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Financial Planning

Should I use an RRSP or TFSA as a business owner?

piles of coins depicting money growth rrsp or tfsa

Last updated: Jan. 25, 2023 
If you’re self-employed or a small business owner, saving for retirement comes with its own set of challenges: You don’t have access to an employer-funded savings plan You’re putting as much of your own money into the business as possible You’re so focused on growth that saving for retirement gets … Read more

How to use income splitting to reduce your tax bill

how to use income splitting to reduce your tax bill working at desk

Last updated: Jan. 9, 2023  What is income splitting? Within Canada’s graduated tax system, the more income you earn, the more tax you pay. Income splitting is the strategy of redistributing income within a family – usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket – to … Read more

Converting an RRSP to an RRIF

older couple walking arm in arm

Last updated: Nov. 25, 2022  You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more

What is the TFSA Limit for 2023?

TFSA Limit 2023

Last updated: Nov. 24, 2022  It’s official. The federal government has increased the 2023 Tax Free Savings Account (TFSA) contribution limit to $6,500. This is up from the 2022 annual TFSA contribution limit of $6,000 and represents the first TFSA limit increase since 2019. It also means that starting on January 1, 2023, eligible Canadians … Read more

2022 Canadian Corporate Tax Rates and Deadlines

2022 corp tax rates canada

Last updated: Oct. 6, 2022  Everything you need to know about 2022 Canadian corporate tax rates and deadlines As we wind down another challenging year of dealing with pandemic fall out and now, historic inflation, the last thing you want to think about is taxes. However, with profit margins tighter than ever, this is exactly … Read more

What is a Shareholder Loan?

shareholder loan blog fbc

Last updated: Aug. 11, 2022  As Canadian interest rates continue to soar, the idea of taking out a loan from your corporation at no or low interest may be increasingly appealing. But, before you start using a shareholder loan account, it’s important that you understand the associated tax impact and implications. While shareholder loans may … Read more

Transition Planning for Farmers: Multi-year Planning Case Study

Multi-year planning case study

Last updated: Apr. 27, 2022  This case-study is a follow-up to the Transition Planning for Farmers: Multi-year Planning article. Little by little, one farm successfully changes hands It’s not often you hear someone describe their farm transition as “flawless,” but that’s just how Denis Boucher labeled the experience. For as long as Denis can remember … Read more

Transition Planning for Farmers: Multi-year Planning

Multi-year planning

Last updated: Apr. 27, 2022  Transitions should not occur over night Most transition plans last multiple years and often require substantial amounts of planning, conversations, thinking, restructuring and focus. Often the transition begins long before it truly begins with informal conversations in the barn or on a drive into town. Other times the transition may … Read more

Transition Planning for Farmers: Diversified Operations Case Study

Diversified Operations Case Study

Last updated: Apr. 21, 2022  This case-study is a follow-up to the Transition Planning for Farmers: Diversified Operations article. From crops to biogas, how and why one farm made a drastic transformation post-transition. Gerald and Birthe Perry had always planned to retire at 60 and put the farm in the hands of their two sons, … Read more