Credit Where It’s Due: Which Debts Should You Pay First?

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 urgent to deal with. Here’s Read More

By |January 15th, 2019|Small Business Tips|

11 Ways to Help Your Business Survive the Next Recession

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.  Busts inevitably follow booms. Read More

By |December 15th, 2018|Small Business Tips|

Use Capital Losses

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

By |December 5th, 2018|SmallBiz Builder|

Capital Gains Exemption Deduction

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 also verify whether you have Read More

By |December 4th, 2018|Small Business Tips|

Contribute to your RRSP

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

By |December 3rd, 2018|SmallBiz Builder, Tax Tips|

Tips to Help You Move On After Your Business Failed

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

By |November 15th, 2018|Small Business Tips|

“Soft” Loans For Your Children

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

By |November 3rd, 2018|Small Business Tips|

Wills and the Executor

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

By |November 2nd, 2018|SmallBiz Builder|

Business Loss – Tax Questions

Dear Uncle Bean:

For many, many years, my husband and I owned a small candle store in down town Calgary.  We used a corporation for the business.  Due to the economic downturn, we ended up having to close the shop when the lease ran out.  To be honest, we are happier now without the burden of Read More

By |October 17th, 2018|Uncle Bean Tax Corner|

5 Reasons Why Your Retirement Plan Will Fail

No matter how much you love your work, the fact is that one day, you will retire. Whatever the reason, you will eventually choose to hang up the work gloves and start devoting your hours enjoying the fruits of your labor. However, chances are that your retirement plan won’t actually work out. Here are 5 Read More

By |October 15th, 2018|Tax Tips|