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The Five Steps to Insurance Planning

It’s essential to have enough insurance to give you peace of mind and make sure you are sufficiently insured. Working with an insurance agent can help make sure you are adequately insured. The five steps to insurance planning are: • Finding an insurance agent • Meeting with your insurance agent • Reviewing your insurance options • Purchasing insurance • Filing a claim (when necessary) An insurance agent can help you understand your policy covers, how much your deductible will be, and all the steps involved in filing a claim.
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Accessing Corporate Earnings

One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government's.
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Insurance Planning for Incorporated Professionals

For incorporated professionals, making sure your business is financially protected can be overwhelming. Incorporated Professionals face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
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Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner

You have worked long and hard to build up your business, and now you are ready to withdraw money from your business' bank account. But you don't want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.
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Don’t lose all your hard-earned money to taxes

It’s essential to manage your tax planning properly – both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government. Our article contains three tips to help you do that: 1. Learn how to make the most of the lifetime capital gains exemption. 2. Figure out ways to decrease your end-of-life tax bill. 3. Look into Immediate Financing Arrangements.
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Group Insurance vs Individual Life Insurance

While it’s great to have group coverage from your employer or association, in most cases, people don’t understand the that there are important differences when it comes to group life insurance vs. self owned life insurance.
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2022 Federal Budget Highlights

On April 7, 2022, the Federal Government released their 2022 budget. Our article contains highlights of the various financial measures in this budget, divided into these sections: • Housing • Alternative minimum tax • Dental care • Small businesses • Tradespeople • Canada Growth Fund • Climate • Bank and insurer taxes
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2021 Income Tax Year Tips

It’ll be time to file your 2021 taxes soon, and you must take advantage of every tax credit and deduction that you can. Our article includes information on a variety of subjects you need to know about, including what to do if you’ve had to repay COVID-19 benefits, how to plan ahead if you’re self-employed or retiring soon, and what you need to know if you have a home office or employer-provided benefits.
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Group Retirement Benefits

Working at an organization that offers a pension plan is one of the greatest financial advantages a Canadian can enjoy. Pension plans are designed to provide retirement income and help employees reach their retirement goals and for business owners- help retain key employees.
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2021 Year-End Tax Tips for Business Owners

We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner. We’ve focused on: • How to determine the right salary and dividend mix. • The best ways to handle compensation. • How to make sure you can take advantage of the small business deduction. • What you need to know about depreciable assets and charitable donations. • How to make the most of Covid-19 relief programs.
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Succession Planning for Business Owners

Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.
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Insurance Planning for Business Owners

For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
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The Key Differences Between a Defined Benefit and Defined Contribution Pension Plan

You may be thinking about offering your employees a pension plan. You have two main choices for pension plans. One is a defined benefit pension plan – this gives your employees a set amount of money when they retire. The other option is a defined contribution pension plan, which offers more flexibility, but no set amount of money during retirement. There are four key areas you must know about for pension plans: • Contributions • Investment Management • Costs • Employee Retention We will walk you through each of these to help give you a better understanding of the differences between the two types of pension plans.
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Defined Contribution vs. Benefit Pension Plan for Employees

As an employer, you may be thinking about offering your employees a pension plan. If so, you have two main options: a defined benefit pension plan and a defined contribution pension plan. A defined benefit pension plan offers your employees a set amount of money when they retire, whereas a defined contribution pension plan does not. We walk you through the differences between the two types of pension plans.
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Estate Planning for Young Families

Having a family is a blessing and can also bring a lot of worry. A lot of this worry can stem from not being prepared for a disaster like if something were to happen to you or your spouse. We've put together an infographic checklist that can help you get started on this. We know this can be a difficult conversation so we're here to help and provide guidance.
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Estate Freeze

An estate freeze can be an integral part of your estate planning strategy. The purpose of an estate freeze is to transfer any future increase in your business's value (generally shares) that you own to someone else.
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Estate Planning for Retirees and Mature Families

What happens when the children grow up and they are no longer dependent on their parents? Estate planning for mature families and retirees can bring up a number of issues including family dynamics and harmony.
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British Columbia 2021 Budget Highlights

On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including: • Changes in the requirement to repay the B.C. Emergency Benefit for Workers • Home Owner Grant threshold change • PST exemption for electric bikes • Elimination of PST rebate for certain vehicle sales • Delay in the carbon tax increase • Tobacco tax increases • Changes to the speculation and vacancy tax
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Federal Budget 2021 Highlights

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections: • Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits. • Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining. • Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.
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What’s new for the 2021 tax-filing season?

Tax season is upon us once again. But since 2020 was a year like no other, the 2021 tax-filing season will also be different. Due to all the changes in both where and how Canadians worked, the Canadian government has introduced some new tax credits and deductions to keep pace with these changes. Our article covers all of the following: • How to claim home office expenses • The new Canada Training Credit • Pandemic emergency funds • New digital news subscription tax credit
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Importance of a Buy-Sell Agreement

Working as a partnership between 2 or more individuals is never an easy task, and the situation only gets more complicated when one or more of them exits the business. Protecting not only the business, but your personal interests, as well as your family’s future are very important objectives for any business owner, and should not be overlooked.
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Estate Planning for Blended Families

Blended families – where two people get married but have children from previous relationships – are becoming more common. On top of the day-to-day challenges of blending a family, new spouses also have to figure out how to plan their estates, so everyone is properly taken care of. We cover all of the following a blended family must consider while estate planning: • Sharing the Family Home • Make the Most of a Registered Retirement Savings Plan • How to Share Non-Registered Investments and Other Assets • Why It's Important to Select a Good Trustee • The Advantages of Life Insurance for Blended Family Planning
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Retirement Planning for Business Owners – Checklist

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place. We've put together an infographic checklist that can help you get started on this.
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Whole Life Insurance Can Bolster Your Retirement Portfolio.

It isn’t easy. Retirees can’t depend upon bonds for income because yields are so low. But if they bet too big on equities, their savings could get savaged in a market downturn, crimping their retirement. Enter whole life insurance. Whole life insurance has been derided for years because of high premiums and complexities. Buy cheaper term insurance and invest the rest, the conventional wisdom goes.