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Financial Planning

Is a Group RSP right for your small business?

A jar full of money

Last updated: Jul. 10, 2019 
You’re likely familiar with the Registered Retirement Savings Plan (RRSP), which gives Canadians a way to shelter income tax until retirement, but have you considered a Group Retirement Savings Plan (RSP) for your employees? How does a Group RSP work? A Group RSP is a group retirement savings plan managed and … Read more

What you should know when making a will in Canada

a woman riding a bicycle

Last updated: Jun. 10, 2019 
Will planning may not be at the top of your to-do list, but a will is the foundation of your estate planning, helping protect your family and assets. And the sooner you make a will, the better. You are not legally required to make a will, but in Canada if you … Read more

Canadian Tax Responsibilities when Closing a Business

A "Sorry, we're closed" sign on a store window

Last updated: May. 9, 2019 
It takes a lot of work to get a business up and running, and even more work to make it a success. There are also a lot of things that need to be done when closing a business, whether it’s a sole proprietorship, partnership or corporation. Taking care of any tax … Read more

How the Sharing Economy Impacts Your Taxes

Cottage on the lake

Last updated: May. 8, 2019 
The sharing economy is a kind of shadow economy, where private individuals share products or services, either for free or at a cost. Sharing economy arrangements are typically conducted online, through a community-based website. The sharing economy is hardly new. For thousands of years people have shared their assets, but the … Read more

A Health Spending Account Can Help You Save Money

5 Ways a Health Spending Account Can Help Your Business Save Money

Last updated: Mar. 13, 2019 
Each year, business owners spend significant money on health care expenses for both their employees and themselves. Setting up a Health Spending Account (HSA) is an affordable way for Canadian small business owners to minimize their medical expense costs. Why an HSA? A Health Spending Account is a tax-efficient way to … Read more

Calculate Your Monthly Retirement Income

How Much Monthly Income Will Your Retirement Savings Provide? Don't Be Scared Of Retiring (Calculator)

Last updated: Jan. 30, 2019 
Don’t Be Scared of Retiring Planning for retirement can be a daunting task if you’re going it alone. While some companies may provide pensions, Canadians who have small businesses, farm, or are in certain trades may not have this umbrella. Maximizing your tax savings and planning for your retirement alongside your … Read more

How Can Succession Planning Minimize Taxes?

How Can Succession Planning Minimize Taxes?

Last updated: Nov. 21, 2018 
Whether you’re the CEO of a large firm or own a small family business, there’s a good chance you’ll want the next generation of your family to be at the helm. Having a viable succession plan in place is a great way to ensure transferring the business to the next generation … Read more

Tax Benefits of a Mortgage Investment Corporation

What Are the Tax Benefits of Investing in a Mortgage Investment Corporation?

Last updated: Nov. 14, 2018 
Few investments are as advantageous as a Mortgage Investment Corporation (MIC), when it comes to returns and tax benefits. Because of their corporate structure, MICs do not pay income tax and are legally mandated to distribute all of their earnings to investors. On top of that, MIC dividend payouts are treated … Read more

What You Need to Know about Financial & Estate Planning

What You Need to Know about Financial and Estate Planning

Last updated: Jul. 25, 2018 
Estate planning is all about preparing for the inevitable. Your estate is made up of everything you own, which includes your car, home, bank accounts, investments, life insurance and personal possessions (you might have someone in mind to inherit art or furniture). And unfortunately, it doesn’t matter if you have a … Read more