Author: levinefinancial

Often clients tell us they don’t need life insurance for long term planning. What they are really telling us is that they don’t understand why they need life insurance for long term planning. So we thought it best to discuss the top misconceptions clients have on permanent life insurance. I have enough money to take care of my family so I no longer need insurance.  Some clients are fortunate to have saved well over their careers and no longer need…

News release Capital Gains Increase deferred until Jan 1 2026 January 31, 2025 – Ottawa, Ontario – Department of Finance Canada Today, the Honourable Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs, announced that the federal government is deferring—from June 25, 2024 to January 1, 2026—the date on which the capital gains inclusion rate would increase from one-half to two-thirds on capital gains realized annually above $250,000 by individuals and on all capital gains realized by corporations and most types…

January 2025 I am yet to come across a client who is excited to pay Revenue Canada their hard earned money. That being said, I have lots of clients who either don’t understand how their assets are taxed when they pass away or choose to put their head in the sand and ignore the tax issues because “its not their problem or their kids will get enough.” So lets first start and understand how your assets are taxed when you…

Tips and traps when reviewing wills By Matt Trotta | December 11, 2024 | Last updated on December 10, 2024 6 min read Roughly two in five Canadians report having an up-to-date will, meaning three in five don’t. And the affirmative responses were likely based on the respondents’ wills reflecting their wishes, rather than being up-to-date with tax, estate and family law. Testators should review their wills on a regular or annual basis, ensuring that named executors, beneficiaries, guardians and bequests of property remain appropriate for…

Finance confirms CRA will administer capital gains tax changes Whether Parliament is prorogued or dissolved, the agency generally continues to administer proposed legislation By Michelle Schriver | January 7, 2025 | Last updated on January 7, 2025 2 min read A day after the prime minister prorogued Parliament, the Department of Finance confirmed on Tuesday that the Canada Revenue Agency will administer the capital gains tax changes as proposed. “Although these proposed changes are subject to parliamentary approval, consistent with standard practice, the Canada Revenue Agency…