Electing Out of CPP Payments: Important Considerations
Canada Pension Plan (CPP) contributions are mandatory for working Canadians between the ages of 18 and 64, but are optional from age 65 onward. Electing Out of CPP Payments If you’re between the ages of 65 and 70 and are still working, you can elect to stop making CPP contributions. This election can be filed […]
Understanding Canada’s Bare Trust Rules: A Comprehensive Overview
Updated information on new Bare Trust reporting rules for 2023 can be found here. _____________________ When it comes to estate planning and asset management, Canada’s legal system offers various mechanisms to safeguard and manage property. One such instrument is the bare trust, which provides a flexible framework for holding assets on behalf of beneficiaries. For […]
Profit Improvement Strategies for Auto Repair Businesses
If you own an auto repair business, you know that improving your profits is essential to long-term success. Fortunately, with the right financial guidance and support, you can take steps to increase your profits and grow your business. Profit Package: More Cash, Greater Profit Benefit from our Profit Package specifically designed for auto repair businesses. […]
Profit Improvement Strategies for Trades Businesses
As a trades business owner, you know that managing your finances is key to the success of your business. Whether you’re looking to minimize your personal and business taxes or increase your profits, working with an advisor who specializes in the needs of trades businesses can be a game-changer. ONSight Advisory offers you services and […]
Profit Improvement Strategies for Physicians
As a physician, you have invested significant time, effort, and resources into your medical practice. However, with increasing competition and a changing healthcare landscape, it can be challenging to achieve the level of profitability you desire. Through integrated planning and ongoing support, you can improve your profit. Integrated Planning for the Future One of the […]
Highlights from Canada’s 2023 Federal Budget Update | Impacts for Business Owners
The federal government released Canada’s 2023 Federal Budget update (Budget 2023) in March, which has three main focuses: making life more affordable, stronger public health and dental care, and growing a green economy. As a business owner, it’s important to stay up-to-date with changes in the Canadian federal budget that can impact your operations. Here […]
Small Business Succession Planning | How to Plan for Successful Succession
According to the Canadian Federation of Independent Businesses (CFIB) report released in January 2023, 76% of small business owners plan to exit their businesses within the next 10 years. However, only 9% have a formal succession plan in place. Some common obstacles to succession planning include: Completing a business valuation Improving the value of your […]
Canada’s Underused Housing Tax (UHT) | FAQs
Important Update – November 1, 2023 On October 31, 2023, the Canada Revenue Agency announced a new extended deadline for filing UHT returns. The application of penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided […]
2023 Tax Changes and Updates for Canadians
Based on the relatively high inflation that Canada experienced in 2022, many significant tax figures, rates, and rules have been updated for 2023. Find changes to federal and Albertan tax brackets and rates, and updates to basic personal amounts, the CPP contribution rate, and Canada Child Benefit here. 2023 Updates to TFSA Limit The 2023 […]
Tax Planning Strategies for Business Owners | Pipeline Planning
How to Draw Money from Your Business There are several ways to draw money from your company, and they each have different consequences and advantages when it comes to tax planning and optimization. Drawing money from your company can be done through: Salary When you take a salary, the company manages your income tax deductions […]