(And What You Can Do To Avoid This) Introduction Most of the mistakes regarding your estate planning if you own a busines can be broken down into 3 main areas: Working really had to build a successful family business / farm then putting no effort into…
How much will you need to retire? .Nothing is more frustrating than trying to figure out how much to save for retirement. You know the amount you’ll need to save depends on what kind of retirement lifestyle you want. But how can you decide that…
What is Disability insurance? A disability insurance policy generally provides a benefit on a periodic basis to an individual if they become disabled and their ability to earn income is compromised. The common element of the various definitions of “disability” is an incapacity or inability,…
CHAT 1: Let’s define the insurance need. Business owners of Canadian corporations are often the ypes of clients involved in affluent insurance cases. Let’s consider a 55-year-old business owner client whom we’ll call Bill. Not only is Bill wealthy, but he also stands to benefit…
Introduction In this Tax Topic, we look at the basic rules relating to charitable giving through life insurance and in particular, the methods of gifting life insurance. There are three main methods by which a donor can gift life insurance to a charity. First, the…
Many professionals now have the opportunity to run their business as a professional corporation. The ability to incorporate raises a number of planning issues and opportunities. This Tax Topic will explore the ins and outs of professional incorporation. Who can incorporate? Traditionally, professionals have carried…
Industry groups have lobbied Finance Minister Joe Oliver for tax breaks and rule changes in the 2015 budget. CPA Canada wants the federal government to reduce personal income tax rates once the economy picks up, since our trading partners have lower rates. If necessary, it…
Fewer life insurance companies selling participating insurance now than there were 30 years ago. That’s because participating, or par, insurance policies allow the owners to share in the risk and profits of the participating line of business. The profits are paid out as dividends. On…
Humans have the most complex and sophisticated minds in the animal kingdom, but when it comes to money our lizard brains take over. What’s the biggest threat to your portfolio? Most people would say low interest rates, high investment fees, looming inflation or the threat…
The general rule is that interest expense is deductible for income tax purposes if the borrowed funds are used to earn income and certain other conditions are met. The CRA has also adopted a number of administrative positions with respect to special situations that might…