5 Tax Refunds that Parents Can Take Advantage of

5 Tax Refunds that Parents Can Take Advantage of

Are you missing out on significant tax refunds? According to Turbo Tax, only seven percent of Canadians take advantage of childcare related tax credits. In fact, some people are missing out on up to $8,000 per year in rebates. To put more money back in your pocket and save thousands every year, here are five tax refunds that parents can take advantage of in Canada.

Canada Child Benefit (CCTB)

Have you applied for the child benefit program? This tax-free monthly payment is given to families who need help with the cost of raising a child under the age of 18. The maximum annual benefit in 2018 was $6496 per child under the age of 6, and $5,481 per child aged 6 through 17, with the average family receiving around $6,800 in payments annually. Best of all, families do not have to pay taxes on the payments they receive when filing their tax returns.

National Child Benefit (NCB)

This benefit helps to support low income families and lower the welfare wall by providing child benefits outside of welfare. It’s a supplement to the CCTB and offers extra support for families with children by topping up the monthly payments of the CCTB system.

Child Disability Benefit

If your child is under 18 and has a severe or prolonged physical or mental impairment, you can also apply for the Child Disability Benefit. To be eligible for the disability benefit, you must first qualify for the CCTB, and your child must be eligible for the disability tax credit.

Child-Care Expense Deduction

Parents who hire caregivers or have their kids in nursery schools, childcare services, day camps, overnight camps, or boarding schools, could also apply for this deduction. Taxpayers can claim up to $8,000 per child for children under 7, $5,000 for children aged 7 to 16 years old, $11,000 for disabled, dependent children of any age, and $5,000 for a disabled child over 16 who is not eligible for the disability tax credit. There are, however, limits on the amount you can claim for boarding school and night camps.  

Tuition

Your child’s tuition for post secondary education in or outside of Canada can be claimed for a return. Residents at least 16 years of age and who are enrolled in an educational institution to obtain skills, or improve their skills in an occupation, are also eligible. Examination fees for licensing or certification may also be eligible for the tuition tax credit.  

If you’re unsure whether you qualify for child related tax benefits, talk to one of our tax advisors to find out how you can maximize your returns. At The Beacon Group of Assante Financial Management Ltd., we help clients with tax planning to increase their personal wealth. To learn more contact us today!

The Differences Between a Living Will and a Last Will & Testament

The Differences Between a Living Will and a Last Will & Testament

Many people confuse a living will with a last will and testament. What’s the difference and do you need both? Here we’ll dive into the differences between a living will and last will & testament, and help you determine your options to keep you informed.

Living Will

A living will is a legal document that provides direct instructions regarding medical care when a person becomes seriously ill or incapacitated and cannot communicate their wishes themselves. The details often outline whether you want to receive artificial respiration, intravenous feedings, and when to stop life support. You can also instruct medical professionals to donate your organs and set limits on how much your family will pay for certain expenses like medical equipment and funeral costs.

This type of will does not go into effect until you become incapacitated, and it will last until you either recover or pass away. At this time, the person you designated as Power of Attorney will represent your wishes and ensure your directives are communicated to the doctors or medical personnel.

One of the most significant benefits of creating a living will is that it can help prevent disputes among your family members, as well as high financial and emotional costs leading to emotional strains.

Last Will and Testament

This legal document, on the other hand, outlines what will happen to your personal assets after death. That’s why it’s important not to confuse a living will with a last will and testament, because if you don’t have this type of will, then the government will distribute your property upon death. This process is called intestate. In a last will and testament, an executor is chosen by the person drafting the will to carry out the details of it after death. The executor is responsible for carrying out the probate process, which includes paying any outstanding bills, debts, and taxes and taking an inventory of your estate before distributing the assets to the beneficiaries.

Which is Best to Have?

Everyone should have both types of wills. Each will ensure that your wishes are carried out, whether you become incapacitated or not before passing. Otherwise, someone will make the decisions for you.

No one wants their family to undergo conflict or to have to make difficult decisions regarding their life. It’s important to talk to an estate planner to help you put together both wills so that your wishes can be properly carried out. To learn more, contact us at The Beacon Group of Financial Management Ltd. today.

