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March 27, 2019 - Prime Minister Justin Trudeau announced programs and measures focused on helping Small & Medium Sized Businesses and Entrepreneurs cope with the economic consequences caused by the COVID-19 pandemic. “With these new measures, our hope is that employers being pushed to laying off people due to COVID-19 will think again,” Trudeau said. “And for those of you who have already had to lay off workers, we hope you will re-hire them.”
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Employment Insurance (EI) sickness benefits provide up to 15 weeks of income replacement and is available to eligible claimants who are unable to work because of illness, injury or quarantine, to allow them time to restore their health and return to work. Canadians quarantined can apply for Employment Insurance (EI) sickness benefits.
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We know that clients have questions about the Federal government's economic response plan, we have included a summary of the information below specifically for business owners and employees.
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On March 18th, the Prime Minister, Justin Trudeau, announced a further $82 billion in support including $27 billion in direct support for Canadian workers and businesses. This is in addition to the $20 billion announced days earlier which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses.
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On March 13th, the Prime Minister, Justin Trudeau, outlined Canada's response to COVID-19 including new investments to help protect Canadians and businesses. The total value of an aid package could be up to $20 billion across the country which includes $10 billion available through the Business Development Bank of Canada (BDC) to help small and medium-sized businesses. Here are some details of the programs they are funding:
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As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.
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We examine the difference between RRSP and TFSA in the deposit and withdrawal stage.
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The 2019 RRSP Tax Savings Calculator
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Financial Calendar for 2020- All the deadlines you need to know to maximize your benefits!
http://yfgroup.ca/wp-content/uploads/2019/11/Tax_Tips_Business_Owners_Featured_Image-495x400-v2.png 400 495 YF GROUP http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png YF GROUP2019-11-28 22:15:002019-11-29 06:21:07Business Owners: 2019 Tax Planning Tips for the End of the Year
If your corporate year end is December 31, it’s a great time to review your business finances. With the federal election over and no major business tax changes for this year, 2019 is a good year to make sure you are effectively tax planning. Please keep in mind that your business may be affected by the recent tax on split income (TOSI) and the passive investment income rules given they came into effect in 2018. These rules can be complicated, please don’t hesitate to consult us and your accountant to determine how this can affect your business finances.
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Now that we are nearing year end, it’s a good time to review your finances. With the federal election over and no major tax personal tax changes for this year, 2019 is a good year to make sure you are effectively tax planning.
http://yfgroup.ca/wp-content/uploads/2019/11/500x500-FINANCIAL-PLANNING-FOR-BUSINESS-OWNERS-coverImage.png 500 500 YF GROUP http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png YF GROUP2019-10-30 23:12:052019-11-01 06:12:05Financial Planning for Business Owners
Financial Planning for business owners is often two-sided: personal financial planning and planning for the business. Business owners have access to a lot of financial tools that employees don't have access to; this is a great advantage, however it can be overwhelming too. A financial plan can relieve this. A financial plan looks at where you are today and where you want to go. It determines your short, medium and long term financial goals and how you can reach them. For you, personally and for your business.
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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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Retirement planning can be challenging, we’ve outlined what we feel are 6 steps to retirement success. Talk to us about a complimentary comprehensive review of your retirement plan.
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As our lives grow and change with variable circumstances, new additions, and job transitions, our needs for insurance will also evolve. Additionally, economic fluctuations and external circumstances that influence your insurance policy will need frequent re-evaluation to ensure that you are making the most appropriate and financially favorable decisions. Talk to us we can help.
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Segregated Funds or Mutual Funds? What's the difference?
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Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?
http://yfgroup.ca/wp-content/uploads/2019/06/Slide1.jpeg 405 720 YF GROUP http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png YF GROUP2019-06-06 10:24:022019-06-07 17:24:15Investing as a Business Owner
Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.
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An advisor can help you determine where you are today financially and where you want to go. An advisor can provide you guidance on how to reach your short, medium and long term financial goals.
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One of the age-old financial quandaries asked of financial advisors is “shall I invest in property or funds?”. Predictably, the answer is not at all straightforward and depends on many factors, including your own financial style, personality and circumstances. Let’s take a look at the pros and cons of each choice to help you to be better informed about which could be the most lucrative option for you
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The 2019 budget is titled “Investing in the Middle Class. Here are the highlights from the 2019 Federal Budget.
