RRSP Tax Savings Calculator for the 2019 Tax Year
The 2019 RRSP Tax Savings Calculator
Entries by Pro Active Financial Services Ltd.
2020 Financial Calendar
Financial Calendar for 2020- All the deadlines you need to know to maximize your benefits!
Business Owners: 2019 Tax Planning Tips for the End of the Year
If your corporate year end is December 31, it’s a great time to review your business finances. With the federal election over and no major business tax changes for this year, 2019 is a good year to make sure you are effectively tax planning. Please keep in mind that your business may be affected by the recent tax on split income (TOSI) and the passive investment income rules given they came into effect in 2018. These rules can be complicated, please don’t hesitate to consult us and your accountant to determine how this can affect your business finances.
2019 Tax Tips for Employees
Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning.
Understanding the Capital Dividend Account
Capital Dividend Account (CDA) is a special corporate tax account which gives shareholders designated capital dividends, tax-free. This account is not recorded in the corporation’s taxable accounting entries or financial statements. For this type of account, capital dividend is taken out from paid-in capital and not from retained earnings.
Accessing Corporate Earnings
One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government’s.
Financial Advice
An advisor can help you determine where you are today financially and where you want to go. An advisor can provide you guidance on how to reach your short, medium and long term financial goals.
Succession Planning for Business Owners
Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.
CLU Comment: Non deductible fines and penalties, Fees paid to a power of attorney, Managing inherent risk is a personal choice, Summer accidents highlight need for estate plans
Non deductible fines and penalties
Fees paid to a power of attorney
Managing inherent risk is a personal choice
Summer accidents highlight need for estate plans
Financial Planning for Business Owners
Financial Planning for business owners is often two-sided: personal financial planning and planning for the business.
Business owners have access to a lot of financial tools that employees don’t have access to; this is a great advantage, however it can be overwhelming too. A financial plan can relieve this.
A financial plan looks at where you are today and where you want to go. It determines your short, medium and long term financial goals and how you can reach them. For you, personally and for your business.
Latest News
2024 Year-End Tax Tips and Strategies for Business OwnersDecember 6, 2024 - 2:54 am
2024 Personal Year End Tax TipsDecember 3, 2024 - 8:41 pm
Understanding Taxes Payable at Death in CanadaNovember 1, 2024 - 6:52 pm
RDSP ExplainedOctober 1, 2024 - 1:23 pm
Understanding the Registered Education Savings Plan (RESP)September 4, 2024 - 6:46 pm
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