“Most advisors only look at part of your financial plan when it comes to preparing for the future. Very few consider the big picture. I offer a clear strategy that works for every life stage so you can feel confident about your finances, and stay on track for the retirement you envisioned.”
To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:
• Details about the different COVID-19 benefits programs and the tax ramifications of them
• Information about family tax issues including the Canada Child Benefits and tips on how to split income.
• Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.
• Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.
https://yfgroup.ca/wp-content/uploads/2020/12/Personalfirstname.lastname@example.orgYF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-12-02 14:07:542020-12-02 14:57:24Personal Tax Planning Tips - End of 2020 Tax Year
The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.
An additional 25% Lockdown Support is available during a public health lockdown order.
https://yfgroup.ca/wp-content/uploads/2020/11/CERS_STARTS_TODAY.gif280500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-11-23 14:01:152020-11-23 15:15:18Applications for the new Canada Emergency Rent Subsidy starts today!
The Canada Recovery Benefit (CRB) is now open for applications.
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
https://yfgroup.ca/wp-content/uploads/2020/10/CRB@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-10-13 14:54:192020-10-13 16:24:04Applications for Canada Recovery Benefit now open!
Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.
Business owners are busy… they’re busy running a successful business, wearing lots of hats and making a ton of decisions. We've put together a list of 10 essential decisions for every business owner to consider.
https://yfgroup.ca/wp-content/uploads/2020/10/10_Essential_Decisions_for_Business_Owners@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-09-30 17:12:002020-10-01 16:12:0110 Essential Decisions for Business Owners
On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan.
In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.
https://yfgroup.ca/wp-content/uploads/2020/09/CEBA_extended_to_Oct_31_and_expanded@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-09-01 16:44:542020-09-01 16:57:08CEBA extended to October 31st. Expanded to include more businesses.
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.
https://yfgroup.ca/wp-content/uploads/2020/09/retirementPlanningBO.jpeg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-08-31 07:27:102020-09-01 06:27:13Retirement Planning for Business Owners - Checklist
On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.
https://yfgroup.ca/wp-content/uploads/2020/08/CERB_to_Recovery_Benefits@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-08-21 14:25:122020-08-21 14:39:15CERB transitions to NEW Recovery Benefits and EI
On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS).
If you're a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.
https://yfgroup.ca/wp-content/uploads/2020/08/Details_expanded_CEWS-500px.png320500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-08-12 15:46:592020-08-12 15:57:11Details of the EXPANDED Canada Emergency Wage Subsidy
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.
On July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.
https://yfgroup.ca/wp-content/uploads/2020/07/CEWS_expanded@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-07-17 16:37:092020-07-17 16:54:10Canada Emergency Wage Subsidy expanded to include more businesses!
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.
https://yfgroup.ca/wp-content/uploads/2020/07/insurancePlanningforBusinessOwnersFI.jpg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-07-05 07:42:142020-07-06 06:42:15Insurance Planning for Business Owners
Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks.
The expanded CEBA will begin June 19th.
https://yfgroup.ca/wp-content/uploads/2020/06/CERB_extended_CEBA_expanded@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-06-17 11:51:162020-06-17 12:18:22CERB Extended | Business Owners who did not qualify previously - expanded CEBA starts June 19th
For young families, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic addresses the importance of insurance- personal insurance.
https://yfgroup.ca/wp-content/uploads/2020/06/insurancePlanningYoungFamiliesFI.jpeg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-06-02 14:17:312020-06-02 14:54:10Insurance Planning for Young Families
The Prime Minister outlined the expanded eligibility for the Canada Emergency Business Account and highlighted companies such as hair salon owners, independent gym owners with contracted trainers and local physio businesses will now be eligible.
