/2023/04/Permanent-vs-Term.png281500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-04-01 06:13:432023-04-01 06:13:47Permanent versus Term Life Insurance – What are the Differences?
On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:
• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.
First Home Savings Account (FHSA): What You Need to Know
/in Blog, Investment /by Horizon FinancialAre you looking to buy your first home in Canada? The First Home Savings Account (FHSA) could help make it happen. This savings plan allows first-time home buyers to save up to $40,000 tax-free, with contributions being tax-deductible. In this article and infographic, we cover everything you need to know about FHSA, including eligibility requirements, contributions and deductions, qualifying investments, withdrawals, and transfers.
Retirement Planning for Business Owners – Checklist
/in Blog, business owners, corporate, health benefits, life insurance, long term care, pension plan, rrsp, Tax Free Savings Account /by Horizon FinancialAs a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.
We’ve put together an infographic checklist that can help you get started on this.
Tax Tips You Need To Know Before Filing Your 2022 Taxes
/in 2023, Blog, disability, tax /by Horizon FinancialIt’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:
• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.
Permanent versus Term Life Insurance – What are the Differences?
/in Blog, life insurance /by Horizon FinancialYou know you need life insurance – but you’re not sure which kind is best for you. There are two main kinds of life insurance:
• Permanent, which lasts for your entire life. Premiums can be more expensive, but you can also use the policy to build up cash value.
• Term, which is only good for a set amount of time. Premiums are less expensive, and you cannot build up cash value – but coverage is easy to get and understand.
We can help you determine which type of insurance is best for you and how much it will cost you.
Federal Budget 2023 Highlights
/in 2023, Blog, business owners, dental benefits, Family, Financial Planning, individuals /by Horizon FinancialOn March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures:
• New transfer options associated with Bill C-208 for intergenerational transfer.
• New rules for employee ownership trusts.
• Changes to how the Alternative Minimum Tax is calculated.
• Improvements to Registered Education Savings Plans.
• Expanding access to Registered Disability Savings Plans.
• Grocery rebate.
• Deduction for tradespeople tool expenses.
• Automatic tax filing.
• New Canadian Dental Care Plan.