Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security.
Last summer, Finance Minister Morneau announced a number of tax reforms for Small Business Owners, including the changes to income sprinkling, minimizing the incentives to keep passive investments and reducing the transfer of corporate surpluses to capital gains.
The 2018 budget for Newfoundland and Labrador was announced by its Finance Minister Tom Osborne and features very few new spending commitments, taxes or cuts, with the focus being balancing the books and managing and coping with what Obsorne refers to as a “tough phase” in its finances.
Several key changes relating to personal financial arrangements are covered in the Canadian government’s 2018 federal budget, which could affect the finances of you and your family.
The government’s 2018 federal budget focuses on a number of tax tightening measures for business owners. It introduces a new regime for holding passive investments inside a Canadian Controlled Private Corporation (CCPC). (Previously proposed in July 2017.)
The deadline for contributing to your Registered Retirement Savings Plan (RRSP) for the 2017 tax filing year is March 1, 2018. You generally have 60 days within the new calendar year to make RRSP contributions that can be applied to lowering your taxes for the previous year.
An executor is an individual or institution that is named in a will whose duty is to distribute estate assets according to the testator’s wishes. Acting as an executor can be stressful and time consuming so it is a good…
Debt today is so common, you might say it can’t be avoided. Most people are not in a position to purchase a house or car for cash, while those who can buy such things outright may prefer to finance and…
Employers must acknowledge the role of family caregivers to get a true picture of the costs of cancer care, according to a University of Alberta professor. Janet Fast, a professor of department of human ecology at the University of Alberta,…
By, Carla Hindman, Director of Financial Education, Visa Canada Most people have at least one bad financial habit. Whether it’s impulse shopping, forgetting to pay bills on time or putting off building that emergency fund balancing what you want to…
