Mapping Your Financial Success

Looking for new ways to reduce your taxes?

Two legislative changes recently announced by the government have the potential to significantly reduce your taxes in the coming years:

  1. Pension Income Splitting: In the past, pension income could only be taken by the pensioner. As of the 2007 taxation year, however, a pensioner can split pension income with his or her spouse. A couple splitting income will realize savings through any or all of the following:
    • Potential tax savings where the spouse (or common-law-partner) being allocated the income is in a lower tax bracket
    • Reinstatement of Old Age Security (OAS) benefits through a reduction or elimination of the claw back (repayment)
    • Reinstatement of Age Amount Credit through reduction or elimination of the claw back (repayment)
    • Potential for doubling access to the Pension Tax Credit
    2. Tax-free savings account (TFSA): This account has been described as a flexible, general-purpose savings vehicle. The tax-saving features of the TFSA, which will be available starting in 2009, include:
    • Contributions will not be deducted when calculating taxable income
    • Withdrawals, income earned and capital gains realized on assets held in the TFSA will not be taxed
    • Withdrawals, income earned and capital gains realized on assets held in the TFSA will not be considered when determining eligibility for income-tested benefits or credits

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Inside EFG
Everything you want to know about us and what we do. The Planning Services section includes information on our planning process and financial products, published case studies, and a frank discussion on how to select a financial planner.
Personal
The Personal Financial Planning Knowledge Base provides information on financial products, their uses as part of a balanced financial portfolio, and the many considerations that must be taken into account when designing that portfolio.
Business
The Business Financial Planning Knowledge Base gives business owners, executives and shareholders information on how to protect their business and employees.
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Quadrus Investment Services Ltd. and design, Quadrus Group of Funds, invest@Quadrus and Fusion are trademarks of Quadrus Investment Services Ltd. Used with permission by The Great-West Life Assurance Company.

Edmond Financial Group is a member of The Financial Advisors Association of Canada.

Paul Edmond is a member of the Conference for Advanced Life Underwriting (CALU)

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Edmond Financial Group would like to express it’s appreciation to Great-West Life for their contribution to some of the material in this site.

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