Ottawa has turned income-splitting rules into an absolute nightmare for small businesses
When the government replaced the income splitting rules for private corporations, they could have made it simple. Instead, the new package is complex and pages are filled with the new rules, lengthy definitions and exemptions to the rules. Basically what the new rules now require is that family members prove that their contributions to the […]
Read MoreHow not to blow your Series A funding budget
Obtaining Series A funding for a business venture can be time-consuming and requires determination to navigate and secure. Furthermore, Series A funding often alters the nature of your business in certain ways, like creating obligations to these investors who might not share a personal connection with you in the way of your earliest investors probably […]
Read MoreTen ideas to increase your after-tax investment returns
When saving for retirement you want to make sure that you get the highest returns possible. One way you can boost your returns by 1.5 to 3 percent is by carefully planning and considering your options to achieve the best after tax investment returns. For instance, if you have investments that you’ve held for a […]
Read MoreComing clean to the CRA
A small-business owner, who has not kept up with their taxes, is concerned that their receipts and bookkeeping haven’t been recorded properly, and they want to know if a ballpark estimate can be made and submitted to the Canada Revenue Agency (CRA). Since the burden of proof is on the company, the best advice is […]
Read MoreGST and HST basics – how to do right by the CRA and your business
Entrepreneurs and small business eventually grow to a level where they need to start charging a Goods and Service Tax (GST) and/or a Harmonized Sales Tax (HST). Some companies put off charging these taxes until their company reaches the threshold of $30,000 sales over the last four consecutive quarters. One reason a company may not […]
Read MoreWhy you need a plan when withdrawing from an RESP to pay for school
Often, a Registered Education Savings Plan (RESP), is created by parents long before a child has any notion of what a post-secondary education even is. When the time comes to withdraw from the account, advisors recommend proper planning to ensure there is sufficient time to convert those investments into cash. In addition, the type of […]
Read MoreIf you want to keep wealth in the family, be careful how you bequeath it
In Canada, care must be taken in how you pass on an inheritance to your children. Some provinces, like Ontario’s Family Law Act, clearly protects inherited wealth by ensuring that it remains the property of the inheritor, and not be split equally in case of a divorce, after it is bequeathed. However, how the inherited […]
Read MoreRetiring baby boomers will trigger a huge wave of business transfers over next 5 to 10 years: CFIB
According to the Canadian Federation of Independent Business, Canada is facing an impending glut of ownership transfers from its small businesses as baby boomers retire and pass away. As many as 72 percent of small businesses will experience such transfers in the next ten years. The concern is that only eight percent of such businesses […]
Read MoreBorrowing to invest? Court ruling provides tax guidance
Breaking tax rules, even if you did so unintentionally, can be costly as a Canadian taxpayer recently found out after a Tax Court of Canada (TCC) decision. This case deals with interest deductions. The rules allow borrowers to deduct interest on their borrowed funds, but these funds must meet specific criteria. The money borrowed needs […]
Read MoreTax traps when converting a home to an income property
The Principal Residence Exemption is a Canadian statute meant to protect Canadian tax-payers and families from accruing tax on the capital gains of a sold property, provided it is deemed the primary residence. Basically, a legal family unit can designate one residence as the primary family residence per year. However, the designated property must be […]
Read MoreTax Tables
Ask Our Experts
Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.