Precedence Private Wealth

02/01/2025

🚨 Capital Gains Tax Update: Government Delays Inclusion Rate Increase! 🚨

The Government of Canada has officially deferred the planned capital gains inclusion rate increase. Originally set for June 25, 2024, the increase will now take effect on January 1, 2026—giving individuals and businesses more time to plan.

However, this delay comes at a cost to those who have already triggered gains and paid tax under the assumption that the changes were imminent.

Key Updates:
📌 Capital Gains Inclusion Rate Increase: Rising from 50% to 66.67% on January 1, 2026
📌 Individuals: Affects annual capital gains above $250,000
📌 Corporations & Trusts: Applies to all capital gains
📌 Legislation Pending: The government will introduce formal legislation to solidify these changes

🔔 What does this mean for your financial strategy? Watch now to learn how this impacts tax planning and what steps you should consider before 2026.

💬 Have questions? Drop them in the comments or reach out to our team!

The Government of Canada has officially deferred the planned capital gains inclusion rate increase. Originally set for June 25, 2024, the increase will now t...

01/09/2025

🚨 Justin Trudeau Resignation and Its Impact on Capital Gains 🚨

With Justin Trudeau's resignation, Canadians are left wondering about the future of the proposed changes to the Capital Gains Inclusion Rate.

As outlined in the federal government’s 2024–2025 budget, an increase in the inclusion rate to 66 2/3% was proposed. This change would affect capital gains earned by corporations, trusts, and individuals with annual capital gains exceeding $250,000, starting June 25, 2024.

However, the motion—first introduced in April 2024—has not yet passed into legislation or received Royal Assent.

Where does this leave taxpayers?
While no legislation has been finalized, the Canada Revenue Agency (CRA) often administers previously proposed rules during prorogation. This means taxpayers are still required to report under these proposed rules until Parliament decides otherwise. If the bill isn’t reinstated, the CRA would cease requiring compliance with the new inclusion rate.

At Precedence Private Wealth, we’re keeping a close eye on this evolving situation to ensure our clients stay informed and prepared.

💡 Have questions about how these changes might impact your financial plans? Reach out to our team for personalized guidance.

01/08/2025

It’s Tax Season—A Quick Reminder About Mileage Tracking

Happy New Year!

I meant to send this earlier but wanted to make sure it still reaches you in time to be helpful. If you claim mileage or vehicle expenses on your tax return, it’s important to document your kilometers at the beginning of each year. Ideally, this should be done on January 1st, but if you haven’t done so yet, it’s not too late to take action.

Why this matters:

The CRA is increasingly stringent about requiring proof for claims on tax returns. To ensure compliance and avoid issues, here’s how you can document your mileage effectively:

Take a date-stamped photo of your odometer—do this as soon as possible to capture your starting kilometers for the year.

Schedule an oil change early in the year—your receipt will include the mileage and vehicle type, providing additional verification.

Although we’re already into January, there’s still time to record this essential information. Taking these steps now will help ensure you’re fully prepared for tax season.

If you have questions or need further guidance, feel free to reach out—we’re here to help!

Happy Tax Preparation!

12/19/2024

💼 RRSP Meltdown Strategies: Optimize Your Future! 💼

Did you know there are advanced strategies to minimize your long-term tax burden and maximize benefits like Old Age Security (OAS)? At Precedence Private Wealth, we go beyond traditional methods to help you achieve financial peace of mind with RRSP meltdown strategies and more.

🌟 Why Choose Us?
✔️ Proactive audit preparation saves you time and stress
✔️ Proven, transparent, and compliant strategies you can trust
✔️ Clear visibility into your financial future
✔️ Tailored solutions designed for YOUR goals

Don’t let tax inefficiencies or missed benefits hold you back. Contact us today to learn how we can help you take control of your financial future.

11/27/2024

🚀 We're Hiring! Senior Administrative Assistant
Location: Saskatoon, SK | Employment Type: Full-Time
Are you a strategic thinker with exceptional organizational skills and a passion for excellence? Precedence Private Wealth is looking for an Executive Assistant to the Portfolio Manager to help drive our strategic goals and support our Portfolio Manager in a fast-paced, dynamic environment.

About Us:
Precedence Private Wealth, alongside Precedence Capital & Harbourfront Wealth Management, is a full-service financial planning and tax advisory firm. We provide integrated, family office-style planning for clients across Canada.

