The New Retirement Age

The New Retirement Age

Sure, you’ve heard forty is the new thirty, but have you heard seventy is the new sixty-five? Not for the same reasons of course – but Canadian lifestyles are shifting nonetheless. With life expectancy on the rise, people are finding it difficult to have enough money to live off well into their eighties and even their nineties. Instead of retiring at the age of sixty-five, many people nowadays are forced (or feel it necessary) to continue working until the age of seventy and even beyond that. That’s why all across Canada the new retirement age is quickly creeping upward.

Read on and find out the main reasons why seniors are returning back to work after the traditional retirement age

Higher Health Care Costs

Seniors often require care when they enter into their eighties and beyond, and the costs associated with medical equipment and supplies, medications, surgeries, in-home care, and long-term care facilities are almost always higher than one expects. Sure, Canada has quality healthcare, but there are lots of other things that are not covered, even under insurance plans. So as a result, many seniors are now adding on a few more years of work to make sure they can cover those costs when they arise.

The Cost of Living is Increasing

Downsizing is becoming more common with seniors. Many are switching to apartment living or maintained condos to get rid of the burden of maintaining their home, and to use the sale proceeds to retire comfortably. Unfortunately, the cost of living has also been on the rise in Canada. Rents are going way up, along with the cost of food and other necessities. And as many seniors begin to see their bank accounts quickly dwindle away, they have little choice but to return to work to make ends meet.

Keeping the Mind Active

With all the research conducted on health and wellbeing out there being popularized, seniors are starting to recognize the important benefits of keeping the mind and body active. They fear that if they just sit at home all day that their health will begin to suffer. To combat the early onset of health problems, many are returning back to work for this reason as well. Staying in the workforce keeps them busy and keeps the body and mind engaged – an added benefit of course is the financial aid.

Catch Up on Finances

Believe it or not, there are many people that retire in Canada with little to no savings as a result of bad luck, and or limited financial planning. In this case, it makes sense for seniors to return back to work to try and catch up on their finances and add a little more to the honeypot. The last thing people want is to transfer their debts to their family members upon their passing.

Don’t wait to have a financial plan put in place. With a comprehensive strategy, you can retire well before the average age of sixty-five. Contact us at The Beacon Group of Assante Financial Management Ltd. today – our advisors can help you build a plan and keep you focused on reaching your goals for a secure and comfortable early retirement.

Spring in Calgary: Here’s What's to Come

Spring in Calgary: Here’s What’s to Come

If you’re sick of the winter weather and can’t wait until spring, why not get a head start on planning out your springtime calendar of events? It’s one of the best ways to boost your mood and get your mind focused on better, warmer days (that are just around the corner). Here are some things coming our way during this spring in Calgary!

Baskerville: Sherlock Holmes Mystery

Looking to enjoy an evening out with a dinner and a show? This might just be what you’re looking for! This adventurous, comedic spin on The Hound of Baskerville showcases the witty talents of Sherlock Holmes and his sidekick Watson at work solving a string of troubling murders. This event is hosted at the Stage West Theatre restaurant where attendees can indulge in an entertaining evening and dinner. Prepare to be thoroughly entertained – take our word for it!

For more information, visit http://stagewestcalgary.com/baskerville-sherlock/

The Secret Garden on Stage

Starting April 17th, you can catch this classic tale by Frances Hodgson Burnett performed live on stage at the Max Bell Theatre. This classic story follows a young orphan child who is sent away to live on an estate with her uncle. While exploring the grounds, she stumbles upon a key and a secret garden, which opens up a world of family secrets and wonders. Sound intriguing? It lives up to the hype!

For more information on show times and tickets, visit theatrecalgary.com

The Suncor Stage One Festival of New Canadian Work

On Friday and Saturdays from May 25th until June 9th, 2018, you can enjoy free one-play acts by Canadian artists. Hosted at the Lunchbox Theatre, this event has been operating for more than three decades, allowing artists to showcase their talents, with many achieving great success. If you’re looking to discover up and coming talent before they make it big, this is right up your alley.

For a full list of details on show times, visit http://www.lunchboxtheatre.com/stage-one-festival-of-new-canadian-work

Dirty Laundry: Sunset Soaps

Looking for a good distraction from the chaos that’s happening in the world right now? The Dirty Laundry Sunset Soaps is the perfect way to do just that! This lively and entirely improvised staged soap opera that’s based in 1942 offers a unique and entertaining twist, a twist that focuses on the glamour and lights of Hollywood – aimed to help people forget about the ongoing war at the time (WW2). It’s witty, funny, and thought-provoking, providing the perfect way to spend an evening during the spring.

There’s a ton of things to do during the spring in Calgary, and if you love theatrical performances, you definitely won’t be disappointed. Be sure to check out these upcoming events, and keep your eyes on the calendar of events for Calgary as more activities are added.

