Good financial habits are vital to success in business. The way you make money and spend it can either take your business forward, or weight it down. Here are six poor financial habits that business owners often struggle with, and tips on how to break them.
Buying things that you haven’t budgeted for
Cash flow is of Read More
Tax filing season is almost here, but chances are you are not looking forward to this tedious and time-consuming task. Many taxpayers put off filing until the last minute. But if you have been procrastinating, it may be time to change your ways. There are some great reasons to put this annual task behind you, Read More
When you’re struggling under the weight of debt problems, it’s all too easy to lose perspective. But panicking about your situation isn’t going to help, no matter how understandable that may be.
To stand a chance of overcoming your problems, you need to take a calm approach and decide which of your debts are the most Read More
During the first two years of the last major downturn in the world economy, many businesses in the United States and Canada failed. Downturns or recessions are not one-time events. With the stock market hitting record highs, and a booming economy, it doesn’t take an expert to see where we are in the economic cycle. Read More
You can use your 2018 capital losses to reduce your current year’s income taxes by applying such losses against your 2018 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If capital Read More
The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $848,252, or $1,000,000 for a qualified farm property or qualified fishing property. If you have already claimed the $100,000 personal capital gain exemption (ended in 1994) then this reduces the available lifetime capital gains exemption. You must Read More
The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).
Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2017 earned income to a maximum of $26,230. Earned income is Read More
Many people let a business failure ruin their life. However, if you choose to learn from your mistakes, you can move on and be even more successful. It is not easy to move on after a business failure. Here are some tips to help.
Figure out what went wrong.
After you spend time examining your business, you can Read More
Parents quite often make loans to their adult children to help them purchase a car, a home, or for other reasons. A loan is different from a gift. The parent can charge interest so that the loan will earn some investment income. The loan can be set up for blended payments of principal and interest Read More
Wills and The Executor
A will specifies your instructions as to how your assets will be distributed on your death. In the will, you name an executor to act as your personal representative and to deal with all the tax, investment, administrative, and other duties involved in distributing and overseeing your assets as per your instructions. Some people feel honored Read More
