How Do You Know if You are CRA’s Favourite Target?

CRA's favourite target

No one wants to be in CRA’s cross-hairs.  You may be an unsuspecting victim even if you’ve done nothing wrong.  We’re not talking about people who are guilty of tax evasion or tax avoidance.  Your only criteria may be your marital status.  If you are single, divorced or widowed, then you may be CRA’s favourite and unsuspecting victim.  If you … Read More

How Can You Have Your Child’s Private School Funded by your Business?

If you have a child with special needs, a learning disability or an illness that requires special schooling, you may be eligible to have your child’s private school funded by your business as a legitimate medical expense.   Many private schools cost $25,000 or more per year.  Obviously, parents who elect to send their healthy children to private school is … Read More

5 Reasons Why Benefit Plans for Business Owners Should Differ From Employee Plans

benefit plans for business owners

I walk into many privately-owned companies only to find out the business owners are set up under the same benefit plan as their employees.  Should benefit plans for business owners differ from employee plans?  In a word, Absolutely! It’s all too common that I see business owners having the same co-pay obligations as their employees.  So if an owner goes … Read More

Beware of These 5 Factors When Setting up Employee Benefit Plans for Bosses

employee benefit plans for bosses

If you’re responsible for the setup and administration of your company’s employee benefit plan, you may want to pay close attention to how you set up your boss on the plan.  This specifically applies to business owners or shareholders of the business.  Most don’t realize this, but group benefit plans work really well for employees, but the same doesn’t necessarily … Read More

Why Don’t You Want to be a Business Owner Without a Benefits Plan?

business owner without a benefit plan

Should You Be Paying Personally for Health and Dental Expenses? In short, the answer is no. You can pay more taxes, but why would you? As business owners, the CRA gives us very few opportunities to do things in a tax-preferred way. Business owners are entitled to write off legitimate health and dental expenses through your business. There are a … Read More