How to Pay Less Tax Through Your Business?

Pay Less Tax Through Your Business

This week’s federal government budget illustrated that the federal government may be easing off its assault on small business owners.  They are moving forward with the proposal to eliminate the tax on split income (TOSI) for dividends paid to non-participating family members within a business.  They have eased off on the passive investment income that a business owner can keep … Read More

Business Owners: Have you Maxed Out Your RRSP Contributions for the Year?

Maxed out your RRSP contributions

The challenge for many business owners, they either haven’t contributed enough to one’s RRSP or they’ve maxed out your RRSP Contributions for the year.  The challenge is RRSP contribution room is derived from one’s T4 income from previous years.  If you choose to take money from your business in the form of a dividend, this doesn’t count towards RRSP eligible … Read More

How Can Business Owners Fund Their Retirement?

how can business owners fund their retirement

In light of all the changes proposed by the Federal Liberal Government in July 2017, the sensitivity around the excessive taxing of small business owners has raised some eyebrows.  The proposed changes took into consideration heavily taxing any passive income that exists within a business, scrutinizing how business owners sprinkle income to family members and some other controversial measures.  Even … Read More

Severe Consequences of Increased Minimum Wage

increased minimum wage

Kathleen Wynne and her Ontario Liberal government’s decision for an increased minimum wage from $11.40 to $14.00 on January 1, 2018 and to $15.00 on January 1, 2019 is nothing more than an attempt to grab votes.  Ironically, the people she is trying to woo will probably become the casualty of this fiscal irresponsibility. A lot has been written about … Read More

Why Do Wealthy Individuals Need Life Insurance?

wealthy individuals need life insurance

If you have ever thought that life insurance was something you wouldn’t need after you reached a certain level of financial security, you might be interested in knowing why many wealthy individuals need life insurance and still carry large amounts of life insurance.  Consider the following: A life insurance advisor in California recently placed a $201 million dollar life insurance … Read More

Business Owners: Have You Considered Split Dollar Critical Illness?

Split dollar critical illness

Split Dollar or Shared Ownership refers to a concept where more than one party owns an interest in an insurance policy.  The most common of these arrangements is where the corporation is the owner and beneficiary of the death benefit and the shareholder and an employee owns the cash value of the policy. What is Split Dollar Critical Illness? Recently … Read More

Group Long Term Disability: What Business Owners Need To Know

group long term disability

Does Your Group Long Term Disability Cover Business Owners? As a business owner, you are likely covered by your Group Benefit Plan.  In previous articles, we’ve talked about how they shouldn’t pay any health and dental expenses in after-tax dollars provided the expenses are fair and reasonable.  The larger potential risks to your business, your financial livelihood and that of … Read More

Starting an Insured Retirement Plan to Ensure Your Retirement Goes as Planned?

insured retirement plan

Maximizing High Net Worth to Fund Retirement Plans for Business Owners So why would you want to set up an Insured Retirement Plan as a business owner?  To dividend out your retained earning subjects you pay taxes at your personal marginal tax rate.  Depending upon how much you pay yourself (Salary, Bonuses, Dividends) in any given year can mean that … Read More

Is It Time For a Life Insurance Audit?

life insurance audit

A Life Insurance Audit Will Ensure Your Needs Haven’t Changed Has it been awhile since you last looked at your insurance portfolio?  Have you had a life insurance audit since you set up your policies? Are you a little vague in your recollection of all the coverage you have and why you have it? Are you uncertain as to whether … Read More