Tag: Bankruptcy and Taxes

Elderly Parents & Adult Children

Posted on by Jordan Rumanek

Bankruptcy PeopleElderly 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.

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.

Should your child file a tax return?

Posted on by Jordan Rumanek

Bankruptcy PeopleShould 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.

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.

Tax Season: Deducting Self-Employment Expenses

Posted on by Jordan Rumanek

Tax Season: Deducting Self-Employment ExpensesBankruptcy Taxes

When you are self-employed you need to research all deductions possible and keep note of what you can deduct from year to year. It has been suggested that many self-employed individuals do not take all the deductions they are eligible for because they simply do not know about them and they do not get or research the proper information. It is important to stress here that researching and knowing your options will benefit you financially in the long run and it is worth it. There are several tips to help the self-employed with tax season.

First, it is imperative to research on your own and hire help for the first two years to do your taxes. Second, do not fail to document expenses. If need be, download an app, take notes and save all receipts for the future because organization is key. Third, you should be saving money toward retirement (18% of your net income). Finally, consider paying family for work they do for you and reduce your family’s tax liability.

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. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

RRSPs: What you should know!

Posted on by Jordan Rumanek

RRSPs: What you should know!RRSP

A Registered Retirement Savings Plan (RRSP) provides annual tax benefits for saving for retirement. It is often suggested that couples set up an RRSP together: a spousal/common law RRSP, however, this type of investment assumes that partners will be together forever. The higher income earner (in this situation) benefits in the short term due to tax breaks. The lower income earner is supposed to benefit when they reach retirement. When setting up a plan such as this, make sure the plan actually benefits both parties in both the long and short term. If in fact this is uncertain (and most financial circumstances are difficult to determine), it may be best to set up a Tax Free Savings Account (TFSA) as a couple, this way both parties benefit equally.

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.  

 

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