For many entrepreneurs and business owners, their business represents their single largest asset. Depending upon the size of the business, it likely dwarfs the value of their home or other assets. Like selling your home, to attain the most significant selling price, you will have to invest some upfront time, money and energy into fetching the best asking price possible. … Read More
How Do You Know if You are 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
10 Simple Ways to Pay Less Tax Through Your Business?
This week’s federal government budget illustrated that the federal government might be easing off its assault on small business owners. They are moving forward with the proposal to eliminate the tax on split income (TOSI) for dividends paid to non-participating family members within a business. They have eased off on the passive investment income that a business owner can keep … Read More
Starting an Insured Retirement Plan to Ensure Your Retirement Goes as Planned?
Maximizing High Net Worth to Fund Retirement Plans for Business Owners So why would you want to set up an Insured Retirement Plan as a business owner? To dividend out your retained earning subjects you pay taxes at your personal marginal tax rate. Depending upon how much you pay yourself (Salary, Bonuses, Dividends) in any given year can mean that … Read More