Entries by Pro Active Financial Services Ltd.

When should I buy life insurance?

Life insurance is something you can use at any age. Whether you’re in your 20s or approaching retirement, you can benefit from having life insurance. Our article, “When should I buy life insurance”? can help you understand:
• What the two main types of life insurance are – term and permanent
• When term insurance is better for you and when permanent insurance is
• How life insurance can benefit you at different ages
• What costs life insurance can help your loved ones’ cover

When and Why You Should Conduct an Insurance Audit

As our lives grow and change with variable circumstances, new additions, and job transitions, our needs for insurance will also evolve. Additionally, economic fluctuations and external circumstances that influence your insurance policy will need frequent re-evaluation to ensure that you are making the most appropriate and financially favorable decisions. Talk to us we can help.

British Columbia 2021 Budget Highlights

On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including:

• Changes in the requirement to repay the B.C. Emergency Benefit for Workers
• Home Owner Grant threshold change
• PST exemption for electric bikes
• Elimination of PST rebate for certain vehicle sales
• Delay in the carbon tax increase
• Tobacco tax increases
• Changes to the speculation and vacancy tax

Federal Budget 2021 Highlights

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

What’s new for the 2021 tax-filing season?

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit