Category: Business Advisory Services

7 ways to improve your credit score

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https://www.cibc.com/en/personal-banking/smart-advice/borrowing-and-credit/7-ways-to-improve-credit-score.html Boosting your credit score can feel like an uphill grind, but it doesn’t have to be. Whether you’re just starting a credit history or are rebuilding after your scores have taken a hit, it’s important to get acquainted with some of the basic ways to improve them. Get started on these 7 strategies to improve Read more about 7 ways to improve your credit score[…]

October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour

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TORONTO — The Ontario government is increasing the minimum wage to $16.55 an hour on October 1, 2023. This 6.8 per cent pay raise for low-income workers builds on the government’s steady and predictable increases every year to help families offset the rising cost of living. “Under the leadership of Premier Ford, our government is putting Read more about October 1st – Ontario Increasing Minimum Wage to $16.55 an Hour[…]

Tax-Free First Home Savings Account (FHSA)

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https://www.canada.ca/en/department-finance/news/2022/08/design-of-the-tax-free-first-home-savings-account.html In Budget 2022, the government proposed the introduction of the Tax-Free First Home Savings Account (FHSA). This new registered plan would give prospective first-time home buyers the ability to save $40,000 on a tax-free basis. Like a Registered Retirement Savings Plan (RRSP), contributions would be tax-deductible, and withdrawals to purchase a first home—including from Read more about Tax-Free First Home Savings Account (FHSA)[…]

Corporate Owned Life Insurance – Watch Those Beneficiary Designations!

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As a business owner, your corporation has a life insurance policy on your life – a key part of your estate and succession planning! However, to avoid unintended tax consequences, it’s critical that the beneficiary designations of your corporate owned life insurance policies be reviewed. Where your corporation is the owner and payor of the Read more about Corporate Owned Life Insurance – Watch Those Beneficiary Designations![…]

2021 Personal Tax Update and Checklists

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CRA will open accepting electronic filing of tax returns for year 2021 from February 21, 2022. We recommend you to wait until end of March if you have a bigger investment portfolio, as investment statements including T5s and T3s are issued in March by most of the investment companies and mutual funds. If you receive Read more about 2021 Personal Tax Update and Checklists[…]

CRA My Account and My Business Account

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We have been receiving many requests to provide NOAs, RRSP limits, refund issued etc.  We encourage you to register with CRA to view or download any statements you need including NOAs, RRSP limits, track your assessments and many more. CRA has following two videos showing how to register for CRA My Account (used for individuals) Read more about CRA My Account and My Business Account[…]

Understanding Investment Leveraging – Investment Loans

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Leveraged investing is a technique that seeks higher investment profits by using borrowed money. These profits come from the difference between the investment returns on the borrowed capital and the cost of the associated interest. Leveraged investing exposes an investor to higher return with high risk.  Watch the video below from Industrial Alliance and B2B: Read attached to Read more about Understanding Investment Leveraging – Investment Loans[…]

Indian Gift Tax Rules: Documents that you should have

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Gift received by a Canadian resident from Indian resident is taxable in India in the hands of the recipient unless received from relatives. In India, one of the most common modes of transfer of property and money is by way of a gift. A gift can be a transfer of movable or immovable property or Read more about Indian Gift Tax Rules: Documents that you should have[…]

When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key

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Corporate owned insurance can have many benefits. A policy owned by your operating company though, can cause quite a few headaches. When it comes time to sell your operating company, you may find it very difficult to transfer the policy out of the company. In fact, this type of transfer can have onerous tax consequences. Read more about When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key[…]