Articles: Financial Planning

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 obligations you have should … Read more

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 internet has taken it … Read more

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 pay for health and … Read more

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 tax preparation can help … Read more

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 goes smoothly. Proper business … Read more

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 as interest income for … Read more

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 big estate or modest … Read more

What You Should Know about Foreign Investment Taxes If you have foreign investments or are thinking of investing, partnering, or expanding your business abroad, it’s important to understand the benefits of having foreign investments and understating the responsibilities of foreign investment taxes. Economically, Canada is a relatively small country when it comes to investing opportunities. … Read more

There are over 86,000 registered charities in Canada so there are many opportunities for you to give back and benefit from tax relief at the same time. The donation of life insurance policies and annuities to registered charities is a great way to benefit a favourite charity and for the donor to receive a taxable … Read more

Farmers preparing their wills and succession plans should be aware of the details of the capital gains exemption and the capital gains deduction. Before you get into the various strategies available for a successful transition of the family farm to the next generation it is important to discuss the interests and views of all family … Read more