fbpx

Category

General Tax
The last insurance piece that I’ll speak about briefly in this post is a health spending account. While technically not insurance – it makes sense to talk about it in this series of posts. Business owners are always trying to find ways to write off as many expenses within their corporation as possible. Medical expenses...
Read More
In the recent 2018 Federal Budget, the finance minister introduced new legislation that affects business owners that have passive assets within their corporation and associated corporations. Before we dive into the mechanics of how this grind down works, we need to first review what the Small Business Deduction (SBD) is and how corporate taxes work....
Read More
In a previous post I briefly described the difference between non-eligible dividends and eligible dividends. This is an important topic to understand fully before we discuss the new legislation that is affecting access to the small business deduction (SBD). There are essentially two types of income that a corporation can earn: Active income from the active...
Read More
So, you’ve built up a decently sizable company and have started to accumulate some assets and cash within it. You might own buildings, vehicles, tools or other assets in your company. One of the most important things a business owner should think about is protecting and preserving what they’ve built. Entrepreneurs usually don’t have a...
Read More
I’m not going to spend a ton of time going over every single piece of documentation, clauses and agreements that you should have in your business, however I am going to spend a few paragraphs on what I believe to be the important one. On the business side every corporation should have up to date...
Read More
The Scientific Research & Experimental Development (SR&ED) tax incentive program began in 1944 with the aim of stimulating the Canadian economy by incentivizing research and development within the country. The Canadian government refunds over $3 billion dollars to approximately 20,000 companies every year through the SR&ED Program. Rules governing the program are contained in the...
Read More
After many years of consistent hard work and sweat equity put into your company, your goal may be to sell your business to a third party or pass it down to a family member. This can be a very rewarding but frustrating process as you try to navigate the sale in the most tax efficient...
Read More
I’ve found that there’s a lot of misconceptions among business owners between the difference of salary and dividend. At the end of the day business owners will need to decide how to pay themselves and it may be through salary, dividend or a combination of both. Through the theory of ‘integration’ whether you pay yourself via...
Read More
Ahhh yes, taxes, taxes and more taxes! The biggest challenge in my business is explaining to clients that the problem even exists – and then showing them that we have a solution to a problem they didn’t even know they had. Let’s talk about what happens when you die, because unfortunately we all will pass...
Read More