"If you are the sole owner-operator of a business, if your business relies on contractors, or if you have a family-owned business and you pay employees through dividends, you will now qualify." - PM Justin Trudeau
The Canada Emergency Student Benefit (CESB) provides financial support to post-secondary students, and recent post-secondary and high school graduates who are unable to find work due to COVID-19.
https://yfgroup.ca/wp-content/uploads/2020/05/CESB_Starts_Friday@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-05-13 13:51:172020-05-13 14:06:10Apply starting Friday for Canada Emergency Student Benefit! Help on the way for seniors.
The intention for our "Guide to Covid-19: Government Relief Programs in Canada” is to help businesses and individuals to cut through the noise and make sure they’re getting all the help they can receive from the federal and provincial programs.
https://yfgroup.ca/wp-content/uploads/2020/05/covidGuideCanadaAdvisor_Page_01-scaled.jpg25601810YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-05-03 13:06:032020-05-04 12:06:04Guide to Covid-19: Government Relief Programs in Canada
Great news for students worried about financially making ends meet. Prime Minister Justin Trudeau announced the Canada Emergency Student Benefit which provides $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability.
For students looking to volunteer to help fight COVID-19, the Canada Student Service Grant provides $1,000 to $5,000
https://yfgroup.ca/wp-content/uploads/2020/04/CESB@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-22 12:43:512020-04-22 13:06:12Canada Emergency Student Benefit: Students will be eligible for $1,250 a month from May through August
On April 21st, Prime Minister Justin Trudeau announced that the Canada Revenue Agency will accept applications for the Canada Emergency Wage Subsidy (CEWS) starting Monday, April 27th. This new measure gives qualifying employers up to $847 per employee each week so they can keep people on the payroll.
https://yfgroup.ca/wp-content/uploads/2020/04/CEWS_April27@2x.png6401000YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-21 13:52:372020-04-21 14:18:17Apply for Canada Emergency Wage Subsidy starting April 27th | Calculate your subsidy
On April 16th, Prime Minister Justin Trudeau announced support for to help small businesses with their rent for the months of April, May and June.
The program is being worked out with the provinces and more details will be available shortly.
Prime Minister Justin Trudeau announced:
"Today, we're announcing more help for more Canadians. This includes topping up the pay of essential workers. At the same time, we'll also be expanding the Canada Emergency Response Benefit to reach people who are earning some income as well as seasonal workers who are facing no jobs and for those who have run out of EI recently. Expanding the CERB to include people who earn up to $1,000 per month. Maybe you're a volunteer firefighter, or a contractor who can pickup some shifts, or you have a part-time job in a grocery store."
https://yfgroup.ca/wp-content/uploads/2020/04/CERB_expanded.png320500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-15 09:49:412020-04-15 10:21:16Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers
The new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions.
The CEBA will provide qualifying businesses an interest-free loans of up to $40,000 until December 31, 2022.
https://yfgroup.ca/wp-content/uploads/2020/04/CEBA_Today.png320500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-09 10:47:222020-04-09 10:54:10Applications for the Canada Emergency Business Account starts TODAY!
A big win today for some small business owners who previously did not qualify for the $500/week Canada Emergency Response Benefit (CERB) or the 75% Canada Emergency Wage Subsidy (CEWS).
https://yfgroup.ca/wp-content/uploads/2020/04/Business_Owners_Qualification_850px.png600850YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-08 15:50:562020-04-08 16:12:13Rules changed to allow more struggling business owners access to CERB, Wage Subsidy. Summer jobs program increased to 100%
The sheer volume of applications for the Canada Emergency Response Benefit (CERB) will likely overwhelm the system. If you or someone you know need to apply for this benefit, we suggest you prepare TODAY before the applications begin:
Double check your myCRA account username and password
Setup Direct Deposit with CRA
Eligible working Albertans can receive a one-time emergency isolation support payment of $1,146 if they are required to self-isolate or are the sole caregiver of someone in self-isolation and they have no other source of pay or compensation.
