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…
As experienced tax accountants, we often advise clients on optimizing their savings strategies. The choice between a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA) largely depends on your current and anticipated future income levels. Additionally, for…
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An RRSP contribution is most tax advantageous if made during your highest earning years and withdrawn in your lowest earning years.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…
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…
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…
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…