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All in the Family: Estate Planning for Farmers

June 1, 2021blog, Estate Planning, farmers

Many farmers find it difficult to get any interest from their children in continuing to run the farm business – which can cause some complications when developing the best estate plan for farmers looking to retire.

In general, farmers are in an interesting position: they are asset rich due to the increased value of their land but struggle with the increasing costs related to their farming activities.

However, if the farm holds significant value but the children are not interested in working the land, what is a farmer to do?

Disability Insurance and Small Business: How a Small Business Owner Used Disability Insurance to Stay Afloat While Managing Depression

May 3, 2021blog, Business Owners, corporate, disability, Disability Insurance, Family

Sandra ran her own successful insurance agency company for over a decade before it hit her like a ton of bricks – she was chronically depressed and something had to change.

Triggered by a combination of constant stress leading to severe burnout and her 12-year-old son’s recent diagnosis with Type 1 diabetes, Sandra needed some time away from the office to recover and receive treatment. Her depression was absolutely debilitating and could have been devastating to her business and income.

Luckily, Sandra, whose name has been changed to protect her privacy, had purchased two disability insurance policies eight years prior that would help her through such a turbulent time. Sandra worked in the insurance industry and had seen just how important it was to protect yourself from a loss of income in case of a debilitating illness or disease.

Who Should Own My Life Insurance?

April 1, 2021blog, Insurance, Life Insurance

The planning considerations of where and how to own your life insurance can be varied and sometimes complicated. It is important to remember that who owns the policy, controls the policy. The owner has the right to name a beneficiary, assign the policy, take cash value loans or even cancel or surrender the policy. The insured does not have to consent to these transactions although there are steps available to require his or her permission when necessary. This article focuses on the main, but not all, issues in determining the ownership of a life insurance policy.

Stop Living Paycheque to Paycheque and Start Living

March 1, 2021blog, Coronavirus, Debt, financial advice, financial planning

We are now living in a gig economy as a result of wage stagnation and increased globalization. While previous generations have usually worked one full-time job, often with a pension plan, today more and more Canadians are working for several different companies as independent contractors.

While this type of work does offer much-needed flexibility for some, it also creates financial instability for millions of Canadians. A recent survey of all working Canadians by the Canadian Payroll Association suggests that 43 percent of workers were living paycheque to paycheque prior to COVID-19. That statistic does not take into account COVID-19’s impact on the workforce.

Extended COVID-19 Federal Emergency Benefits

February 22, 2021blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retiring

On Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to:

– Canada Recovery Benefit
– Canada Recovery Caregiving Benefit
– Canada Recovery Sickness Benefit
– Employment Insurance

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

February 12, 2021blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)

5 Top Financial Planning Strategies For Small Business Owners

January 31, 2021blog, Business Owners, Debt, Tax

Creating a financial plan for your business is critical not only for your business’ survival but also for its growth. However, many small business owners struggle to create a comprehensive financial plan that considers all of the financial needs of the business – which should include long term growth goals and contingency plans for any unexpected circumstances. Below, we have compiled a list of the strategies business owners should start with when considering a comprehensive financial plan.

Impact of Recent Events On Your Estate Plan

January 5, 2021blog, Estate Planning

A year ago, the projected deficit for 2020 was estimated to be $20 billion. Shockingly, as a result of Covid-19, this projection has risen to over $380 billion by the end of the year. So, what does that mean for tax rates and how will this affect your estate plan?

Government of Canada to allow up to $400 for home office expenses

December 29, 20202020, Accountants, blog, Business Owners, Tax

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

December 7, 2020blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, corporate, disability, financial planning, RDSP, Tax

Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

Category: blog

All in the Family: Estate Planning for Farmers

Disability Insurance and Small Business: How a Small Business Owner Used Disability Insurance to Stay Afloat While Managing Depression

Who Should Own My Life Insurance?

Stop Living Paycheque to Paycheque and Start Living

Extended COVID-19 Federal Emergency Benefits

Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

5 Top Financial Planning Strategies For Small Business Owners

Impact of Recent Events On Your Estate Plan

Government of Canada to allow up to $400 for home office expenses

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

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