Featured Article 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 the liability of the professional if they are sued for malpractice or “errors and omissions.” Read on to learn whether you... April 20, 2022
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... Read more
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... Read more
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... Read more
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... Read more
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... Read more
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. Read more
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... Read more
How does the disability tax credit work? People with disabilities face costs that other taxpayers don’t, such as attendant care, special devices and computer software. In addition, they are more likely to be able to... Read more
What happens to an RRSP when you die Nobody wants to consider their own death, but it’s important to plan carefully so that your family is not hit by a huge tax bill. Read on to learn more about what happens... Read more
Guide: How To Incorporate in Alberta When you start a business, one of the first decisions you must make is whether to form a corporation or operate as a sole proprietorship. The costs and legal liabilities are... Read more
