Tax- AdVise
726 Woodside Bay T4B 2W2 Airdrie, AB, Canada

Income Tax Burdens Rise in 2020 by Evelyn Jacks It’s hard to believe but back in 1917 the average taxpayer paid $14 and personal income tax was 2.6% of all federal government revenues. But in 2020-2021, the $165 billion the government expects to collect from personal income taxes represents a whopping 57% of all budgetary revenues. This is a significant increase in reliance on the fruits of Canadians’ labour, even when compared to modern standards: 51% in 2017, for exampl...Continue reading

Top 5 reasons to make Koda Financial Architects your go-to final expense solution provider Simplified issue solutions with immediate coverage Whole Life coverage available up to age 85 Competitive pricing for ages 65 and over... Transportation and terminal illness benefit included Wide variety of solutions for clients with a medical history Call for more information and or a quote today. 403-980-7386 or book an appointment or PM us. We are hear to guide you.

Critical Illness Plans Why choose No Medical Critical Illness Insurance? We’ve unbundled cardiac and cancer conditions, making Critical Illness Insurance more accessible.... Clients diagnosed with Heart Disease or Diabetes can get Cancer coverage Clients can now choose to get both Cardiac and Cancer coverage Clients only pay for the coverage they choose, making their premiums more affordable Four plans that cover 8 major impairments and all are NO MEDICAL Cardiac Protect CI T75, Cancer Protect CI T75, Cardiac AND Cancer Protect CI T75, Cardiac OR Cancer Protect CI T20 or T75 Cardiac Protect CI plan is available to eligible clients who have a prior diagnosis of cancer For Cancer Protect CI in addition to cancer, we cover two more conditions: Benign Brain Tumour and Aplastic Anemia Cancer Protect CI plan is available to eligible clients who are diabetic, or who have had high blood pressure, stroke, TIA or heart attack Our Cardiac AND Cancer plan covers both the first AND the second event. This plan can cover cardiac conditions after a cancer event or cancer conditions after a cardiac event. Premiums are reduced to cover the second group of conditions (second event) after the first group of conditions (first event) have occurred and, are based on age at application vs. age reached at first event. No 24/24 Pre-existing conditions clause 1 Up to $100,000 of Critical Illness insurance protection is available depending on age and the plan your client qualifies for A simple and fast process only 6 questions for up to $24,999 lump-sum protection and an additional 2 questions for face amounts $25,000 and over Two premium bands: Band 1: Standard rates: $10,000 $24,999; Band 2: Preferred rates: $25,000 and over We don’t ask about previous decline history Return of Premium on Death (ROPD) rider is available on all our Critical Illness plans Guaranteed coverage to age 75 with premiums guaranteed in the first five years A variety of valuable Foresters Financial member benefits are available on many of our policies. (more) Competitive rates You can speak directly to our underwriters and they will be happy to answer any questions You and your clients can complete our No Medical Life and Critical Illness Insurance application process securely online and non face-to-face We take great pride in providing superior customer service at issue and after issue BOOK YOUR APPOINTMENT NOW TO GET YOUR PROTECTION YOUR DESERVE! DON'T WAIT UNTIL IT IS TOO LATE!

Had cancer? Now you can protect yourself with a critical insurance and life insurance: ask me details!

Business Owners: Steer Clear of Trouble with CRA by Beth Graddon There are big penalties for businesses who don’t remain above board with the taxman. Fees paid to professional bookkeepers and tax accountants can be well worth it, as a self-employed taxpayer in the construction industry recently found out.... In September, the CRA resumed their crackdown on sole proprietors who don’t follow the rules. They audited a business owner from Alberta in the construction industry who intentionally under reported taxable business income by $573,563 for the 2011, 2012, and 2013 tax years. The business owner attempted to keep this income under the radar by operating a cash-based business to avoid creating bank records. No bank account was maintained, and financial transactions were conducted through a payday loan company, which included paying subcontractors with money orders and cashing client cheques. In addition, this revenue was under reported on GST returns, leading to a failure to remit $44,474 for the same three-year period. The consequences of these tax evasion tactics? A total fine of $157,403 and a 12-month condition sentence. Tax evasion clearly doesn’t paybut the evaders do! From April 1, 2019 to March 31, 2020 there were 32 convictions and 13 taxpayers sent to jail for a combined total of 18.5 years for evading a cumulative $7,427,090 in tax. The CRA also has a message for small business owners: claiming earned income correctly also ensures that businesses have access to benefit programs to which they’re entitled, including those introduced to deal with the effects of the COVID-19 pandemic. However, the CRA also cautions that ineligible claims for COVID-19 benefits can lead to repayment of benefit amounts and other penalizing actions. Bottom line: With the CRA resuming audit practices and new challenges being created by the pandemic reporting and eligibility requirements associated with the emergency response benefits available to businesses, it’s increasingly important that tax, bookkeeping and payroll professionals step up to proactively help their small business clients before year end. We have a specialized team to help you with your business taxes, gst and year ends. Contact us 403-9807386.

Today it is 4 months ago I started a business partnership with a reputable and successful MGA. Koda Finacial Architects was born. In those 4 months, we have worked with multiple Canadian families, coaching them on how to have finacial peace by addressing cash flow, expenses, savings, insurances, investments, debts... and now over 60 families sleep better at night, knowing where they stand and go. Also, Koda has expanded to 4 quality advisors; advisors who embrace KODA= Loyal companion, friend, the core of Koda F.A.We are now represented in BC, AB and ON, all with the same mission: making financial wisdom viral. Want to know more about us? Check us out: www.Kodafa.com To our clients and advisors: we have a lot of work to do, so help spread the word. Thank you.

Having diabetes? Then protect yourself and your family.

CPP Premiums Rise in 2021, Competing for TFSA Savings Capacity Evelyn Jacks The Canada Pension Plan (CPP) maximum contributory earnings for 2021 and the new premium rate have both risen, adding another financial burden to both workers and employers as the new year approaches. With required premiums of $6,332.90, eclipsing maximum TFSA contribution room of $6,000, there may be little left to save for a tax-free retirement. Further, there are several other reasons why this ris...Continue reading