Health Spending Account CRA | Olympia Benefits Blog (3)

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 agreement (USA) restricts the powers of the corporate directors to manage the business affairs of the corporation. Instead, it...

April 15, 2022

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...

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...

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...

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...

Everything you need to know about the Trillium Drug Program

This is an Ontario program that helps residents of that province to defray the cost of prescription drugs. There are a lot of restrictions – you are most likely to qualify if...