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  • Writer's pictureTrusha Desai

Woolen Budget

Updated: Feb 20

The adage cut your coat according to your cloth must have been written for baby-boomers, or so they may think. With almost fixed income budgets squashed by inflation in all spheres, ranging from groceries to shoes to toys to haircare: do you go on a perennial diet, frequent the shoe repairman who will be your best friend, swap toys, or simply grow your hair … being mindful that shampoos and conditioners and Morocco oil are not inexpensive … you may run out of pencils while crafting your budget. And then you think, oh! Those craft brew guys have it tough too.

So, does your investment income beat inflation? If it does, have you factored in Canadian personal income tax? Tax on interest income is a whopping 50%. Capital gains income can be offset against capital losses of prior years. Dividend income has a lush dividend tax credit appended to it, which makes small business owners occasionally prefer dividends to monthly paycheques. Of course, cashflow being erratic in the current gloomy doom climate makes a shareholder wonder whether any income anyway will be forthcoming.

We have not touched on fraudulent scams that target seniors. We have not seen the tip of the floating iceberg in Antarctica of harassment in all its shapes, sizes, and manners that affect seniors duly termed ageism. Please reach out for your professional bookkeeping, payroll, management consulting, capital gains, personal and corporate tax requirements to me

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