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An outline of the key lines to look out for in the 2018 Income Tax Year.
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Calculate your combined Provincial and Federal Tax in your Province
http://yfgroup.ca/wp-content/uploads/2019/02/500x500-COMPARING-TFSA-AND-RRSP-coverImage.png 500 500 YF GROUP http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png YF GROUP2019-02-01 15:00:002019-02-01 07:06:05Comparing TFSA's and RRSP's - 2019
If you are seeking ways to save in the most tax-efficient manner available, TFSAs and RRSPs can both be effective options for you to achieve your savings goals more quickly. However, each plan does have distinct differences and advantages / disadvantages. Let’s take a look at their key features
http://yfgroup.ca/wp-content/uploads/2019/01/marketing-plan.png 499 814 Russ Young http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png Russ Young2019-01-09 19:30:342019-01-10 20:15:19Active Management Bears Watching
This summer, the US equity market accomplished what few investors would have imagined possible 10 years ago - the honor of being named the longest-running bull market in US history.
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Financial Calendar for 2019- All the deadlines you need to know to maximize your benefits!
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Now that we are nearing year end, it’s a good time to review your finances. 2018 saw a number of major changes to tax legislation come in force and more will apply in 2019, therefore you should consider available opportunities and planning strategies prior to year-end.
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The importance of a financial plan. Working with us to create your financial plan helps you identify your long and short term life goals.Talk to us to see how we can help you.
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Morneau’s federal budget announced earlier this year informed us how the government will treat passive income in a Canadian Controlled Private Corporation. (CCPC) The government’s main concern was that under the current rules a “tax deferral advantage” exists since tax on active business income is usually lower than the top personal marginal tax rate. Therefore if the corporate funds were invested for a long period of time, shareholders might end up with more after-tax amount than if it was invested personally.
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Working with a professional to help you to make sense of your finances can be a wise move, but for this relationship to work effectively it is important that you understand what to expect from your financial advisor.
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Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education. In addition, when you have a plan, it’s easer to make financial decisions that align with your goals and provide peace of mind.
http://yfgroup.ca/wp-content/uploads/2018/09/How-to-Make-the-Best-of-Inheritance-Planning-coverImage.png 500 500 Russ Young http://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.png Russ Young2018-07-01 01:58:362018-09-18 01:59:41How to Make the Best of Inheritance Planning
Inheriting an unexpected, or even an anticipated, lump sum can fill you with mixed emotions – if your emotional attachment to the individual who has passed away was strong then you are likely to be grieving and the thought of how to handle your new-found wealth can be overwhelming and confusing but also exciting.
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Last summer, Finance Minister Morneau announced a number of tax reforms for Small Business Owners, including the changes to income sprinkling, minimizing the incentives to keep passive investments and reducing the transfer of corporate surpluses to capital gains.
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The 2018 budget for Alberta focuses on the diversification of its post-recession economy, with the aim of creating more stability and less vulnerability to future fluctuations in oil prices. Read for some of the highlights
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Getting into the world of business is a meticulous task, but so is getting out of it Whether you’ve just hit the ground running on your business or if you’ve been at it for a long time, there is no better time to plan your exit strategy than now.
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A key objective of the budget is to decrease the small business limit for CCPCs with a set threshold of income generated from passive investments. This will apply to CCPCs with between $50,000 and $150,000 of investment income.
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Several key changes relating to personal financial arrangements are covered in the Canadian government’s 2018 federal budget, which could affect the finances of you and your family.
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BC Finance Minister Carole James delivered the province’s 2018 budget update on February 20, 2018. The budget anticipates a surplus of $219 million for the current year, $281 million for 2019 and $284 million in 2020.
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Writing an estate plan is important if you own personal assets but is all the more crucial if you also own your own business. This is due to the additional business complexities that need to be addressed, including tax issues, business succession and how to handle bigger and more complex estates.
Get in Touch
- Help for Small/Medium Businesses & Entrepreneurs – 75% wage subsidy, $40,000 interest-free loan & moreMarch 27, 2020 - 11:40 am
- How to apply for EI benefits for COVID-19 quarantines and other support programsMarch 19, 2020 - 12:51 pm
- Support for Business Owners and Employees Covid 19March 18, 2020 - 10:36 am
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