Richardson GMP. The next generation of wealth.

The next generation of wealth.™

Tax updates in the wake of COVID-19

Individuals & trusts – COVID-19 emergency support measures

As part of measures to help Canadians manage through the COVID-19 pandemic, the Federal Government introduced numerous proposals. Here is a breakdown of key measures. Read more.

COVID-19 Business owners

Business owners - Additional COVID-19 emergency support measures

The federal government has announced additional emergency support measures for Business Owners as the economic impact of COVID-19 is being widely felt. We provide Business Owners with high-level details on the new measures. Read more.

If you’re looking to maximize your tax savings this year, consider setting up a family trust that uses a prescribed rate loan strategy. This strategy allows higher earners to allocate funds to family members in lower tax brackets. Read more.

Maximizing RESP

Maximizing education savings for children

The upcoming school year may seem uncertain but having a plan and preparing for the future of your child’s education remains extremely important. We have shed some light on ways to maximize savings for your child’s post-secondary schooling. Read more.

Tips for young adults

Tips for young adults

If you are new to investing or you are a parent looking to introduce your young adult to the topic, start with the basics on key accounts: a Tax-Free Savings Account and a Registered Retirement Savings Plan. Read more.

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COVID-19 FAQ

As the situation changes on an almost daily basis – and in some cases hourly – we want to ensure you are well informed. The following frequently asked questions may assist you in the first instance.

Prescribed rate loans

Prescribed rate loans

Do you have an income-splitting loan arrangement? Take note of the new prescribed rate, which drops to 1% (July 1, 2020), and presents a rare planning opportunity! We’ve outlined some key considerations here.

Cottage succession

Cottage succession planning

Has your cottage or vacation property taken on added meaning during the pandemic? We explore one family’s situation and the cost-effective, tax-efficient solution they relied on to ensure their cottage stays within the family for generations.

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