Category Archives: corporate

2021 Year-End Tax Tips for Business Owners

    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.

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    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.

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

        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

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

          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.

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          Retirement Planning for Business Owners – Checklist

            As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place.

            We’ve put together an infographic checklist that can help you get started on this.

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            Accessing Corporate Earnings

              One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government’s.

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              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.

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