Tax

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.

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.

Does your Business Qualify for the Small Business Gains Exemption?

June 1, 2019blog, Business Owners, corporate, Life Insurance, Tax

As a business owner, you may be aware that when you dispose of shares in your business you could receive an exemption on all or a portion of the capital gains that ordinarily would be taxable. This is due to the Lifetime Capital Gains Exemption which says that, for 2019, up to $866,9121 of capital gains is exempt from taxation.

Optimizing Wealth Through Asset Re-Allocation

November 1, 2018blog, Investment, RRSP, Tax, Tax Free Savings Account

If you are an active investor, your investment holdings probably include many different asset classes. For many investors, diversification is a very important part of the wealth accumulation process to help manage risk and reduce volatility. Your investment portfolio might include stocks, bonds, equity funds, real estate and commodities. All these investment assets share a common characteristic – their yield is exposed to tax. From a taxation standpoint, investment assets fall into the following categories…

Ontario Budget 2018

April 3, 2018blog, Business Owners, corporate, dental benefits, Estate Planning, Family, group benefits, Individuals, Investment, Retirees, Tax

The 2018 Ontario budget features a number of new measures and billions of dollars of enhanced spending across the spectrum, as announced by the province’s Finance Minister, Charles Sousa. Read on for some of the key proposals.

2018 Federal Budget Highlights for Families

March 4, 2018blog, disability, Family, Individuals, Investment, Tax

Several key changes relating to personal financial arrangements are covered in the Canadian government’s 2018 federal budget, which could affect the finances of you and your family.

2018 Federal Budget Highlights for Business

March 4, 2018blog, Business Owners, corporate, Investment, Tax

The government’s 2018 federal budget focuses on a number of tax tightening measures for business owners. It introduces a new regime for holding passive investments inside a Canadian Controlled Private Corporation (CCPC). (Previously proposed in July 2017.)

RRSP Deadline is March 1, 2018. How much tax can you save?

January 27, 2018blog, Family, Individuals, Investment, RRSP, Tax

The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2017 tax filing year is March 1, 2018. You generally have 60 days within the new calendar year to make RRSP contributions that can be applied to lowering your taxes for the previous year.

Updated Small Business Tax Reforms

October 30, 2017blog, Business Owners, corporate, Taxbusiness owners, capital gains exemption, Tax

It has certainly been a busy week in terms of announcements regarding financial policies for small businesses. Following the series of proposed tax reforms that the government announced back in July, various tweaks and changes have subsequently been made, owing, perhaps in part, to confusion and frustration expressed among the small business community. We have provided a brief summary of the changes in this article and infographic.

Category: Tax

5 Top Financial Planning Strategies For Small Business Owners

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

Does your Business Qualify for the Small Business Gains Exemption?

Optimizing Wealth Through Asset Re-Allocation

Ontario Budget 2018

2018 Federal Budget Highlights for Families

2018 Federal Budget Highlights for Business

RRSP Deadline is March 1, 2018. How much tax can you save?

Updated Small Business Tax Reforms

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