31 Jan

ADULTING: A Series V – Wills & Taxes

We hope you learned something new and came away feeling more confident in your adulting abilities.

After our Intro event, we conducted a highly scientific survey and have based our sessions on your feedback. We brought in another one of those “experts” we had mentioned. This time it was Lawyer Elizabeth Mah from Paperclip Law.

We discussed things like –

  • How to do tax season right. (Including getting more money back on your charitable donations.)

  • What questions Elizabeth would have us ask ourselves in determining if we even need a will.

  • Overall guidance from Elizabeth on how to be proactive rather than reactive when it comes to protecting your money.

As a bonus, you’ll find your glamour shots at the bottom!


Our Goals

  • Alleviating financial anxiety

  • Fostering community

  • Learning together

  • Building intergenerational bridges

Taxes with Dan & Rach

Some general tax considerations for you brought to you by the folks at Wealthsimple. (The explanations behind all of these can be found here).

  1. File on time.

  2. Actually, file early.

  3. For a lot of us, the best thing you can do for your tax bill (and your future) is to contribute to your RRSP before March 1.

  4. If you got married (or are common-law married), get RRSP-married too.

  5. Marriage/Common Law Part Two: bundle your charitable contributions for a better bang/buck ratio (also see more tax credit info below *)

  6. When it comes to deductions, leave no stone unturned.

  7. Invest your tax refund as soon as you get it.

  8. If your refund is too big, don’t congratulate yourself – make some changes.

*First-Time Charitable Donor’s Tax Credit: If you’re donating for the first time, you can claim the first-time donor’s tax credit. As a first-time donor, you can claim an extra federal tax credit of 25 percent on your first $1,000 of donations. This works out to be the equivalent of a tax credit of 40 percent on your first $200 in donations, and 54 percent on amounts above $200. More info on charitable donations and tax credits here.

Adulting with Elizabeth

Do I Need A Will?

Well, first off, what is a Will? It’s basically a legal document in BC that:

  • Deals with your property and assets so that it passes to the people you choose, when you want them to receive it, in the form you choose (outright or over time through a trust), and in the most tax-efficient way; and

  • Ensures that your children are cared for by the people you designate and have access to assets for their well-being and benefit.

Great, with that in mind, let’s take a closer look at the myths that may be going through your mind right now.

  1. Doesn’t everything just automatically go to my family, spouse and children? Not necessarily – have you added them as joint owners? Have you designated them as beneficiaries?

  2. I’ve told my spouse and children about what I want so they can just take care of it. In BC, “telling” doesn’t count. You either have a Will that works, or you don’t.

  3. I’ve just downloaded a Will from Google or bought a Will kit when I was picking up some shampoo the other day, so I’m good, right? Well, it depends on whether you signed it properly and have covered off all your assets.

Ugh, maybe a few holes? Yeah, time to think about checking this off the to-do list. Elizabeth even has a few suggestions for what you need to write a Will.


Image Highlights

09 Jan

Who Knew?

When we partnered with Kiva 3 years ago, our initial goal was to create $250,000 in small loans to women around the world. We never imagined what was possible . . .

Watch our short documentary on how this all came about!