In typical Government fashion, they rolled out this credit and explained it in a way unlike anything they have ever explained. Thats just great… right? Steve N’ Tyler dive into this credit in this weeks Wealthy Choices episode. The Canada Read more
In this weeks episode of Wealthy Choices, Steve N Tyler talk about the first time home buyers plan being increased to 35K. What is the first time home buyers plan? It’s a plan that allows you to take money from Read more
If you are a small business owner, you might be running your business from a personal bank account. You also might be asking yourself, “Should I use a business account or a personal account?” In this week’s YouTube video, we Read more
Every year there is a basic personal amount, which is the amount of income you can make tax free. It increases over time to account for inflation. This year, there have been some changes regarding this amount. The amount is Read more
We’ve talked about the benefits of filing your taxes early. Now let’s talk about filing taxes late and what happens in that situation… It’s not good! Filing taxes late results in major interest in penalties. The interest for filing late Read more
Happy tax season! As you’re preparing your things to file your taxes (or maybe you haven’t started yet), we wanted to go over some awesome benefits of filing early! RRSP Benefits If you’re not sure how your RRSP can help Read more
As we near the cut-off for depositing to your RRSP for the 2020 tax season, let’s talk about what an RRSP actually is and how you can use it to maximize your savings. What is an RRSP? An RRSP something Read more
Time to go over what a TFSA is, how you can use one to maximize your savings, AND what the 2021 updates are!In our previous post on emergency funds, we talked a little bit about the TFSA. You can check Read more
The third instalment of our series on the benefits of incorporating covers the ability to pay yourself in dividends. If you are shareholder and work for the corporation, you can pay yourself a combination of dividends and wages. The first Read more
The CRA has begun sending out T4As to Canadians who received COVID-19 income benefits in 2020. This includes CERB, CESB, CRB, CRCB, and CRSB. These slips will reflect all income received from the government due to the pandemic. Letters on Read more
Online financial calculators are a great tool when doing financial planning. We wanted to share this website because it provides access to so many different calculators in one place. Furthermore, we love that it has calculators created specifically for Canadian Read more
As mentioned in our last post regarding incorporating, a main reason to incorporate is that the corporate tax rate is lower than the personal tax rate. We talked about how this is especially useful when taking on large debt. In Read more
The main reason many business owners decide to incorporate, is because the corporate tax rate is less than the personal tax rate. Paying less tax allows owners to put more money back into their business.One situation in which this can Read more
So many people have been working from home this year. For that reason, the CRA has implemented a flat rate work from home tax deduction. This is a simplified process for writing off home office expenses. Anyone who worked from Read more
The Canada Pension Plan is obviously important to take into consideration when planning for retirement. However, as a business owner, it is even more important because, depending on how you pay yourself from your business, you may or may not Read more
In a year with more people working from home than ever, many might be questioning if or how they can deduct home office expenses. Yes, if you’ve been working predominantly from home, you can deduct some home office expenses against Read more
When reading through the information that the Canadian government has released regarding the CEBA loan, we noticed how the language is aimed primarily at product-based businesses. We, however, do think that there are some service-based businesses that may be eligible Read more
The Canadian government announces a while back that they would be implementing a $20,000 extension to the CEBA loan. It took a while before the extension actually came to be, but applications are officially open. The original CEBA loan was Read more
Many business owners may have forgotten about the 10% Wage Subsidy (TWS) Program. The Canadian government announced the program in March, near the beginning of the COVID-19 pandemic. Soon afterward, they announced CEWS (Canada Emergency Wage Subsidy). Who Can Apply? Read more
This time of year, many businesses make donations to charities. This is a great way to support causes you believe in, while simultaneously getting a tax deduction. But, there are a couple of ways you can do this… One of Read more