Changing Your Fiscal Year’s End Date

Changing Your Fiscal Year’s End Date – Why You Might and How You Could

Looking to change your fiscal year’s end date to another time of the year? Choosing your year-end date can have strategic tax advantages, as well as operational advantages. And technically, you can change it to any date on the calendar, as long as it meets the Canada Revenue Agency’s (CRA) requirements. To learn more about why you might and how you could change your fiscal year’s end date, check out our short guide on the advantages and the process of doing so.

Benefits

Businesses with high inventory counts may prefer a year-end date to match with their offseason since a quieter time makes it easier to organize taxes and complete year-end tasks. A change may also help you to align your dates with your accounting firm’s slow period, getting you more attention, better rates, and a quicker turnaround when you need it most.

Sole-Proprietorship

When you open a sole-proprietorship, your fiscal year’s end date is automatically set for December 31 of the year you apply. However, you might want to have a date that makes filing taxes easier for you (as mentioned above). To request a change, you need to send a request to the CRA. To do this, you just need to fill out a form called the T1139 – Reconciliation of Business Income for Tax Purposes. The CRA will then review the application and determine if your reasoning is relevant enough for a change to occur. If your reasons are just, it is not likely you will be denied.

Corporation

For a corporation, the fiscal year’s end is established when you submit your first corporate tax return (T2). Technically, you don’t have to file it on December 31st. You could file it any other month, as long as the date you do so is within 53 weeks of your incorporation date. In the event that your corporation is already established, you’ll need to send a letter to the director of your local tax service office requesting a change.

Requirements for Approval

Not all applications will be approved by the CRA. They will only approve those that have sound business reasons and are not applying to attempt to minimize their taxes. An example is if your corporation is changing the fiscal year end date to match that of the date used by the parent corporation – such a reason makes sense for a multitude of reasons for both the umbrella company and for the company applying.

Special Circumstances

In some cases, you may be able to adjust your fiscal year-end date without the written approval of the CRA. For instance, let’s say your corporation is being acquired by another business and that company would like the fiscal year-end dates to match – you could just make a straight change. Other cases where this is acceptable include: when the corporation has wound-up, where a business has to end its tax year at a certain time because it’s moving abroad, or when a business has become exempt from tax.

Changing your fiscal year end is not right for every business – it also has the potential to introduce more tax reporting complexities. So, it’s always wise to talk to an advisor first before making a decision. We recommend getting in contact with us at The Beacon Group of Assante Financial Management Ltd. before you make any decisions regarding your fiscal planning.

Benefits of Using Donor-Advised Funds

Benefits of Using Donor-Advised Funds

Want to donate but not sure how? More and more people are setting up donor-advised funds as a way to give back. These are funds that donors create by depositing securities, assets, or cash, and then relaying the money to charities over time. They’ve become increasingly popular because of their immediate tax deduction, and they’re an easy way to donate non-cash assets, like stock, as money. But charitable giving provides more than just financial advantages. People are recognizing the benefits of using a foundation to achieve their personal goals while distributing their wealth in ways that benefit others. To find out more about the benefits of using donor-advised funds and how charitable giving can improve your life, read on.

All Donations Make an Impact

When you give to an effective donor-advised fund, your donation is pooled together with others. What might seem like a small contribution can actually create a really big impact. The size of your donation combined with those of others can result in large-scale donations, which can drastically improve the lives of others.

Charitable Giving Improves Your Health

Research has shown a correlation between donating and improved nervous and immune systems, along with a heightened self-image. Donating also increases your ‘happy’ hormones. So doing something good for others makes you feel great while actually contributing to better overall health and wellbeing.

Increases Your Self Worth

Charitable giving can also increase your own self-worth. When you donate to others, it makes you feel like you are contributing to something that is meaningful to you. Many have regarded donating as one of the most fulfilling and rewarding acts one can do.

Donating Sets an Example

Donating to charity can show others, especially your children, that you care about people and want to make a positive difference in the world. You can also instill a desire in your children to share and be generous to others.

It’s a Good Use of Your Inheritance

As millions of baby boomers start to retire, there will be an enormous wealth transfer passed on to their children. And the generation Xers and Millennials are no strangers to volunteering and charity giving. It’s been a steady part of their culture since elementary school, food drives, and volunteering for credit. With a sizable wealth transfer, a donor-advised fund is an excellent way to use some of the inheritance to make a real difference in the world.

There are lots of financial benefits of donating through donor-advised funds, but that’s not the only reason to do it. You can bring more meaning and value to your life, improve your wellbeing, and do some real good in the world. When you’re ready to put your money to good use, contact us at The Beacon Group at Assante Financial Management Ltd. We can help you decide which donor-advised fund is right for you!