What You'll Do:
As the Senior Administrative Assistant, you’ll manage high-level administrative tasks, ensuring the Portfolio Managers time and priorities are optimized. Your role will be crucial in supporting key decision-making, managing communications, and coordinating meetings and events.

Key Responsibilities:
🔹 Coordinate the Portfolio Manager’s calendar, meetings, and appointments
🔹 Book complex travel arrangements
🔹 Act as the primary liaison between the Portfolio Manager and key stakeholders
🔹 Prepare high-quality presentations and reports
🔹 Manage emails and communications with precision
🔹 Assist with special projects and executive events
🔹 Handle confidential information with discretion

What We’re Looking For:
✔️ 5+ years in an executive assistant role (experience supporting C-suite executives is a plus)
✔️ Exceptional written and verbal communication skills
✔️ Strong proficiency in Microsoft Office Suite, Google Workspace, and productivity tools
✔️ Expert-level organizational and time-management skills
✔️ Ability to thrive in a fast-paced environment and adapt to shifting priorities
✔️ High level of professionalism and discretion
Why Join Us:
🔑 Competitive salary and benefits package
🚀 Career advancement opportunities
🌟 Exposure to high-level decision-making
🤝 A collaborative, forward-thinking company culture

How to Apply:
If you're ready to take on this exciting and challenging role, we want to hear from you! Send your resume and a personalized cover letter to [email protected] by December 15th, 2024.

Tag someone who might be the perfect fit or share this post with your network. Let’s connect and grow together!

11/24/2024

📅 The end of the year is almost here! It’s the perfect time to take a closer look at your financial plan and make adjustments for the upcoming tax year.

✅ Are you wondering if drawing more income or selling assets before December 31 could be beneficial?
✅ Do you have unused deductions or credits that you want to maximize this year?
✅ Planning asset sales in 2025? Spreading capital gains across two years may minimize your tax burden.
These are just a few considerations to help you optimize your year-end planning.

As the year draws to a close..."Now is the perfect time to review your financial plan for the upcoming tax year."Key Year-End Considerations:Income Timing: I...

10/21/2024

🚨 Approaching your 71st birthday? It’s time to make some critical decisions about your Registered Retirement Income Fund (RRIF)! 🚨

In our latest video, we’ll walk you through the key requirements and strategic planning opportunities that come into play during this pivotal year. From transitioning your RRSP to an RRIF to maximizing the benefits of a spousal RRSP, we’ve got you covered!

Don’t miss these valuable insights that could help you save thousands in taxes. Plan wisely and make your retirement savings work harder and smarter for you!

As you approach your 71st birthday, there are crucial decisions to make regarding your Registered Retirement Income Fund (RRIF).In this video, we'll guide yo...

10/09/2024

📚🎓 As we enter that time of year when many kids are heading off to post-secondary education, two of the most common questions we receive are:

1️⃣ What is required to make a withdrawal from an RESP?
2️⃣ How much can I withdraw?

In a follow-up video, we’ll dive deeper into RESP planning, even after your kids have started school, so be sure to watch that as well! 🔔

Here’s what you need to provide in order to make an RESP withdrawal:

✅ Student’s full name
✅ Name of the institution they are attending
✅ Program they are studying and the year
✅ Enrollment status (must be on official letterhead or include a seal)

Typically, this information will be found in:

📄 Official enrollment letter from the post-secondary institution
📄 Student’s account statement showing tuition fees for the academic year
📄 Confirmation of enrollment

❗️ Please note: Acceptance letters or admission offers won’t suffice as proof of enrollment. Official documentation is required.

There are two types of payments from the RESP:

💸 Educational Assistance Payment (EAP) – Includes growth and grants within the RESP
💸 Accumulated Income Payment (IAP) – The money you have contributed, separate from the growth and grants

👉 You can withdraw up to $8,000 in EAP during the first 13 weeks of the program. After 13 weeks, you can withdraw additional EAP (up to $28,122 for 2024). If you need more, you can withdraw with proof of education-related expenses. Remember, contributions you’ve made can be withdrawn anytime!

We’ll cover whether it’s better to withdraw more than the maximum in our next video, so stay tuned!

💬 Have any questions or need help with your RESP withdrawal? Feel free to reach out, we’re here to assist!

