Starting a Business? Incorporate or Sole Proprietorship?

incorporate or sole proprietorship

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?

Maxed out your RRSP contributions

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?

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