Category Archives: Personal Finance

Financial planning, tax returns, budgeting, deductions. What else do you need to know regarding personal finances? Let us know if you have any suggestions or questions.

2019 BC Budget

On February 19, 2019, the BC Ministry of Finance released the 2019 Provincial Budget.  The following is a summary of many of the highlights affecting businesses and individuals:

Business Measures

  • Enhanced capital cost allowance rates that parallel the federal enhancements announced on November 21, 2018.
  • Extending the BC Training tax credit for employers to December 31, 2019.

Personal Measures

  • Effective for 2018 and subsequent personal tax returns the disability tax credit can be applied against tax on split income (TOSI) and split income is included in the income threshold for calculating the medical expense tax credit.
  • No modification to the Fair Pharmacare program which introduced lower deductibles available to families earning up to $45,000 per year effective January 1, 2019.
  • Increasing benefits to low-income working families by an average of $800 per year under the Rental Assistance Program.
  • CleanBC initiatives including $2,000 to replace a fossil fuel heating system, $1,000 to upgrade to better insulated windows and doors and $700 to upgrade to a higher efficiency natural gas furnace.
  • Effective February 19, 2019 elimination of interest on new and existing loans obtained through the BC Student Loan Program.
  • Effective April 1, 2019 eligible individuals will receive an additional $50 per month in income and disability assistance.
  • Effective July 1, 2019 the BC climate action tax credit is enhanced. The BC climate action tax credit is a tax-free amount paid quarterly with the GST tax credit to eligible individuals.
  • Extending the BC training tax credit for apprentices to December 31, 2019.
  • No modification to the elimination of MSP premiums paid by individuals effective January 1, 2020.
  • Effective October 1, 2020 a new BC Child Opportunity Benefit will be introduced. This new benefit will be added to the current BC Early Childhood Tax Benefit which is a tax-free monthly payment to eligible families.

Enhancements to the Small Business Venture Capital Tax Credit Program:

  • Effective for 2019 and subsequent tax years, for investments made after February 19, 2019, the maximum amount of annual tax credit that an individual can claim is increased to $120,000 from $60,000.
  • Effective February 20, 2019, the maximum equity capital that eligible business corporations can raise under the program is increased to $10 million from $5 million.
  • Effective February 20, 2019, share transfers to a Tax-Free Savings Account are permitted and equity purchases within a Tax-Free Savings Account may qualify for tax credit.
  • Effective February 20, 2019, certain advanced commercialization and scaling up activities are eligible for the tax credit program.
  • Effective March 2, 2019, investments in convertible equity issued by an eligible business corporation may be eligible for tax credits.



Money Coaches Canada event: “55 and Up! Embrace the Future”

The amazing people at Money Coaches Canada are hosting the following event:

55 and Up! Embracing the Future

When: October 2, 2016 8:30am to 5:00pm
Where: YWCA, 535 Hornby St. Vancouver, BC

Rev up your health, your money, your relationships, your confidence, your style and even your love life! Learn how to ride the roller coaster of change with courage and confidence. A great event. And one we are very proud to support. Our own Karin Mizgala will help participants gain skills and confidence to handle their finances for a comfortable future.

For more information on this event and to register please visit Money Coaches Canada’s website.

“Your Money Map” workshop hosted by Money Coaches Canada (MCC)

MCC_LogoMoney Coaches Canada (MCC) is hosting a workshop based on their new book!

Your Money Map

Create a financial road map to your goals!

Do You…

  • Make a good income but feel financially stuck in a rut
  • Feel ready to take your next steps in building your financial knowledge
  • Want a practical system to manage your money and plan for your goals
  • Want to be DEBT FREE!

Join us and you can expect…

  • A full day of learning and DOING!
  • A personalized Money Map that includes:
    • ✔A Personal Goals Statement
    • ✔A Net Worth statement
    • ✔A Spending and Savings Plan
    • ✔A Debt Management Plan
  • A functional system to stay on track, money information, tools and tips in plain language!
  • Clarity on your Next Steps…

When: Saturday July 12th 9:30 am – 4:30 pm
Where: 425 West 8th Ave Vancouver
Cost: $275 per person / $425 couples

For more information and registration, check out MCC’s website.

Why Your Personal “Beacon Score” Matters When Financing Your Business

Have you wondered about the status of your personal credit score?

Small Business BC has an interesting article about your “Beacon score”

Snippet from the article:

What’s a Beacon Score?

The beacon score is one of two measures on a credit report, and it’s a summary of how an individual has used credit in in the past. The report shows all the outstanding credit facilities (such as bank loans, credit cards, lines of credit and car loans) that you have, and how well that you’ve kept up with repaying those loans. It also shows the total available credit, and lists all the places where you have inquired about getting credit (such as at a car dealership, or by inquiring about a cell phone plan).

Small Business BC has a number of helpful and easy to understand articles on a variety of topics.

5 things your bank teller isn’t telling you

This is an intersting and somewhat entertaining article from MoneySense.

  1. We can drop fees. Why dig into your pockets when tellers routinely waive bank draft, certified cheque and overdraft fees? There’s no harm in asking for a break, especially in extenuating circumstances or when service is slow. “If I take forever with a transaction then I waive the fee as a courtesy,” said a teller who has worked at several major Canadian banks.
  2.  We have sales quotas. Most tellers have monthly credit-card and referral quotas based on hours worked and tied to year-end bonuses, so watch out for aggressive over-the-counter sales pitches. Some banks even have special premiums that make bonuses skyrocket after a certain amount of product is sold. Even credit limit increases count toward quotas at some banks.
  3. We overlook details. Tellers often miss the date on postdated cheques and process them anyway. If and when a premature transaction is caught, you will be called by the bank to return the money until the original date transpires. It’s best to double-check when cashing a cheque since the onus is on you.
  4. We’re smarter than you think. Since bank tellers have pretty good insight into your spending habits they tend to offer money-saving suggestions. For instance, a reward card may be suggested to a customer who spends a lot on gas and groceries. “When I see an opportunity to increase a person’s savings or reduce their debt load, I want to help them,” said the teller. “I wish people were a little more receptive to that.”
  5. Some of us love to gossip. Tellers have exclusive access to your chequings, savings and investment accounts. While they’re not supposed to sift through personal transaction details unless there is a reason to, that doesn’t mean it doesn’t happen. “We can see everything and sometimes chat among ourselves about how much money so-and-so is making and spending,” said another source at a bank.

Source: MoneySense magazine