Wondering how to make withdrawals from your RESP as your kids head to post-secondary education? In this video, we’ll explain what’s required, how much you ca...

09/20/2024

Introducing the Vault Strategy—a sophisticated wealth-building approach designed to enhance your estate, reduce taxes, and optimize wealth accumulation through a strategically designed whole life insurance policy.

Here’s what the Vault Strategy can offer:

What is the Vault Strategy?
The Vault Strategy leverages an overfunded whole life policy to:
✅ Build additional net wealth
✅ Seize market opportunities
✅ Enhance and minimize corporate estate taxes
✅ Provide tax-efficient retirement income

Key Benefits of Whole Life Insurance
🔒 Guarantees and security with stable cash values
📈 Enhanced net worth through policy cash value
💼 Tax savings via tax-advantaged growth and estate transfer

How It Works
The Vault Strategy uses the policy’s cash value as collateral to:
💵 Build wealth through market investments
💰 Distribute estate while alive
👥 Support retirement with structured loans

Why Consider the Vault Strategy?
If you’re looking to shelter corporate investments from taxes, transfer assets efficiently, or maximize your estate’s value, the Vault Strategy is a powerful solution for those who have achieved their retirement goals.

Let’s discuss how we can tailor this strategy to your financial needs. Reach out to schedule a meeting!

09/18/2024

💡 Looking to reduce taxes on your RRIF and leave more for your loved ones?

Check out our latest video where we reveal three powerful strategies to melt down your RRIF, cut estate taxes, and potentially avoid costly OAS clawbacks.

From spending it down to creating tax deductions and insuring your RRIF, we provide practical insights to make your retirement funds work smarter, not harder.

Don’t miss out—discover how to protect your wealth and maximize your legacy! Watch now to explore options that could save you thousands.

👉 Watch the video here

https://youtu.be/cPijaC5OW0s

Looking to reduce taxes on your RRIF and leave more for your loved ones? In this video, we’ll reveal three powerful strategies to melt down your RRIF, cut do...

09/12/2024

Blended Family Planning

When it comes to planning for blended families, things can become complex, convoluted, and emotional. Most blended families want their spouse to enjoy the family home, pension, savings, and RRIF assets while ensuring their own children inherit their fair share of the estate.

Here’s a typical scenario:

Bob has 2 adult children, and Sue has 2 adult children. Both previously divorced, they remarried at age 45 and consider all 4 children equal.

Scenario 1 – Early Passing
If Bob or Sue passes away in their 40s or 50s, the surviving spouse could enter a new relationship. If Sue leaves her assets to Bob, but Bob remarries, Sue’s children could receive no assets if the Will is changed, or fewer assets if split among more children.

Scenario 2 – Later Passing
If Bob or Sue passes away at an older age (70+), remarriage may be less of a concern, but other issues can arise. Even if their Wills are perfectly planned, there could be tensions among the children and their spouses. One child may influence changes to the Will, and contested Wills can lead to unforeseen challenges.

At the end of the day, Bob and Sue want all 4 children to inherit equally. However, many variables can emerge, making this difficult for the surviving spouse to control.

In a subsequent post, we’ll explore strategies to protect your assets when planning for blended families.

08/13/2024

I wanted to share one of the best analogies to use when teaching your kids about finances. Many of us are familiar with the jar analogy about life’s happiness (watch on the video link above). This same concept can be applied to managing finances.

The Rocks: These represent the critical parts of your finances, such as savings, taxes, mortgage, groceries, utilities, and insurance. Make sure to allocate your monthly budget to these essentials first.

The Pebbles: These are other important things like your vehicles and clothing.

The Sand: This includes everything else, such as dining out, vacations, hot tubs, TVs, and jewelry.

The key lesson here is that if you fill your jar with the sand first, you won’t have room left for the rocks and pebbles or the critical or important things.

If you add rocks and pebbles first, there is always more room in the jar for the sand or the fun things in life.

It is crucial to start financial habits with the rocks and pebbles during the early years of earning an income. If our monthly budget is consumed by sand it can become impossible to get the rocks in the jar.

Feel free to share this analogy with your children to help them get started on the right financial path.

Best regards,
Deanna McLay B.Comm, CFP, CLU
Financial Planner

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This is by far one of the most valuable lessons for a happier life. After reading the story by Steven Covey I decided to produce this video to share the me...