Why Understanding Personal Tax Matters: A Guide to Filing Smarter in 2025 Introduction: Tax Season Doesn’t Have to Be Stressful Every year, as the April 30 tax deadline approaches, millions of Canadians find themselves in a familiar situation—a pile of…
Imagine this: You’re sitting down with a cup of coffee, getting ready to file your taxes, and suddenly—panic. The rules have changed, and you’re not sure if you’re leaving money on the table or about to make a costly mistake…
Holding passive investments in your corporation can be a powerful tool for wealth accumulation and financial planning, but the tax landscape has become increasingly complex. Since the 2018 federal budget, Canadian businesses have faced new challenges, particularly for those utilizing…
Why Combine Your Businesses into One Managing multiple family businesses can be rewarding but also overwhelming. Merging these enterprises into one company can offer substantial benefits. Beyond simplifying your operations, amalgamation can save on taxes, allow the merging of financial…
The Statement of Retained Earnings is a crucial component of a company’s financial statements, often overshadowed by its more prominent counterparts, the Balance Sheet and the Income Statement. As experienced Chartered Professional Accountants (CPAs), I understand the significance of this…
The Canada Pension Plan (CPP) stands as a pillar of retirement security in Canada, offering a foundation upon which individuals can build a stable retirement income. For owners of family-owned enterprises, understanding and maximizing CPP benefits is not just a…
Introduction: Addressing Family Claims in Estate Planning Imagine a family torn apart by a legal battle over an estate. A father’s will, written years before his relationships evolved and his obligations grew, fails to provide for his long-term partner and…
As a taxpayer in Canada, your relationship with the Canada Revenue Agency (CRA) involves more than fulfilling your obligation to remit taxes. Many taxpayers are unaware that they are entitled to a robust set of rights designed to protect their…
Not all dividends are created equal, and for owner-managers of small and medium-sized corporations, this distinction can make a big difference to your bottom line. Imagine this: you’ve worked hard to grow your business, and now it’s time to decide…
Unifying Businesses for Growth and Simplicity Imagine a family-owned group of businesses—each thriving independently but grappling with overlapping costs, redundant processes, and missed opportunities for tax efficiencies. The family realizes they could operate more effectively as a single, unified entity…