“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

– Owen

Canada Child Benefit Increase! What Will Your Monthly CCB Be?

Canada Child Benefit Increase! What Will Your Monthly CCB Be?

The Canada Child Benefit is one of the most generous government benefits in Canada and it just increased! Unlike many government benefits, the Canada Child Benefit is available to low, moderate, and also some high income families.

The amount you receive from the Canada Child Benefit (CCB) depends on a few factors, one is the taxable net income for the family (line 23600 on your tax return), another is the number of children in the family, and the final factor is the age of each child.

The Canada Child Benefit is an “income tested” government benefit. The higher your taxable net income is, the lower your Canada Child Benefit will be. For some high income families, at a certain level of income the Canada Child Benefit will be reduced to $0. Anyone with income above that income level will not receive any benefit. The tricky thing is that this income level is different depending on the number of children and their ages.

The Canada Child Benefit also changes every year. New benefits start in July and are based on prior years tax return (the first payment of the updated benefit is July 20th).

The Canada Child Benefit also increases with inflation. The new 2022 Canada Child Benefit has increased by 2.4% versus 2021.

So how much Canada Child Benefit can you expect in July? We’ve got a table below that shows the Canada Child Benefit based on family taxable net income (line 23600) in $10,000 increments, so you can figure out generally how much you can expect in July.

read more
How Do Tax Returns Work When There Is An RRSP Contribution or Withdrawal

How Do Tax Returns Work When There Is An RRSP Contribution or Withdrawal

The RRSP is a great financial planning tool. Investments grow tax-free within the account. Contributions to an RRSP reduce taxable income. And in some unique circumstances, it may even be advantageous to make contributions in one year and then deduct them in future years.

RRSP contributions and withdrawals will decrease and increase taxable income respectively. This effect can be seen on the tax return.

So, how do tax returns work when there is an RRSP contribution? What effect does an RRSP contribution have on the tax return?

And what about in the future? What happens when RRSP withdrawals are made? What effect does an RRSP withdrawal have on the tax return?

These are important questions. The benefit of strategic RRSP contributions and withdrawals can be $10,000’s or more.

Understanding how RRSP contributions and withdrawals affects your tax return is very important for Canadian retirement planning. We’ll go through the basics of how RRSPs work, as well as a few examples to show how an RRSP contribution or withdrawal shows up on the tax return.

read more
A New Way To Share Your Financial Plan: The PlanEasy Public Dashboard

A New Way To Share Your Financial Plan: The PlanEasy Public Dashboard

Talking about personal finances has always been somewhat taboo. It’s difficult to discuss personal finances with friends and family. Everyone has different values and goals. We all have different financial circumstances. And sometimes… talking about personal finances can lead to hurt feelings and personal strife.

This has led to many people avoiding personal finance discussions or discussing personal finances anonymously in online forums and communities.

But discussing personal finances in an online community can be difficult. Personal finances are personal. A financial plan can differ dramatically from one person to the next. To have a good discussion requires a lot of information, something difficult to do in an online community.

At PlanEasy we want to make financial planning easy. We want to make it easier to share and discuss personal finances online.

That’s why we’re introducing the PlanEasy Public Dashboard, a completely anonymous way for PlanEasy users to share their financial plan… let’s take a look at the Public Dashboard…

read more

Owen Winkelmolen

Advice-only financial planner, CFP, and founder of PlanEasy.ca

Work With Owen

“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

– Owen

New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

Canada Child Benefit Increase! What Will Your Monthly CCB Be?

Canada Child Benefit Increase! What Will Your Monthly CCB Be?

The Canada Child Benefit is one of the most generous government benefits in Canada and it just increased! Unlike many government benefits, the Canada Child Benefit is available to low, moderate, and also some high income families.

The amount you receive from the Canada Child Benefit (CCB) depends on a few factors, one is the taxable net income for the family (line 23600 on your tax return), another is the number of children in the family, and the final factor is the age of each child.

The Canada Child Benefit is an “income tested” government benefit. The higher your taxable net income is, the lower your Canada Child Benefit will be. For some high income families, at a certain level of income the Canada Child Benefit will be reduced to $0. Anyone with income above that income level will not receive any benefit. The tricky thing is that this income level is different depending on the number of children and their ages.

The Canada Child Benefit also changes every year. New benefits start in July and are based on prior years tax return (the first payment of the updated benefit is July 20th).

The Canada Child Benefit also increases with inflation. The new 2022 Canada Child Benefit has increased by 2.4% versus 2021.

So how much Canada Child Benefit can you expect in July? We’ve got a table below that shows the Canada Child Benefit based on family taxable net income (line 23600) in $10,000 increments, so you can figure out generally how much you can expect in July.

read more
How Do Tax Returns Work When There Is An RRSP Contribution or Withdrawal

How Do Tax Returns Work When There Is An RRSP Contribution or Withdrawal

The RRSP is a great financial planning tool. Investments grow tax-free within the account. Contributions to an RRSP reduce taxable income. And in some unique circumstances, it may even be advantageous to make contributions in one year and then deduct them in future years.

RRSP contributions and withdrawals will decrease and increase taxable income respectively. This effect can be seen on the tax return.

So, how do tax returns work when there is an RRSP contribution? What effect does an RRSP contribution have on the tax return?

And what about in the future? What happens when RRSP withdrawals are made? What effect does an RRSP withdrawal have on the tax return?

These are important questions. The benefit of strategic RRSP contributions and withdrawals can be $10,000’s or more.

Understanding how RRSP contributions and withdrawals affects your tax return is very important for Canadian retirement planning. We’ll go through the basics of how RRSPs work, as well as a few examples to show how an RRSP contribution or withdrawal shows up on the tax return.

read more
A New Way To Share Your Financial Plan: The PlanEasy Public Dashboard

A New Way To Share Your Financial Plan: The PlanEasy Public Dashboard

Talking about personal finances has always been somewhat taboo. It’s difficult to discuss personal finances with friends and family. Everyone has different values and goals. We all have different financial circumstances. And sometimes… talking about personal finances can lead to hurt feelings and personal strife.

This has led to many people avoiding personal finance discussions or discussing personal finances anonymously in online forums and communities.

But discussing personal finances in an online community can be difficult. Personal finances are personal. A financial plan can differ dramatically from one person to the next. To have a good discussion requires a lot of information, something difficult to do in an online community.

At PlanEasy we want to make financial planning easy. We want to make it easier to share and discuss personal finances online.

That’s why we’re introducing the PlanEasy Public Dashboard, a completely anonymous way for PlanEasy users to share their financial plan… let’s take a look at the Public Dashboard…

read more

New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

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