Blog
2024 Federal Budget Highlights
Apr 18, 2024
On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget. While there are no changes to federal personal or corporate tax rates, the budget introduces: • An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate. • The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs. • The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions. • This year's budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants. • Introduces new support measures to aid people buying their first homes. • Costs for specific patents and tech equipment and software can now be written off immediately. • Canada carbon rebate for small business
Tax tips to know before filing your 2023 income tax
Apr 02, 2024
Unlock the secrets to maximizing your 2023 tax returns with our essential guide. From the new Advanced Canada Workers Benefit to crucial deductions for families, ensure you're not leaving money on the table this tax season.
How to Choose and Customize a Group Benefits Plan for Small Businesses
Apr 01, 2024
Unlock the secrets to creating a brighter, sustainable future for your small business and employees. Discover the power of customized group benefits plans and why they're the key to success. Read the full article here!
Ontario’s 2024 Budget Highlights
Mar 27, 2024
Ontario's 2024 Budget keeps personal & corporate tax rates steady, extends gas tax cuts, and revises the OCASE Tax Credit. Discover how these changes affect you!
Why A Buy-Sell Agreement Is Vital For Your Business
Mar 04, 2024
A buy-sell agreement is a legally binding document that sets out what must happen to a business if one or more of the owners is no longer involved. It is crucial for businesses as it protects both shareholders and the business itself in the event of a partner's departure. A buy-sell agreement provides many benefits, including maintaining business continuity, minimizing disputes between remaining co-owners and the family of the departing owner, decreasing stress and uncertainty for all business owners, and protecting business assets and liquidity with a solid financial and tax plan.
TFSA vs RRSP – 2024
Feb 01, 2024
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $7,000 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $31,560. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
2024 Financial Calendar
Jan 01, 2024
Stay ahead in 2024 with our comprehensive financial calendar! From tax filing to benefit distributions, we guide you through key dates like the $7,000 TFSA contribution and $8,000 First Home Savings Account. Bookmark now for a financially savvy year!
2023 Year-End Tax Tips and Strategies for Business Owners
Dec 05, 2023
Maximize your tax benefits as a business owner in 2023! Learn key strategies for salary vs. dividends, passive investments, and more.
2023 Personal Year-End Tax Tips
Dec 01, 2023
Maximize your tax savings! Discover expert tips on investments, family deductions, retirement, and more in our latest article.
Protecting Key Talent using Group Benefits
Nov 01, 2023
Discover the secrets to retaining your organization's most valuable employees and gaining a competitive edge in today's dynamic job market. Learn how group benefits play a crucial role in fostering a knowledgeable and engaged workforce. From comprehensive health coverage to career development opportunities, this article unveils the keys to a sustainable future. Don't miss out on the chance to build a stronger, more prosperous tomorrow for your company. Read on and unlock the potential of group benefits!