Probate is the court process to approve the validity of a deceased person’s Will, and to appoint an executor for their estate who can then transfer assets to the beneficiaries. Probating a Will may not be required in all scenarios, such as when the first partner of a married couple dies or when there is no real estate or significant financial assets in the estate. However, probate is required when there is real estate not jointly held with a right of survivorship (i.e., it does not pass directly to the co-owner), or if a financial institution holding any of the deceased’s funds or investments requires it.
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A Primer on Probate
December 14, 2019 · by ·
The Value of Estate Planning and Charitable Giving
October 17, 2019 · by ·
Dying is not a popular topic of discussion, for obvious reasons, but it is a reality of life. However, planning ahead for your estate could prove to be very rewarding, as it would provide both you and your loved ones with added security and peace of mind.
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How Professionals and Business Owners Can Supersize Their Retirement Savings
October 6, 2019 · by ·
Professionals and business owners (“owners”) have a unique planning opportunity available to them through incorporation. The use of a corporation can be very beneficial for an owner if they are in the habit of saving within their corporation. Small businesses have access to the Small Business Tax Deduction (SBTD), which is a deferral of tax paid when assets are retained inside the owner’s corporation. The ability to defer paying taxes allows owners to compound their assets inside their corporate structure at a higher rate than if the money was withdrawn, personal income tax was paid and the after-tax amount was invested personally in a non-registered account outside of the owner’s corporation.
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Small Business and HR – the Basics
June 17, 2019 · by ·
Congratulations – your business is moving along enough that you need to hire employees! Here are some tips to keep you sane as you navigate the human resources side of your business.
As an independent or small business owner, it may have been fairly simple to manage your human resource (HR) needs: meet your payroll, make sure taxes and commissions were paid, manage vacations and slow periods.
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Building a Secure Future – Supporting Families With Special Needs
June 12, 2019 · by ·
Planning for their children’s financial future is very important to all parents; for families with special needs children, it can involve more complex and emotional decisions. The cost of supporting a special needs child can be more than double the cost of raising a child without special needs. However, some relief may be available to support families to meet their child’s needs. Here are some tips from an investment advisor on how to access those.
While there are many challenges to support your child, the financial aspect can seem daunting to your family. The need to pay for therapies, medical equipment, special programs, along with a parent’s lost income due to time commitments, makes up a large portion of this added cost. If you have a child with special needs, the path to creating a plan to financially support them can be a challenging one that may require the experience and expertise of a financial professional.
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Top Five Small Business Legal Mistakes
June 5, 2019 · by ·
Small businesses face many of the same legal issues as their larger counterparts, but often without the cost structure to support engaging legal counsel. If you own a small business, it’s important to understand when saving legal costs up-front can end up costing your business more in the long run.
All businesses – small, medium or large – make legal mistakes. However, a small business may not be as capable of weathering the storm. The effect of a legal mistake on a small business’s bottom line can be so disastrous that it may threaten its very survival. Accordingly, small businesses must pay extra attention to avoid certain legal mistakes up-front.
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2019 Federal Budget Commentary
March 20, 2019 · by ·
Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, consumers and businesses are confident, economic growth is good, and our debt is manageable.
Nonetheless, says Morneau, more needs to be done to ensure Canadians’ prosperity over the coming years. For the most part, that means adding tax credits and other incentives and enhancing existing ones, giving the Canada Revenue Agency more resources to recover unpaid taxes and to help businesses comply, measures to reduce tax evasion and aggressive tax avoidance, improving retirement and disability savings plans, and introducing the framework for a national prescription drug plan.
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Bartering, the Internet and Taxation
December 14, 2018 · by ·
The normal procedure for business transactions follows the tried-and-true method of selling a product or service and recording the income. The income earned is taxable as earned income. Rather than use the traditional approach, many individuals and businesses may decide to barter their products or services.
Did you know that good business practice would suggest that you treat all barter and internet transactions as you would normal business transactions? If you ever face a CRA audit, it will help spare your corporation, proprietorship or partnership the inconvenience of a long, laborious tax audit and potential penalties and interest – or even being convicted for tax evasion.
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Impending Changes to CPP
November 5, 2018 · by ·
In 2018, many owner-managers across Canada chose to adjust staff levels, wages and prices when the minimum wage was increased. For many, it is still too early to determine the final impact on the corporate bottom line as a full fiscal year has not been completed.
With the adjustments of 2018, owner-managers may not have looked at budgets for 2019, but considering changes in the Canada Pension Plan (CPP), it may be time to start projecting 2019 and beyond.
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We Owe How Much? … OUCH!
June 25, 2018 · by ·
Manage cash flow better by projecting future tax liabilities. Unforeseen circumstances often leave owner-managers short of the cash needed to pay federal and provincial taxes. Unfortunately, many owner-managers consider unpaid tax bills to be the same as unpaid trade credit. They are not. Unpaid taxes can cause a lot of problems. Ensuring funds are available to pay obligations to the Canada Revenue Agency (CRA) should be a top priority for any business, whether incorporated or a sole proprietorship.
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