This is a temporary program to bridge the gap until the Federal Emergency Care Benefit is available in April.
https://yfgroup.ca/wp-content/uploads/2020/04/Alberta_flag.gif217434YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-02 02:51:022020-04-03 01:51:03Alberta: Emergency isolation support
Over the last few weeks, the financial market has taken a downturn amidst fears over Coronavirus.
Understandably, you are concerned with your portfolio, it’s important to stay level-headed to avoid making financial missteps. However, staying level-headed doesn’t necessarily mean you sit there and do nothing. In fact, one consideration you can look is taking an active tax management approach.
Tax loss selling is a strategy to crystallize or realize any capital losses in your non-registered accounts so it can be used to offset any capital gains.
https://yfgroup.ca/wp-content/uploads/2020/04/TaxLossSelling-Featured-Image.png320500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-04-02 00:09:232020-04-02 00:00:11Tax Loss Selling
To help Canadians through this difficult time, the Federal Government created the Canada Emergency Response Benefit (CERB) and made changes to the Employment Insurance Program (EI). For those whose employment has affected by the Coronavirus, we have created a chart to help you figure out which program you qualify for and provide links to apply for each program.
https://yfgroup.ca/wp-content/uploads/2020/03/CERB_and_EI.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-30 10:46:102020-03-30 11:06:10Do I Qualify for the Canada Emergency Response Benefit & EI?
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.”
https://yfgroup.ca/wp-content/uploads/2020/03/Trudeau-Wage_subsidy_75percent.png337500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-27 11:40:562020-03-27 12:27:20Help for Small/Medium Businesses & Entrepreneurs - 75% wage subsidy, $40,000 interest-free loan & more
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.
https://yfgroup.ca/wp-content/uploads/2020/03/silvestri-matteo-gLHX4AgImz0-unsplash-1.jpg323600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-19 12:51:042020-03-20 11:51:05How to apply for EI benefits for COVID-19 quarantines and other support programs
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.
https://yfgroup.ca/wp-content/uploads/2020/03/silvestri-matteo-gLHX4AgImz0-unsplash.jpg323600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-18 10:36:042020-03-19 09:36:05Support for Business Owners and Employees Covid 19
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.
https://yfgroup.ca/wp-content/uploads/2020/03/Trudeau82billion.png317600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-17 22:39:002020-03-18 21:39:01Coronavirus & Market Uncertainty - $82 billion in aid for Families and Businesses
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:
https://yfgroup.ca/wp-content/uploads/2020/03/TrudeauThumber3.jpg6751200YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-15 19:27:052020-03-16 20:02:38Coronavirus & Market Uncertainty - Federal Government $20 billion economic aid package
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.
https://yfgroup.ca/wp-content/uploads/2020/03/salaryVsDividendFI.jpg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-03-02 07:10:002020-03-02 07:18:12Salary vs Dividend
https://yfgroup.ca/wp-content/uploads/2020/01/rrspTaxFI.png5121024YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2020-01-16 15:00:362020-01-16 15:15:14RRSP Tax Savings Calculator for the 2019 Tax 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.
https://yfgroup.ca/wp-content/uploads/2019/11/Tax_Tips_Business_Owners_Featured_Image-495x400-v2.png400495YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-11-28 22:15:002019-11-29 06:21:07Business Owners: 2019 Tax Planning Tips for the End of the Year
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.
https://yfgroup.ca/wp-content/uploads/2019/11/2019FeaturedImage.png5121024YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-11-22 01:15:002019-11-22 09:21:142019 Tax Tips for Employees
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.
https://yfgroup.ca/wp-content/uploads/2019/11/500x500-FINANCIAL-PLANNING-FOR-BUSINESS-OWNERS-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-10-30 23:12:052019-11-01 06:12:05Financial 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.
https://yfgroup.ca/wp-content/uploads/2019/10/Slide3.jpeg8101440YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-09-29 23:12:042019-10-01 06:12:05Succession Planning for Business Owners
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.
