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New Authorization Process for Non Business Clients
Starting on October 18, 2021, the Canada Revenue Agency (CRA) has introduced a new way to confirm authorized representatives using My Account or My Business Account. Whether you’re an individual or a business, the new two-step digital process will help you protect your tax information and make authorizing new representatives more secure. How to confirm a new…
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New Ontario Business Registry
On October 19, 2021, Ontario introduced the new Ontario Business Registry to allow Ontario Corporations to complete many transactions online, including registering, incorporating and updating their information. In order to access this new online registry system, a “company key” will be required. A company key is similar to the Personal Identification Number (PIN) used for…
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Charitable Gifting
As the holiday season nears many Canadians will be making the bulk of their charitable donations for the year and we’d like to help you make the most of the ones you may be considering. According to Statistics Canada, on an annual basis Canadians donate $10.6 billion to charitable and non-profit organizations for selfless reasons.…
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Pay Down Debt vs. Invest
The pay down debt versus invest is an age-old question that doesn’t have a 100% correct answer, and the better option can only be determined with hindsight. Paying Down Debt The benefit of paying down debt is that it provides a guaranteed rate of return equivalent to the cost of borrowing or the interest rate…
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Tax Planning Should Be Part of Your Financial Plan
Did you know that almost every financial decision you make could have tax consequences that you may not be aware of? Life milestones, such as getting married, saving for university, changing jobs, or retiring, all have tax implications that could have a significant impact on your overall finances. It is important to consider tax planning…
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Tax Changes for Intergenerational Share Transfers
On June 29, 2021, Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) , received Royal Assent and consequently became law. The purpose of Bill C-208 is to provide tax relief to families who wish to transfer shares of a small business or family…
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Funding Options for Your Child’s Education
As parents, the responsibility of providing your child with the necessities of life can be taxing on its own and adding in the extra-curricular activities like after school programs, arts, sports etc. can really eat into the household budget. It can be tempting for parents to consider borrowing to help with the cost of post-secondary…
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Immediate Expensing of Capital Asset Purchases
With the passing of Bill C-30, which enacted many measures that were previously announced in Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience , the Federal government now allows immediate expensing 100% of many capital asset purchases. The full cost of “eligible property” acquired by a Canadian-controlled private corporation (CCPC) on or after…
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Protect Yourself & Your Loved Ones
By developing a Succession Plan for your business, it ensures you have the right strategy in place for when you retire, sell your business or passing it onto someone else (a family member, friend, an entrepreneur, or an employee). Having a Succession Plan in place can: By having a Will in place, allows you to…
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12 Tips for Smart Financial Planning
Tip 1 – RESP Government Grants A Registered Education Savings Plan (RESP) is a government-assisted investment vehicle that helps families to save for a child’s education. A key incentive of the plan is the federal government’s Canada Education Savings Grant (CESG) which is equal to 20% of the annual amount contributed, up to a maximum…
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TFSA or RRSP? Take Your Pick
Should you invest in a Tax Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP)? For most, the answer is “a bit of both.” Both plans are registered and provide a way to save for your retirement and other future lifestyle expenses. Current income levels play a large role in answering the question…
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Government Assistance for Hiring Youth
If you are considering hiring a student or are a student looking for a job, there could be government support. Our HR Solutions team has put together a guide that outlines each unique program as well as whether the employer or youth needs to apply.
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