LS Smith & Associates – Page 3 – L.S. Smith and Associates

Manitoba 2023 Budget Highlights

March 8, 2023 in Blog, business owners, corporate, Financial Planning, individuals, tax /by LS Smith & Associates

On March 7, 2023, Manitoba’s Minister of Finance delivered the province’s 2023 budget, focusing on these areas:

• Investing in stronger communities.
• Expanding healthcare coverage.
• Providing infrastructure support.

Budget 2023 includes no personal or corporate tax rate changes, but some temporary corporate tax credits have been made permanent. In addition, Manitoba’s basic personal amount has increased to $15,000, and two tax bracket thresholds will also be increasing.

Essential tips and tricks for paying less tax and keeping more of your retirement income

March 3, 2023 in Blog, retirement /by LS Smith & Associates

It’s important to make the most of your retirement income. To do so, you need to be aware of what income is and isn’t taxable, and also how to make the most of the tax breaks you’re entitled to. This article outlines the four main steps you need to take to ensure you keep as much of your retirement income as possible:
1. Make a financial plan.
2. Split your pension income.
3. Buy an annuity.
4. Be aware of retirement-related tax breaks.

TFSA versus RRSP – What you need to know to make the most of them in 2023

February 2, 2023 in 2023, Blog, rrsp, Tax Free Savings Account /by LS Smith & Associates

When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.

2023 Financial Calendar

January 2, 2023 in 2023, Blog, Financial Planning, retirement, rrsp, Tax Free Savings Account /by LS Smith & Associates

Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.

2022 Year End Tax Tips and Strategies for Business Owners

December 6, 2022 in 2022, 2022 Only, Blog, business owners, Financial Planning, tax /by LS Smith & Associates

The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.

2022 Personal Year-End Tax Tips

December 5, 2022 in 2022 Only, Blog, individuals /by LS Smith & Associates

The end of 2022 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.

We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:

• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.

Do you have enough for retirement?

December 1, 2022 in Blog, pension plan, Retirees, retirement, rrsp, Tax Free Savings Account /by LS Smith & Associates

Many of us dream of the day that we can retire and have the time to ourselves that we have dreamed of for so many years. But, to have a genuinely contented and relaxing retirement, you need to ensure that you have the means to afford it. So, now’s the best time to consider the three critical stages of retirement planning.

1) Accumulation
2) Pre-retirement
3) Retirement

Why Insurance Is So Important If You’re A Single Parent

November 1, 2022 in Blog, Family, Insurance, life insurance /by LS Smith & Associates

Being a single parent is a lot of responsibility. Learn how the right types of insurance can provide you and your family with the financial protection they need.

The Five Steps to Investment Planning

October 4, 2022 in Blog, Financial Planning, Investment /by LS Smith & Associates

An investment advisor can help you figure out what the right investment choices are for you.
The five steps to investment planning are:
• Meeting your investment advisor
• Determining your goals and expectations
• Developing your investment plan
• Implementing your investment plan
• Monitoring the plan
The sooner you start planning for retirement, the sooner you can get there! An investment advisor can help you get there quicker.

The Six Steps to Financial Planning

September 1, 2022 in Blog, Financial Planning /by LS Smith & Associates

A certified financial planner is trained to focus on all aspects of your finances – everything from your taxes to retirement savings.

The six steps to financial planning are:
• Meeting your financial planner
• Determining your goals and expectation
• Reviewing your current financial state
• Developing a financial plan
• Implementing a financial plan
• Monitoring the plan

A certified financial planner will develop a plan that works for you both today and in the future.

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