With an aging population, more and more Canadians are finding themselves in need of assistance in managing their financial affairs. A power of attorney for property allows a person of your choosing to exercise financial decision making when you are…
A transition into retirement should be accompanied by an income plan for this phase of life. A good understanding of taxes in retirement will facilitate tax saving strategies. A retirement income plan should be planned to pay less tax, maximize…
Retirement savings strategies for small business owners need to evolve with the changing tax landscape. The 2018 federal budget may have significant impacts on the corporate tax rate charged to businesses with a new claw back rule on the small…
An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years. Otherwise, a TFSA may provide the better investment vehicle from a tax perspective. So when should you invest in…
Keeping your books in order is essential to good financial management and necessary to comply with the CRA demands for information. However, in many instances there is not a cost benefit to subscribing to bookkeeping software for smaller entities. For…
If you own your own business, it is important to plan how you get paid while keeping in mind a holistic goal to minimize tax, maximize after tax cash, budget wisely and plan for retirement. Remuneration Remuneration considerers how an…
The Commissioners of Inland Revenue v. His Grace The Duke of Westminster is a 1936 case that has become infamous for the orbiter often quoted from the appeal court justice Lord Tomlin who famously said “every man is entitled, if…
A healthy balance sheet shows a company has adequate solvency and liquidity, appropriate borrowing, adequate capital and a positive trend or forecast. Strength in these measures will indicate strong financial health of the corporation and should be considered by business…
Understanding your organization’s bookkeeping and accounting records will allow you to recognise what has occurred in the past, predict future outcomes and make informed management decisions. The reports supporting high level financial statement analysis will be the foundation of the…
Transferring property from yourself to your corporation or from one corporation that you own to another could result in a tax liability if not done correctly. This is usually done through a section 85 rollover, however there are several considerations…