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Exploring Retirement Fund Options for Business Owners
As a business owner in Ontario looking ahead to retirement, it’s vital to understand the various avenues for accessing your hard-earned funds from your RRSP, RRIF and retained earnings of your private company during this new phase of life. Decisions you make will
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Maximizing Legacy: Combining Estate Planning with the Donation of Shares in a Private Corporation
For successful business owners, donating shares in their private corporation to a registered charity can provide the opportunity to fulfil significant philanthropic goals. The charity can be either a charitable organization or a public or private foundation. When
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Business Overhead Costs: When and Where to Cut When Sales are Slowing
While talk of a recession in Canada has waned in recent months, many small and mid-sized businesses are experiencing increasingly challenging economic conditions. In its most recent report on the state of the small business economy in Canada, accounting software
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CRA Interest Rates: The Growing Cost of Late Tax Payments
UPDATE: As of January 2024, the CRA interest rates charged on late tax payments is 10%. The interest rate on prescribed rate business loans has risen to 6%. Rising interest rates aren’t just impacting mortgage rates and other loans, they are also impacting the cost
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Tenants in Canada at Risk for Non-Resident Landlord Withholding Taxes
A recent ruling from the Tax Court of Canada may have significant ramifications for commercial and residential tenants and landlords on rental agreements in Canada. Under existing Canadian tax rules, tenants renting from non-resident landlords must withhold at source
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CEBA Loan Repayments Due at Year-End
Business owners should be planning their CEBA loan repayment now to ensure the funds are available to meet the December 31, 2023
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