https://yfgroup.ca/wp-content/uploads/2021/06/Life-Insurance-after-60.jpg 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-06-01 14:45:062021-06-02 13:45:07Life Insurance after 60- is it necessary?
You may have had life insurance for as long as you can remember. You knew it was important to make sure that your family would be taken care of and be able to pay their bills if anything happened to you. But now that you’re over 60, your children are grown, and your mortgage is paid off, you may feel you don’t need life insurance anymore. However, there are some circumstances under which it may still make sense for you to have life insurance: • You still have substantial debt. • You have dependent children or grandchildren. • You want to be able to leave a financial legacy.
https://yfgroup.ca/wp-content/uploads/2021/05/estatePlanningforYoungFamilies.jpg 810 1440 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-05-04 14:21:062021-05-05 13:21:08Estate Planning for Young Families
Estate Planning for Young Families
https://yfgroup.ca/wp-content/uploads/2021/04/FEDERAL-BUDGET-2021.jpg 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-04-22 10:37:312021-04-22 11:00:29Federal 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.
https://yfgroup.ca/wp-content/uploads/2021/04/Whats-new-for-the-2021-tax-filing-season_.jpg 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-04-01 06:54:082021-04-02 05:54:10What’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
https://yfgroup.ca/wp-content/uploads/2021/03/do-you-really-need-life-insurance-coverImage.png 500 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-03-03 01:44:002021-03-03 01:54:15Do you REALLY need life insurance?
You most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities.
https://yfgroup.ca/wp-content/uploads/2021/02/COVID-19-Benefits-extended.png 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-02-22 14:09:462021-02-22 16:00:17Extended COVID-19 Federal Emergency Benefits
On Friday, February 19, 2021, Prime Minister Justin Trudeau announced an extension to: - Canada Recovery Benefit - Canada Recovery Caregiving Benefit - Canada Recovery Sickness Benefit - Employment Insurance
https://yfgroup.ca/wp-content/uploads/2021/02/Self-employed.png 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-02-12 16:28:222021-02-12 17:57:18Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)
https://yfgroup.ca/wp-content/uploads/2021/01/TFSA_vs_RRSP_2021_Featured_Image.png 281 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-01-21 14:01:102021-01-21 15:24:10TFSA vs RRSP – What you need to know to make the most of them in 2021
Both TFSAs and RRSPs can be significant savings vehicles for your clients. We've put together an article to help your clients easily understand the differences between them – with one section focussing on differences in deposits and one focussing on differences in withdrawals. The deposit section focuses on: • How much contribution room is available each year • How carry forward works for TFSAs and RRSPs • Tax deductibility of contributions • Tax treatment of growth The withdrawal section focusses on: • Conversion requirements • Tax treatment of withdrawals • Impact of withdrawals on government benefits • Impact of withdrawals on contribution room
https://yfgroup.ca/wp-content/uploads/2021/01/2021-FInancial-calendar-1.png 563 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2021-01-04 06:00:002021-01-04 06:36:192021 Financial Calendar
We’ve put together a financial calendar for 2021. It contains all the dates you need to know to make the most of your government benefits and investment options. Whether you want to bookmark this or print it out and post it somewhere prominent, you’ll have everything you need to know in one place!
https://yfgroup.ca/wp-content/uploads/2020/12/Up-to-400-for-home-office-expenses.png 563 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-12-29 11:47:492020-12-29 13:18:13Government of Canada to allow up to $400 for home office expenses
For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
https://yfgroup.ca/wp-content/uploads/2020/12/Business-Owners_-2020-Tax-Planning-Tips.png 563 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-12-11 06:00:552020-12-11 06:36:27Business Owners: 2020 Tax Planning Tips for the End of the Year
It's a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections: - Year-end tax checklist - Remuneration - Business tax - Estate
https://yfgroup.ca/wp-content/uploads/2020/12/Highlights-of-the-2020-Federal-Fall-Economic-Statement@1000px.png 563 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-12-07 15:42:082020-12-07 17:06:22Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
Finance Minister Chrystia Freeland recently provided the government's fall economic update. It included information on the government's strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We've summarized the highlights for you: • Corporate Tax Changes, including extensions to subsidy programs. • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new "Work from home" tax credit. • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields. For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
https://yfgroup.ca/wp-content/uploads/2020/12/Personalemail@example.com 563 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-12-02 14:07:542020-12-02 14:57:24Personal Tax Planning Tips – End of 2020 Tax Year
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/2020/11/CERS_STARTS_TODAY.gif 280 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-11-23 14:01:152020-11-23 15:15:18Applications for the new Canada Emergency Rent Subsidy starts today!
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/segFund.jpg 810 1440 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-11-01 07:00:002020-11-01 07:21:12The Difference between Segregated Funds and Mutual Funds
Segregated Funds and Mutual Funds often have many of the same benefits however there are key differences you should consider like Maturity and Death Benefit Guarantees.
https://yfgroup.ca/wp-content/uploads/2020/10/CRB@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-10-13 14:54:192020-10-13 16:24:04Applications for Canada Recovery Benefit now open!
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/CERS_CEWS_CEBA@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-10-09 16:23:562020-10-09 16:33:18New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan
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.
https://yfgroup.ca/wp-content/uploads/2020/10/CRSB_CRCB_starts_today@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-10-05 13:51:472020-10-05 14:21:10Applications for Canada Recovery Sickness Benefit and Caregiving Benefit starts today!
