Bankruptcy Questions Archives - Page 15 of 85

Line of credit?

Posted on February 19, 2016April 13, 2016 by Jordan Rumanek

Line of credit?

A line of credit is a loan with no interest free period. Interest starts the day you are granted a loan. There are two types of lines of credit: secured and unsecured. Secured as in home equity with lower interest, unsecured as in personal or student loans.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Elderly & Tax Planning

Posted on February 12, 2016April 13, 2016 by Jordan Rumanek

Elderly & Tax Planning

Reducing your net income when you turn 65 you are eligible to receive Old Age Security (OAS) based on your income. Thus, it might be best to minimize your net income for tax purposes.

If your spouse/common-law partner is in a lower tax bracket compared to you, you should make RRSP contributions to a spousal RRSP to pay less tax as a couple.

Elderly Parents & Adult Children

Posted on February 5, 2016April 13, 2016 by Jordan Rumanek

Elderly Parents & Adult Children

Have a discussion with your adult children about pre-arranging funeral plans and costs. Decide to name your spouse as power of attorney for finances and your alternate can be your child.

Have a discussion about health care costs in the future and how you will pay for those. Update your will and discuss whether or not you will leave your children the estate in a trust.

Are your children in the highest tax bracket? This makes a difference and you should discuss this. Find out about a spousal trust in individual names—to ensure the inheritance does not impact eligibility to Old Age Security.

Should your child file a tax return?

Posted on January 29, 2016April 13, 2016 by Jordan Rumanek

Should your child file a tax return?

Yes, if your child is earning an income, there are advantages. First, they begin to accumulate RRSP space and this space can be carried forward allowing them to use it in later years.

Category: Bankruptcy Questions

Line of credit?

Line of credit?

Elderly & Tax Planning

Elderly & Tax Planning

Elderly Parents & Adult Children

Elderly Parents & Adult Children

Should your child file a tax return?

Should your child file a tax return?

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