The Small Business Outlook
What’s the difference between a partnership and a corporation?
When you start a business in Canada, one of the most important decisions that you must make is what kind of legal structure it will have. There are three main options: sole...
What is a Professional Corporation in Canada? - Examples
If you work in certain professions in Canada, you may be able to save taxes by forming a professional corporation. These are similar to regular corporations but do not limit...
Unanimous Shareholder Agreement - Explained
These types of agreements are usually used by companies with a small number of shareholders, which are often called “incorporated partnerships.” A unanimous shareholder...
What is an arm's length employee?
When you own a family business, you may have two types of employees: arms-length and non-arm’s length. In this article, we’ll discuss non-arm’s length employees, who are...
Guide: How To Incorporate in Ontario
When you start a business, you have two options. First, you can operate as a sole proprietorship and simply report your earnings on your personal income tax return. The...
What is a Non Registered Account and How Does It Differ?
In Canada, the government offers special tax treatment in registered accounts, such as an RRSP and TFSA. These registered accounts come with certain restrictions. On the...
What is a Lifestyle Spending Account (LSA) and how does it work?
These are fairly new employee benefits designed to encourage employees to maintain and improve overall wellness. They can be used to attract and retain outstanding employees...
What is the RRSP Deduction Limit?
An RRSP is a great way to save for your retirement. However, the Canadian government does put a limit on how much you can contribute and deduct from your taxable income.
LIRA vs RRSP: what’s the difference?
Let’s start with the similarities. A Locked-In Retirement Account (LIRA) and a Registered Retirement Savings Plan (RRSP) are both investment vehicles that help you save for...