Oracle Financial Services

Introducing our new Kitimat office space!

We are excited to be sharing this office space alongside at 193 Nechako Centre.

Thank you for these terrific photos.

MNP has a great article summarizing what you need to know in regards to the Underused Housing Tax that has taken effect Dec. 31, 2022.

As a part of the 2021 Federal Budget, the Government of Canada announced its intention to implement a national one percent annual tax on the value of residential real estate owned by any non-resident, non-Canadian that is considered vacant or underused.

Read the article to see if you should be consulting your tax expert on how this could impact you.

Underused Housing Tax Act The latest on the Underused Housing Tax and the unanticipated impact of filing requirements on Canadian private corporations, partnerships and trusts.

It's RRSP season- let's make sure you are up to date on the important facts:

⚫️ March. 1st, 2023 is the last day to make a RRSP contribution to offset your 2022 income.

⚫️ There are limits on how much you can contribute each year to your own RRSPs and your spouse’s RRSPs. You can find your RRSP deduction limit on your most recent Notice of Assessment from the Canada Revenue Agency (CRA).

⚫️ If you don’t have the money to contribute to your RRSP this year, you can carry forward your contribution room indefinitely to future years.

⚫️ You don’t have to deduct an RRSP contribution on your tax return in the same year you make the contribution. You can wait and deduct it in a future year. You may choose to do this if you think your income will be higher in the future, moving you up to a higher tax bracket.

⚫️ Dec.31st of the year you turn 71 is the last year you can make a RRSP contribution. Talk to your advisor about tax planning strategize to implement during this critical year.

Call us today 250-635-6146 to make an appointment with an advisor in Kitimat or Terrace to discuss your investments and if a RRSP contribution makes sense for you.

Inflation is coming down and the Bank of Canada is having an impact. CIBC’s Benjamin Tal has a great video discussing the factors that are influencing inflation, and the role of interest rate increases in managing demand.

Benjamin Tal talks inflation and the key factors driving it

Given the high inflation we experienced in 2022, many of the important tax figures have been substantially increased for 2023. Here are the new numbers, along with a few other changes that launch on Jan. 1.

11 tax changes and new rules that will affect your finances in 2023 Jamie Golombek: Many important tax figures have been substantially increased for 2023

We have the BEST GIC rates in Canada!

We work with more than 40 financial institutions so we can pick and choose the best rates on the market. Plus, all of our partners are members of the Canada Deposit Insurance Corporation, which means that deposits held at each member institution are covered up to a maximum of $100,000.

Get in touch discover our latest rates!

Oracle is expanding again! If you or someone you know would like to pursue a career in the financial services industry- we invite you to reach out.

We are hiring for an Administrative Assistant role based in our Terrace office. If you are looking for a career that will allow you to grow, learn and expand over the years you may be a great fit!
Oracle has offices in Kitimat and Terrace and we service all of the North.

Administrative Assistant/Receptionist - Terrace, BC - Indeed.com Oracle Financial Services Terrace

Thank you for these stunning murals in our Terrace branch. Stop by the office to check them out and let us know your favourite!

Like the wolves watching over Terrace, we're here to guide you to your ideal financial future.

We're proud to serve our beautiful communities here in Northern British Columbia. With over 20 years of industry experience in the area, we have the knowledge and expertise to provide financial insight for those bigger picture goals. With offices based in Terrace and Kitimat, you will always have a team member available.

Contact us today to discuss your wealth management strategy from a holistic perspective:
https://www.oraclefinancial.ca/contact-us

📸 courtesy of on Instagram.

With all the talk of inflation recently, let's get back to basics and discuss what inflation really means.

Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time. The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.

So what causes this to happen? An increase in the supply of money is the root of inflation, though this can play out through different mechanisms in the economy. A country's money supply can be increased by the monetary authorities by:

1. Printing and giving away more money to citizens
2. Legally devaluing (reducing the value of) the legal tender currency
3. Loaning new money into existence as reserve account credits through the banking system by purchasing government bonds from banks on the secondary market (the most common method)

Unsure of how inflation may affect your financial situation? Contact us and let's discuss the implications of inflation on your portfolio today:
https://www.oraclefinancial.ca/contact-us