Tax tips to know before filing your 2023 income tax

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Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you're not leaving money on the table this tax season.

Alberta 2023 Budget Highlights

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On February 28, 2023, the Alberta Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know, with an emphasis on the following: • Tax credits. • Decreased education property tax. • Investing in education, tourism and infrastructure.

British Columbia 2023 Budget Highlights

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On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know: • Tax credit changes. • Increases to the B.C Family Benefit. • Carbon tax changes. • Other important tax changes. • Healthcare and housing spending.

Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner

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You have worked long and hard to build up your business, and now you are ready to withdraw money from your business' bank account. But you don't want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.

Get Your Corporate Dollars Doing Double Duty

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Owners of very successful private corporations are well aware of the importance of cash flow. Many are protective of how they allocate corporate capital so that business ventures are adequately funded and investment opportunities are not missed. The Immediate Financing Arrangement offers an opportunity to provide life insurance coverage and accumulate wealth on a tax-advantaged basis without impairing corporate cash flow.

2021 Year-End Tax Tips for Business Owners

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We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner. We’ve focused on: • How to determine the right salary and dividend mix. • The best ways to handle compensation. • How to make sure you can take advantage of the small business deduction. • What you need to know about depreciable assets and charitable donations. • How to make the most of Covid-19 relief programs.

Financial Planning for Business Owners

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Financial planning for business owners is often two-sided: personal financial planning and planning for the business. Business owners have access to a lot of financial tools that employees don't have access to; this is a great advantage, however it can be overwhelming too. A financial plan can relieve this. A financial plan looks at where you are today and where you want to go. It determines your short, medium and long term financial goals and how you can reach them. For you, personally and for your business.

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

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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.

Federal Budget 2021 Highlights

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On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections: • Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits. • Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining. • Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

Business Owners: 2020 Tax Planning Tips for the End of the Year

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It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections: - Year-end tax checklist - Remuneration - Business tax - Estate