Tax highlights from the
2016 Federal budget

Canada's Finance Minister, the Honourable William Morneau, tabled the 2016 federal budget on March 22, 2016.

The following global developments and outlook were noted:
• Global growth has slowed;
• Financial market volatility has risen; and
• Commodity prices have fallen sharply.

The fragile and uncertain global economic environment has weighed on Canada's economy. Over the past four years, growth in Canada has slowed to below 2% on average and the sharp decline in global crude oil prices since the end of 2014 has placed significant downward pressure on the economy. However, the conditions are in place for the economy to begin to regain momentum and post more solid GDP growth and job creation going forward.

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armen Cudmore

Why I need life insurance?

How does it help with my present and your future?

Intimidated by life insurance?  Don't be.  The insurance conversation can be simple if you go in knowing what you are trying to accomplish. 

Determining the amount of coverage and type of life insurance is the easy part of insurance planning.  However, the most important piece of this process is gaining an understanding of why you are obtaining insurance in the first place.

In the words of Benjamin Franklin, "in this world nothing can be said to be certain, except death and taxes."  Interestingly enough, both of these events will have a detrimental effect on your long-term financial position, unless properly planned for. 

If you can accept the fact you will pass away at some point, then all that remains is deciding what you want to have happen when you are gone.  Do you want your spouse to find a job immediately?  Do you want your kids' education fully funded?  Do you want your spouse to be debt free?  Do you want to reduce your income tax liability?  Do you want to leave your entire net worth to your beneficiaries?  The type and amount of insurance needed will ultimately be determined by the answers to these questions.

The life insurance conversation is a tough one.  My favourite client objection to having the conversation is, "I don't plan on dying any time soon".  Given the fact that most people, if not all, don't plan on dying any time soon, I have to assume that the conversation is avoided due partly to its morbid nature but moreso the overwhelming amount of options available.

At The McClelland Financial Group, our role as financial planners is to ensure our clients successfully achieve their financial goals, considering all scenarios that could happen in a lifetime.   

Carmen Cudmore | Insurance Advisor
905 771 5200 ext. 235 | [email protected]

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Business News Network

Personal Investor: The taxman knows what you did last summer

The Canada Revenue Agency is offering a feature called Auto-fill that prompts the taxman to fill in the necessary forms on your behalf. In the old days we were required to either include the forms with our tax returns when we mailed them in, or hang on to them as proof if we filed online. .

Dale Jackson is BNN's Personal Investor.

Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd.

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