Starting October 5, 2020, the Government of Canada will be accepting online applications for the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB).
https://yfgroup.ca/wp-content/uploads/2020/10/10_Essential_Decisions_for_Business_Owners@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-09-30 17:12:002020-10-01 16:12:0110 Essential Decisions for Business Owners
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/2020/09/ThroneSpeech@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-09-24 15:47:422020-09-24 16:00:17Throne Speech: Recovery Plan Highlights
On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government's priorities.
https://yfgroup.ca/wp-content/uploads/2020/09/CEBA_extended_to_Oct_31_and_expanded@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-09-01 16:44:542020-09-01 16:57:08CEBA extended to October 31st. Expanded to include more businesses.
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/retirementPlanningBO.jpeg 810 1440 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-08-31 07:27:102020-09-01 06:27:13Retirement 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.
https://yfgroup.ca/wp-content/uploads/2020/08/CERB_to_Recovery_Benefits@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-08-21 14:25:122020-08-21 14:39:15CERB transitions to NEW Recovery Benefits and EI
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/Details_expanded_CEWS-500px.png 320 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-08-12 15:46:592020-08-12 15:57:11Details of the EXPANDED Canada Emergency Wage Subsidy
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/2020/08/500x500-ACCESSING-CORPORATE-EARNINGS-coverImage.png 500 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-08-04 13:42:042020-08-05 12:42:05Accessing 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.
https://yfgroup.ca/wp-content/uploads/2020/07/CEWS_expanded@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-07-17 16:37:092020-07-17 16:54:10Canada Emergency Wage Subsidy expanded to include more businesses!
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_extended_december@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-07-13 10:05:152020-07-13 10:21:17Canada Emergency Wage Subsidy extended into December!
On July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December.
https://yfgroup.ca/wp-content/uploads/2020/07/insurancePlanningforBusinessOwnersFI.jpg 810 1440 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-07-05 07:42:142020-07-06 06:42:15Insurance 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.
https://yfgroup.ca/wp-content/uploads/2020/06/CERB_extended_CEBA_expanded@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-06-17 11:51:162020-06-17 12:18:22CERB Extended | Business Owners who did not qualify previously – expanded CEBA starts June 19th
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/insurancePlanningYoungFamiliesFI.jpeg 810 1440 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-06-02 14:17:312020-06-02 14:54:10Insurance Planning for Young Families
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/2020/05/CECRA-May25.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-05-24 13:43:532020-05-24 13:57:14Small Businesses! Applications for Canada Emergency Commercial Rent Assistance starts May 25th
The Application portal for the Canada Emergency Commercial Rent Assistance (CECRA) opens at 8:00am EST on May 25th
https://yfgroup.ca/wp-content/uploads/2020/05/CEBA_expanded.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-05-19 13:44:182020-05-19 13:54:14Expanded eligibility for CEBA $40,000 interest-free loan
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
https://yfgroup.ca/wp-content/uploads/2020/05/CESB_Starts_Friday@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF 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 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/CEWS_Extended@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-05-08 09:51:092020-05-08 10:18:21Extended! Canada Emergency Wage Subsidy extended beyond June
On May 8th, Prime Minister Justin Trudeau announced that they will extend the Canada Emergency Wage Subsidy (CEWS) beyond June.
https://yfgroup.ca/wp-content/uploads/2020/05/covidGuideCanadaAdvisor_Page_01-scaled.jpg 2560 1810 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-05-03 13:06:032020-05-04 12:06:04Guide to Covid-19: Government Relief Programs in Canada
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/2020/04/CECRAV3@2x.png 1000 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-24 15:52:582020-04-24 16:06:1475% Commercial Rent Assistance Program
On April 24th, the Federal Government in partnership with the provinces and territories unveiled the Canada Emergency Commercial Rent Assistance which provides rent relief to businesses.
https://yfgroup.ca/wp-content/uploads/2020/04/CESB@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF 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
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/CEWS_April27@2x.png 640 1000 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-21 13:52:372020-04-21 14:18:17Apply for Canada Emergency Wage Subsidy starting April 27th | Calculate your subsidy
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/business-chairs-company-coworking-7070.jpg 423 640 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-16 13:23:282020-04-16 13:33:13New Canada Emergency Commercial Rent Assistance | Canada Emergency Business Account Expanded
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.
https://yfgroup.ca/wp-content/uploads/2020/04/CERB_expanded.png 320 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-15 09:49:412020-04-15 10:21:16Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers
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/CEBA_Today.png 320 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-09 10:47:222020-04-09 10:54:10Applications for the Canada Emergency Business Account starts TODAY!
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/Business_Owners_Qualification_850px.png 600 850 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF 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%
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/CERB_Preparation.png 320 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-05 12:50:302020-04-05 13:27:10Accepting Applications starting April 6th – Canada Emergency Response Benefit (CERB)
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
https://yfgroup.ca/wp-content/uploads/2020/04/Alberta_flag.gif 217 434 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-02 02:51:022020-04-03 01:51:03Alberta: Emergency isolation support
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/TaxLossSelling-Featured-Image.png 320 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-04-02 00:09:232020-04-02 00:00:11Tax Loss Selling
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/2020/03/CERB_and_EI.png 500 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF GROUP2020-03-30 10:46:102020-03-30 11:06:10Do I Qualify for the Canada Emergency Response Benefit & EI?
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/Trudeau-Wage_subsidy_75percent.png 337 500 YF GROUP https://yfgroup.ca/wp-content/uploads/2021/04/YF-Group-Black320x140.png YF 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
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!
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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.
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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?
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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
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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
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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.
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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.
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