Retirement Planning Alternatives
We have all been told to plan for our retirement. Yet, have you ever wondered why you need to consider the different retirement planning alternatives? Perhaps you have a plan, most people do, but is it the right plan? In the following example, it is clear how advanced planning can make a huge difference for you and […]
Deciding when it’s time to start taking your CPP retirement benefits
You can start receiving CPP pension benefits when you reach age 65 (the month after your 65th birthday) which will entitle you to a full CPP benefit depending on how much and how long you have contributed to the CPP. However, you have the following choices: Take a reduced CPP retirement pension as early as the […]
Alberta Corporate Tax Rate Changes
In addition to personal income tax increases, the Alberta NDP government has also increased general corporate tax rates. However, businesses that earn $500,000 or less of active business income will not be affected by the tax increases due to an offsetting increase to the Alberta small business deduction rate. Businesses that have more than 500,000 […]
Corporate expenses – What can you deduct?
Often deductible business expenses are overlooked or missed as business owners are unsure whether they are deductible. A business expense is any cost incurred by the company to generate income. These expenses must be supported by physical documents such as invoices, purchase contracts, sales receipt, etc. If cash is used to purchase items, it is […]
Change in use of property from capital to inventory or vice versa.
There are no immediate repercussions for the change in business use of property from capital to inventory. The differences arise upon sale of the real estate. There is no provision in the Income Tax Act which describes the circumstances in which gains from the sale of real estate are to be determined as being either […]