Author: Bloom Investment Counsel, Inc.

Advanced Tax Planning for High Income Earners and High-Net-Worth Families

Written by Bloom Investment Counsel, Inc. on February 28, 2022. Posted in Wealth Planning. 2 Comments on Advanced Tax Planning for High Income Earners and High-Net-Worth Families

For high income earners and high-net-worth families, taxes can pose a significant impediment to preserving and growing wealth, particularly in cases where income or wealth is concentrated in the hands of one individual or held within an entity. Fortunately, thoughtful tax planning can help you, your business and/or your family keep more of what you have worked so hard to accumulate. In this article, we highlight 3 tax saving strategies that can be used without sacrificing the ability to build wealth.

Before You Buy Cryptocurrency, Understand What You are Investing in

Written by Bloom Investment Counsel, Inc. on February 28, 2022. Posted in Financial Literacy. No Comments on Before You Buy Cryptocurrency, Understand What You are Investing in

Cryptocurrency (“crypto”) is digital money based on blockchain technology—a decentralized, distributed digital ledger. Therefore, at its core, crypto is a decentralized digital medium of exchange that is designed to be used over the internet.

Unlike other currencies such as the Canadian dollar, no central authority (such as a government or bank) manages and maintains the value of a cryptocurrency. Its value is driven entirely by supply and demand.

Before you buy crypto, understand what you are investing in. What can you buy with crypto, and should you invest in it?

3 Common Ways For Anyone To Invest In Real Estate

Written by Bloom Investment Counsel, Inc. on February 22, 2022. Posted in Investing. No Comments on 3 Common Ways For Anyone To Invest In Real Estate

Purchasing property has become a popular method of both holding and building wealth in Canada. Whilst real estate investing could merely be seen as heightened interest triggered by media coverage in recent years, in truth real estate investing is not new—billionaire Andrew Carnegie famously said many years ago that 90% of millionaires acquired their wealth by investing in real estate.

Let’s explore some common real estate investing methods, including some newer investment vehicles enabling anyone to invest in real estate.

Passing Your Family Cottage To The Next Generation

Written by Bloom Investment Counsel, Inc. on February 22, 2022. Posted in Retirement. 5 Comments on Passing Your Family Cottage To The Next Generation

For many Canadians, the family cottage (whether a rustic cabin or a well-appointed home away from home) has been a means of sweet escape from daily routine where family members and friends can spend quality time with each other. The cottage is truly one of the most valuable family assets—a sacred space to unplug, relax, engage with each other and enjoy the natural world.

Precisely because of the intangible value attached to such properties, you may wish to be especially mindful of how you pass down your family cottage or vacation property to the next generation. Such property transitions can become a source of conflict, not to mention tax liabilities (given these assets’ substantial price appreciation in recent years).

In this article, we discuss 3 strategies to help you manage the tax burdens which may result if you are considering passing down your family cottage or vacation property to your children in Canada.

Difficulties Facing Nonprofit Organizations: What Every Nonprofit Leader Needs to Know

Written by Bloom Investment Counsel, Inc. on February 20, 2022. Posted in Philanthropy. No Comments on Difficulties Facing Nonprofit Organizations: What Every Nonprofit Leader Needs to Know

Nonprofit organizations serve individuals and communities, making a difference in people’s lives. Of course, it is not an easy job. This article explores some difficulties every nonprofit leader need to know.