Thursday 30 April 2015

April's Budget, Showers us with Presents

Budget Highlights as it Relates to Tax and Investments, I have decided to provide a short summary of the Federal Budget and how it may relate to you and your investments.

First thing I want to address is the anticipated increase in the TFSA. The limit has increased to $10,000 effective for 2015. This is great news. The maximum you can now contribute to your TFSA is $41,000. In the future all other increases to the TFSA will have to be legislated. The plan can no longer increase with inflation automatically.

If you have children, the Children's Fitness Tax Credit has doubled to $1,000.  For those of you retired or nearing retirement and were not happy about the having to withdraw so much of your RRIF annually, you are now going to get a break. Your RRIF limits have been lowered. Where at 71 you were required to redeem 7.38%, now the minimum is 5.28%. You can always take more so that hasn't changed.

For seniors and others who qualify for the Disability Tax Credit there is a new Home Accessibility Tax Credit. This is a 15% non-refundable tax credit that applies to renovations done to your home such as putting in wheelchair ramps, walk-in bathtubs, etc. The maximum you can claim is $10,000 in renovations to give you $1,500 in tax savings. Unfortunately this is not retroactive so it would only be for new renovations.

The budget proposes to reduce the small business tax to 9% over the next four years. This applies to the first $500,000 of business income.

And lastly there will be a change in reporting specified foreign income. If you have foreign assets between $100,000 and $250,000, form T1135 will streamline the process for reporting these assets. No changes for foreign assets over $250,000.

I realize there is so much more to the budget than what I outlined, but these are just some of the things that may have a direct impact to you or someone in the family that is immediate.
Please book an appointment if you wish to discuss further or how the budget will affect you personally with your investment plans.

Linda J. Levesque, CFP®, FMA, FCSI
Sr. Investment Advisor Director, Private Client Group
HollisWealth
Insurance Advisor
HollisWealth Insurance Agency Ltd.
Levesque Wealth Planning

Thursday 9 April 2015

Who the Heck is Linda Levesque?

I know you all know who I am but as I celebrate 25 years in this business next month, I wonder how I can get more people to know what you know. And that is, Who the Heck IS Linda Levesque?
Like a good gospel you want to spread the word. At least I would like you to spread the word. I am growing my business. I am especially letting those of you that may wonder when I will choose to leave the business and retire, that as far as I am concerned, I retired when I left the federal government and entered this business back in 1990. I have grown a business, I am a published author, given many public presentations and recently was a guest on the Maggie Linton Sirius Satellite Radio Show all in 25 years and I am just beginning to gain steam.
Since 1990 I have helped many loyal clients retire when and how they have chosen. I have been there to support and guide clients to make the right financial decisions to send their children to post-secondary school. I have been around to help wind up estates when a loved one has passed on or when marriages have broken down. I have helped clients purchase their first home or help when it was time to downsize. I have been there for my clients for most of the important events of their lives. Now as I have put an impressive team together to look after almost all your financial needs, I am asking you for the ultimate favour, refer me when you know our services will fit your friend or family member’s needs.
This is a time of celebration so I would also like suggestions on how I can mark this milestone mark in my career. So far I have started a Twitter account so I can spread the good word. There is also a Facebook for Levesque Wealth Planning. Everything will be linked to our webpage as well. www.levesquewealthplanning.com
Be sure to book appointments during this year since there will be some extra surprises when we meet. I also want to take this time to thank all of you that have been with me for the last 25 years through up and down markets and as we head into the unknown future together. Remember I will be there no matter what the markets do to help you navigate towards the life of your financial choosing, because at Levesque Wealth Planning, we help you to realize all your financial goals.