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Starting a Business as a Sole Proprietor!   A business can be set up as a sole proprietor, partnership, or corporation. Let's discuss the few advantages and disadvantages of sole proprietors and...

Protecting your assets from creditors is essential in estate planning. Unforeseen liabilities can jeopardize your financial stability. Creditors can come from various sources such as,  Negligence claims, motor vehicle claims more than insurance limits, income tax...

Each individual's estate distribution is unique, with varying outcomes. If probate fee planning has been aggressively done, the majority of the wealth may be passed outside of the estate. However, an individual has the power to decide how specific assets are...

Doctor Jimmy is a single parent, who owns a professional corporation worth FMV of $ 3 million and an ACB of $0. He also has $900,000 in investments worth $3 million. After his death, there could be three layers of taxes. 1. A $3 million capital gain subject to...

P (Registered Retirement Savings Plan) It allows a taxpayer to invest his money on a tax-deferred and tax-deductible basis at the same time. However, the income withdrawn from the plan is taxable. To make a contribution towards an RRSP account one must have the room...

How does the Interest income get taxed inside a corporation? Having a GIC or interest genreating income...

In general, incorporation is a good idea when your expenses are a lot lesser than your income. However, physicians face a lot of educational and internship issues before they begin practicing professionally, and on top of that, they go through financial hardships....

  Interestingly, ITA doesn’t say that Life insurance is tax-free, and it's due to the reason that ITA is an act of inclusion and lists everything that’s taxable.  If you are incorporated and planning to buy life insurance, then it would be beneficial to weigh out...

Our clients bring us their jobs and their pains. We solve those problems and deliver the benefits in a humane, honest, and comprehensive manner. First we look at the Jobs: Jobs could be your goals, needs, and priorities. Saving for your child's education; saving for...

The biggest challenge faced by any business is taxes. As the saying goes there is nothing certain but Death and Taxes! Luckily as our neighbor in the south, Canada doesn’t have any estate taxes to be paid upon the death; however, there is a deemed disposition of all...