Monthly Archives: January 2023

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Important Dates

Please note the following important dates are estimates only.  Please confirm your deadlines directly with your professional advisor.  February 15, 2023   – January payroll remittances due February 28, 2023   – T4 filings due February 28, 2023   – RRSP deadline for 2022 deduction to count February 28, 2023   – T5 filings due February 28, 2023   –…
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Global Minimum Tax Set at 15% Targets Digital Companies

International tax reorganization will now need to contend with a global minimum tax rate. Globalization and digitalization have facilitated legal tax avoidance by allowing multi-national enterprises (MNE) to shift profits to low or no tax jurisdictions. This has impacted domestic tax revenues for G20 and OECD member countries. In response, the G20 and OECD member…
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Insurance Strategy for Retirement Income for Business Owners

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 business deduction (SBD).  However, there is a strategy that is sheltered from the new punitive…
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When to Invest in RRSPs Verses when to Invest in TFSAs

An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years.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 RRSP vs. a TFSA? RRSP Registered Retirement Savings Plans (RRSPs) offer an immediate and potentially…
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Individual Pension Plans – You down with IPP?

An individual pension plan is a retirement vehicle commonly set up for owners of private corporations.  The corporate set up is imperative as non-incorporated organizations such as partnerships and sole proprietors would not be eligible for an individual pension plan in Canada.  The IPP allows small and medium sized business owners (including professional corporations) the…
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Holding Investments in your Corporation and the Passive Income Claw back

Traditional tax plans have hit a snag since the 2018 federal budget when it comes to holding investments in your corporation, if that corporation uses the small business deduction.  However, there are strategies that continue to allow for this. Dividends in Alberta are taxed depending on the tax rate paid by the corporation issuing the…
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