Incorporate or Sole Proprietorship? Some weeks appear to have a recurring theme. The last couple of weeks I’ve been approached by a number of owners of sole proprietorship businesses wondering if it is time to incorporate their business. So what are the advantages and limitations of running a business as a sole proprietorship versus incorporating your business? So should … Read More
Business Owners: Have you Maxed Out Your RRSP Contributions for the Year?
The challenge for many business owners, they either haven’t contributed enough to one’s RRSP or they’ve maxed out your RRSP Contributions for the year. The challenge is RRSP contribution room is derived from one’s T4 income from previous years. If you choose to take money from your business in the form of a dividend, this doesn’t count towards RRSP eligible … Read More
How Can Business Owners Fund Their Retirement?
In light of all the changes proposed by the Federal Liberal Government in July 2017, the sensitivity around the excessive taxing of small business owners has raised some eyebrows. The proposed changes took into consideration heavily taxing any passive income that exists within a business, scrutinizing how business owners sprinkle income to family members and some other controversial measures. Even … Read More
The Personal Pension Plan (PPP): The Smartest Wealth Strategy for a Business Owner
In life and in business, failure teaches us some incredible lessons. Many of the ideas that I talk to business owners about today come from the mistakes that I made in my first business. In one breath, I wish that I could have started my current business 20 years ago however, if I had not experienced the challenges and hardships … Read More