https://yfgroup.ca/wp-content/uploads/2019/08/why-conduct-an-insurance-audit-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-07-30 22:12:042019-08-01 05:12:34When and Why You Should Conduct an Insurance Audit
Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?
https://yfgroup.ca/wp-content/uploads/2019/06/mortgageLifeInsurance.jpg405720YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-06-20 08:06:042019-06-21 15:06:21The Best Way to Buy Mortgage Insurance
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.
https://yfgroup.ca/wp-content/uploads/2019/06/Slide1.jpeg405720YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-06-06 10:24:022019-06-07 17:24:15Investing as a Business Owner
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
https://yfgroup.ca/wp-content/uploads/2019/04/title-here-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-04-01 09:00:002019-04-01 08:57:30Real Estate or Investments?
An outline of the key lines to look out for in the 2018 Income Tax Year.
https://yfgroup.ca/wp-content/uploads/2019/03/2018IncomeTaxYeartaxLines.jpg405720YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-03-06 22:51:112019-03-06 15:00:04Tax Lines to Look Out for 2018 Income Tax Year
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
https://yfgroup.ca/wp-content/uploads/2019/02/500x500-COMPARING-TFSA-AND-RRSP-coverImage.png500500YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2019-02-01 15:00:002019-02-01 07:06:05Comparing TFSA's and RRSP's - 2019
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.
https://yfgroup.ca/wp-content/uploads/2018/11/2018_Tax_Planning_Tips_Family-page-1.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-11-30 23:19:152018-11-30 15:30:06Tax Planning Tips for End of 2018
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.
https://yfgroup.ca/wp-content/uploads/2018/11/financialPlan-Russ-Young.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-11-01 15:01:002018-11-01 07:12:19The Importance of a Financial Plan
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.
https://yfgroup.ca/wp-content/uploads/2018/10/StrategiesForTaxationOfCorps-Russ-Young-1.png792612YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-10-01 15:00:002018-10-01 07:11:35Passive Investment Income Limit
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.
https://yfgroup.ca/wp-content/uploads/2018/09/Getting_the_best_from_a-Financial_advisor.png600600YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-09-01 15:00:002018-09-01 07:14:44Getting the best from a financial advisor
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.
https://yfgroup.ca/wp-content/uploads/2018/08/teenage-students-sitting-examination-with-teacher-P4NE2VS-e1533161892294.jpg8331250YF GROUPhttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngYF GROUP2018-08-01 15:00:002018-09-18 01:56:57Paying for Education
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.
https://yfgroup.ca/wp-content/uploads/2018/09/How-to-Make-the-Best-of-Inheritance-Planning-coverImage.png500500Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-07-01 01:58:362018-09-18 01:59:41How to Make the Best of Inheritance Planning
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.
https://yfgroup.ca/wp-content/uploads/2018/09/TAX-SERIES_-PRIVATE-CORPORATIONS-coverImage-1.png500500Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-06-01 02:41:512018-09-18 02:42:54Tax Strategies for Private Corps
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
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.
https://yfgroup.ca/wp-content/uploads/2018/09/businessSuccession-Russ-Young.png792612Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-04-01 03:04:042018-09-18 03:04:21Easy Exit: Business Succession in a Nutshell
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.
https://yfgroup.ca/wp-content/uploads/2018/09/FederalBudget2018-BusinessOwners-1.png600600Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-03-04 02:50:462018-09-18 02:55:262018 Federal Budget Highlights for Business
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.
https://yfgroup.ca/wp-content/uploads/2018/09/FederalBudgetFamilies2018.png600600Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-03-04 02:45:152018-09-18 02:48:262018 Federal Budget Highlights for Families
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.
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.
https://yfgroup.ca/wp-content/uploads/2018/09/estatePlanningForBusinessOwners-Russ-Young.png792612Russ Younghttps://yfgroup.ca/wp-content/uploads/2018/07/newLogoblack.pngRuss Young2018-01-02 03:06:212018-09-18 03:06:54Estate Planning for Business Owners