Paying for Education
Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education.
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Estate Freeze
No business owner likes to think about handing over their business they’ve built from the ground up. But the fact of the matter is, you will have to do it eventually. Even more concerning, what if you were to become ill or incapacitated? Making a decision of this magnitude during trying times would not be ideal.
For the business owner, an estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to lock-in (freeze) the value of the business, freeing the successor from the tax liability that may arise should the business’ value increase.
Do you REALLY need life insurance?
You most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.
Insurance Planning for Business Owners
For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
Federal Budget 2021 Highlights
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.
What’s new for the 2021 tax-filing season?
Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following:
• How to claim home office expenses
• The new Canada Training Credit
• Pandemic emergency funds
• New digital news subscription tax credit
Importance of a Buy-Sell Agreement
Working as a partnership between 2 or more individuals is never an easy task, and the situation only gets more complicated when one or more of them exits the business. Protecting not only the business, but your personal interests, as well as your family’s future are very important objectives for any business owner, and should not be overlooked.
Extended COVID-19 Federal Emergency Benefits
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
Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)
TFSA vs RRSP – What you need to know to make the most of them in 2021
Both TFSAs and RRSPs can be significant savings vehicles for your clients. We’ve put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals.
The deposit section focuses on:
• How much contribution room is available each year
• How carry forward works for TFSAs and RRSPs
• Tax deductibility of contributions
• Tax treatment of growth
The withdrawal section focusses on:
• Conversion requirements
• Tax treatment of withdrawals
• Impact of withdrawals on government benefits
• Impact of withdrawals on contribution room
