The words Canada Revenue Agency have the tendency to make any of us a little nervous when it comes to debts owed and tax collection. More so since the Canada Revenue Agency (CRA) maintains certain powers under the Income Tax Act (also known as the “Act”) to collect tax debts from property that has been transferred to a non-arm’s length…
Starting and running your own business can be both exciting and terrifying. Every day provides opportunities and challenges and you never know what each morning will bring. If you are a business owner and don’t have the right insurance plan in place because you’ve been so busy trying to grow your business, then there’s an opportunity waiting for you right…
You own your own business and you have incorporated. A smart decision, since corporate structures have significant benefits such as: Limited liability Continuity of the business Easier access to capital Lower income tax rates with the small business tax deduction Potential tax deferral Now that your business is incorporated, have you considered corporate-owned insurance? Not to be confused with insurance…
So you run your own business, things have been going well, but the more your business grows, the more complex your tax issues become. One often misunderstood tax concept is the Capital Dividend Account or CDA. Capital dividends are simply a form of dividend, which can be paid out to Canadian shareholders tax-free. The caveat is that the amount of…
Planning for the transition of wealth to your children and grandchildren doesn’t have to be a daunting task. It’s important to start discussing this now so you can understand the impact of tax on your estate assets and what steps you can take to plan for the future. Let’s consider some of the tax implications. Upon death, a person is…
Did you know that only about 50% of Canadians have a valid will? Life events prompt individuals and families to think about their financial affairs. These include job loss (or gain), change in marital status, adverse changes in health or the death of an immediate family member.* Common estate planning mistakes to avoid Failing to prepare a will Failing…
Your life, your family and your business deserve protection and if you’re a business owner, insurance can provide that security in a number of ways that may surprise you. It can also provide opportunity to help build assets – and your business – in a tax-effective way for your retirement or estate plan. The Purchase of Shares If you have…
Covid-19 sent shockwaves throughout the Canadian economy from the very beginning, and the ripple effect continues. Our business is no exception. Paper presentations and face to face interaction were the lifeblood of our business. Never did we think that pivoting to a digital platform would be possible to continue doing what we do best. Yet, with concrete vision, creativity, and…
Our lives are arguably the most valuable “possessions” we own and because we are quick to insure our cars and our homes, insuring our lives should be a no-brainer. This being said, it is not uncommon for instances to arise where your current life insurance policy is no longer needed. The most common reaction to an unwanted policy is to…
Did you know that over 50% of Canadians do not have a will?* While some don’t know how to get started, others believe they can’t afford it. Are you part of the 50% who don’t have a will? Having a will is an important part of your estate plan. Without a will, your assets would be distributed as per provincial…