TFSA: Carrying on a Business Within It
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. In a February 6, 2023 Tax Court of Canada case, CRA had assessed the TFSA on the basis that it was carrying on a business and was therefore taxableYour Read More Link Text
Budget 2023: Top Five Items for Owner-Managers
Budget 2023 (A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future) was introduced in the House of Commons on March 28, 2023. The top five changes that may impact individuals and owner-managed businesses are as follows: Alternative minimum tax (AMT) – The AMT is an alternative method of calculating taxes that ensures that anYour Read More Link Text
Paying too much tax on your investments? Split your income!
The idea of splitting income between a couple to lower your family’s overall tax payment has been around for a long time. The question is, is a spousal loan right for you? The strategy is this – the higher income spouse lends cash to the lower income spouse at a prescribed rate set by CRA,Your Read More Link Text
5 Necessary Roles in Your Business Finance Team (And Where FCPC Fits In)
We all do it. We glorify productivity and being able to “manage it all ourselves”. Some say it’s woven into the fabric of Western culture. Others say it’s a generational shift. Either way, it’s a mentality the vast majority of us can relate to. But what if that mentality is actually preventing you from accomplishingYour Read More Link Text
Understanding FCPCs Role in Your Business
It is nerve-wracking to let someone else into your personal and business finances— even if that individual is a certified and highly-professional accountant. On one hand, you know you need their expert advice and support. But on the other, it sort of feels like an invasion of privacy. This is where a boutique accounting firm canYour Read More Link Text
How do you find a great accountant?
Take a moment and evaluate why you’ve chosen to receive care or services from your physician, your dentist or your lawyer. When you are seeking the help of professionals, you look for people who understand you and your circumstances; people who can relate to you and you can trust. Finding your ideal accountant is noYour Read More Link Text