LS Smith & Associates – L.S. Smith and Associates

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Entries by LS Smith & Associates

2026 Canada Money Facts

March 2, 2026/in 2026, Blog, tax/by LS Smith & Associates

2026 Canada Money Facts – Get the latest TFSA, RRSP, FHSA, CPP, OAS, and RESP limits. Stay informed on savings, pensions, and benefits for the year ahead!

Tax-Free Savings Account vs Registered Retirement Savings Plan

February 2, 2026/in 2026, Blog, Investment, rrsp, Tax Free Savings Account/by LS Smith & Associates

Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) are two of the most effective tools Canadians can use to save tax-efficiently. While TFSAs offer tax-free growth and flexible access, RRSPs provide tax-deductible contributions and tax-deferred growth. Understanding how each account works — and how withdrawals affect taxes and benefits — can help you decide when to use one, the other, or both.

2026 Financial Calendar

December 31, 2025/in 2026, Blog, Family, Financial Planning, personal finances, rrsp, tax, Tax Free Savings Account/by LS Smith & Associates

Managing your finances effectively begins with staying informed about important dates and deadlines throughout the year. This comprehensive guide outlines key financial milestones, including tax deadlines, benefit payment schedules, and contribution opportunities, to help you stay organized and on track. Whether you’re planning for tax season, reviewing your investments, or ensuring timely payments, this calendar provides everything you need to navigate the year with confidence. Take a moment to familiarize yourself with these essential details and set yourself up for a smooth and successful 2026.

2025 Federal Budget Highlights

November 5, 2025/in 2025, Blog, business owners, Estate Planning, Family, Financial Planning, incorporated professionals, individuals, Investment, mortgage, personal finances, Professional Corporations, Professionals, Retirees, retirement, tax/by LS Smith & Associates

The 2025 Federal Budget focuses on stability and long-term growth, with no new broad tax increases. Key updates include GST relief for first-time home buyers, new credits for caregivers, and expanded incentives for clean-tech and manufacturing investment. The budget also clarifies how the 21-year rule applies to trusts and delays the new bare-trust reporting requirements to 2026. Overall, the plan aims to balance fiscal discipline with practical support for Canadians and small businesses.

Financial Advice

October 31, 2025/in Blog, Estate Planning, Family, individuals, Retirees/by LS Smith & Associates

We can help you determine where you are today financially and where you want to go. We can provide you guidance on how to reach your short, medium and long term financial goals.

Estate Planning for Blended Families

September 30, 2025/in Blog, Family, financial advice, Financial Planning, Insurance, Investment/by LS Smith & Associates

Blended families – where two people get married but have children from previous relationships – are becoming more common. On top of the day-to-day challenges of blending a family, new spouses also have to figure out how to plan their estates, so everyone is properly taken care of.

We cover all of the following a blended family must consider while estate planning:
• Sharing the Family Home
• Make the Most of a Registered Retirement Savings Plan
• How to Share Non-Registered Investments and Other Assets
• Why It’s Important to Select a Good Trustee
• The Advantages of Life Insurance for Blended Family Planning

Saving for Education

August 31, 2025/in Blog, Debt, Family, life insurance/by LS Smith & Associates

Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education.

Self Owned vs. Bank Owned Mortgage Insurance

July 31, 2025/in Blog, Family, individuals, life insurance/by LS Smith & Associates

Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?

What is Critical Illness Insurance?

June 30, 2025/in Blog, critical illness insurance, Insurance/by LS Smith & Associates

More people are surviving serious medical issues such as cancer, a heart attack, or a stroke. And while this is good news if a critical illness happens to you – your recovery may come with costs that you don’t have the money to cover.
This is where critical illness insurance can play a crucial role. Our article covers the key things you need to know about critical illness insurance:
• What critical illness insurance is.
• What you can use the money from critical illness insurance payout for.
• How you can get critical illness insurance.

First Home Savings Account (FHSA): What You Need to Know

June 14, 2025/in Blog, Family, Investment/by LS Smith & Associates

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.