5 Ways to Keep Eating Healthy When You’re Going Non-Stop

5 Ways to Keep Eating Healthy When You’re Going Non-Stop

Skipping breakfast, working through lunch, grabbing takeout for dinner, or doing all of the above are common habits for those who are constantly juggling a busy schedule. The truth is, these type of habits really aren’t doing yourself any favours. Your body and mind need the right nutrients and fuel to perform at their best. When they’re deprived, you can experience difficulty focusing, lower energy levels, high stress, weight gain, and much more that can impact your overall health and quality of life. Thankfully, there are some simple and effective ways to keep eating healthy, even when you’re going non-stop. Check them out below.

Meal Prep in Advance

You’ve heard it before, and you’re about to hear it again — meal prep is the secret to maintaining a healthy diet when you have a hectic life. Start by determining your daily menu for breakfast, lunch, and dinner and then pick a time to prep so you can get it all done the night before or even for the entire week. Being pressed for time in the mornings is usually the main reason we forget to grab food or don’t make any at all.

Choose Healthier Options When Eating Out

Of course, there will always be days when you need to meet with clients for lunch or pick up food when you’re out. It’s an inevitable part of life. Lucky for you, there’s almost always a few good healthy options to choose from on menus. Try to choose the side salad over fries, grilled instead of fried, and wholesome ingredients like a sandwich instead of fast food.

Plan Your Grocery Shopping

Choose a day and time each week to grocery shop that’s most convenient with your schedule. Not having food at home can make it all too easy to order in. Schedule it in your calendar if necessary and make a list according to what you need for your new and improved meal plan.

Have Healthy Grab & Go Snacks

Snacking is often when most of our bad eating habits emerge. But instead of reaching for a bag of chips, have some healthier grab and go snacks on hand to help your squash those cravings. Things like kale chips, nuts, and fruits and veggies will curb your hunger, keep you full for longer, and provide the nutrients that your body needs to stay healthy.

Drink More Water

It doesn’t matter if you prefer the taste of soda or coffee, water is an integral part of maintaining good overall health. To help you remember to stay hydrated, bring along a water bottle with you throughout the day or keep one at the office to get in those eight glasses per day.

How Employee Health and Wellness Impacts Small Businesses

How Employee Health and Wellness Impacts Small Businesses

Numerous studies have shown that employee health and wellness impacts small businesses drastically. In fact, there’s a direct correlation between unhealthy eating, smoking, drinking, and lack of exercise with loss of productivity, absenteeism, and higher health care costs for businesses. Fortunately, you can improve the success of your company by putting a wellness program in place. There are many benefits of having these type of applications, and we’re here to show you how they can help drive the success of your business forward.   

Positive Impact on Your Bottom Line

Wellness programs lead to lower health risks that, in turn, lead to lower health costs for companies. These programs, which aim to help and encourage employees to eat healthier, exercise more, smoke and drink less, and reduce stress levels, have shown to reduce lifestyle-related diseases, along with mental disorders that commonly cause health care costs to surge. In fact, the savings from these programs often outweigh the costs of implementing them, providing a positive return on investment for companies.

Improved Morale

When employees feel valued and appreciated, their morale increases which can encourage more creativity, productivity, and overall happiness in the workplace. This can greatly benefit your business because happy employees and healthy employees are always an essential asset in allowing any business to thrive.

Increased Productivity

Facebook use isn’t the only reason why your employees are distracted. One of the leading causes of low productivity at work is poor health. Behaviours like smoking, unhealthy eating, and lack of exercise have shown to cause higher levels of presenteeism (being at work but not necessarily working). Chronic disease, pain, and depression are also common causes of presenteeism. Fortunately, studies have shown that wellness programs can assist in reducing this and improve productivity.

Improved Employee Recruitment

Would you rather work for a company that has an employee wellness program in place or one that doesn’t? Probably the latter. If you want to hire and retain the best possible workforce, you need to have an attractive package that shows you care about employee health and wellbeing and are willing to prove it.

Employee health and wellness impacts small businesses and should always be taken seriously. If you want to improve productivity and motivate employees to work harder, consider the benefits of adding a wellness program to your business.