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Income Splitting Using Prescribed Rate Loans

Income Splitting Using Prescribed Rate Loans

Income Splitting for Tax Savings Income splitting is a term used to describe a method of shifting income from a higher income earner to a lower income earner. In the case of spouses, it is possible to achieve income splitting using a “prescribed rate loan”. The loan...
Canada Emergency Wage Subsidy – The New Program

Canada Emergency Wage Subsidy – The New Program

Canada Emergency Wage Subsidy (“CEWS”) – The New Program Rules The “old” CEWS program supported jobs by providing a reimbursement to employers for up to 75% of their employees’ wages, up to a maximum weekly limit of $847 per employee. The program initially had 3 claim...
Creditor Proofing Assets | Advice for Owners

Creditor Proofing Assets | Advice for Owners

Advice for Owners Creditor Proofing Assets Every business owner should be concerned about creditor proofing assets. It’s important to understand how owner-managed businesses can protect themselves in times of financial distress. Consider these suggestions:...
Canada Emergency Support Benefits – Update

Canada Emergency Support Benefits – Update

Emergency Support Benefits Canada Emergency Wage Subsidy The CEWS program has been extended for another 16 weeks, ending August 29, 2020. Other regulatory changes were announced including: corporations formed by amalgamation, or where there has been a wind-up of one...
Financial Help for Small Business Owners Due to COVID-19

Financial Help for Small Business Owners Due to COVID-19

Financial Help for Small Business Owners Due to COVID-19 The Canada Emergency Wage Subsidy (CEWS) The CEWS will cover 75% of an employee’s wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues...
Personal Income Tax & Benefit Amounts for 2020

Personal Income Tax & Benefit Amounts for 2020

The Numbers Behind Your Personal Income Tax Personal income tax law can be complex and interpreted in a number of ways. That’s why it’s important to discuss your specific personal or business needs with your accountant. Not just at tax time! They can...