Employer-Paid Disability Premiums

If you think that paying for your employee’s disability premiums is always a good thing, think again. If you provide your employees disability as a nontaxable fringe benefit, payments they receive upon their disability will be, in most cases, FULLY taxable to them!

Payments received due to disability are not taxable if:

Your employees paid the Read More

By |March 6th, 2018|Small Business Tips|

4 Risks When Starting a Small Business

Hundreds of new small businesses launch daily, with some going on to become big names such as Apple, Google, and Microsoft. However, most small businesses remain just that — an enterprise with a few employees. Only about half of all businesses with at least two employees survive after five years according to the Small Business Read More

By |June 15th, 2017|Small Business Tips|

Estate Planning

There are several areas that are included in estate planning. Here is a brief list of some of them:

You should have a will that  includes your desires and tax considerations.
You should consider steps to minimize probate fees (or Estate Administration Tax) on your death, if applicable.
You should have enough insurance to meet Read More

By |January 2nd, 2017|SmallBiz Builder|

Owner – Managed Business – Creditor Proofing

Every business owner should be concerned about creditor proofing his assets. Here are several suggestions to consider:
1. Transfer assets out of the company:

Place capital assets in a separate holding corporation so that subsequent legal claims that arise in the operating company do not affect these assets.
Lease the assets in the holding corporation back Read More

By |June 8th, 2016|SmallBiz Builder|

CPP Changes January 2012-2016

These changes affect you if you are:

an employee who contributes to the Canada Pension Plan (CPP), whether you’re just starting your career or you are planning to retire soon;
a self-employed person who contributes to the CPP;
between the ages of 60 and 70 and you work while receiving your CPP retirement pension (or Read More

By |May 6th, 2015|Tax Tips|

How to Improve a Flagging Small Business

According to an Industry Canada study, the main reason small businesses fail is inexperienced management. About half of all businesses fail within their first five years. Fortunately, many of these failures are preventable. Here are some things that Calgary small business owners can do to turn a business around and save it from closure.

Finding the Problem

Find out Read More

By |September 26th, 2014|Small Business Tips, SmallBiz Builder|

RESP Canada Learning Bond

The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply, and you can receive up to $2,000 deposited in your RESP account per child. The Read More

By |March 12th, 2014|SmallBiz Builder|

Registered Educational Savings Plan (RESP)

A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no tax deduction, the interest and income earned within the plan is sheltered, Read More

By |March 7th, 2014|SmallBiz Builder|

Remitting GST/HST on Taxable Benefits

Did you know that GST/HST must be remitted on a taxable benefit unless the benefit is tax exempt or zero-rated, for example the benefit on low-interest loans? An example of a tax benefit that is not exempt includes the automobile standby charge and operating expense benefit. GST/HST must be remitted on shareholder benefits if they Read More

By |January 3rd, 2014|Tax Tips|

$750,000 Capital Gains Ddeduction

You can make use of the lifetime $750,000 capital gains deduction if you dispose of shares  in a qualified small business corporation, a qualified farm property, or a 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 to $650,000. Read More

By |December 9th, 2013|SmallBiz Builder, Tax Tips|