The Small Business Outlook
What is Estate Tax and Inheritance Tax in Canada?
The good news is that there is no estate or inheritance tax in Canada. The bad news is that taxes on income and capital gains must be paid when someone dies.
Claiming dependents on taxes in Canada - Who is Eligible?
Everyone in Canada likes to minimize the amount of tax they pay – so be sure to claim a deduction for your dependent if you are eligible. You’d be surprised at who can be...
What is a Locked-In Retirement Account (LIRA) and how to withdraw?
A Locked-In Retirement Account (LIRA) is a registered retirement savings account that usually does not permit withdrawals before retirement. In this way, it is more...
What is the Guaranteed Income Supplement (GIS) in Canada?
More than 50 years ago, the Canadian government recognized that the nation’s senior citizens had a financial problem. They were living longer than ever – and many were...
How do taxes work in Canada?
No one loves paying income taxes, but they make up about half of the revenue that the federal government needs to deliver services to Canadians. Fortunately, there are ways...
Dividends vs Wages (Salary): Which Is Better for Small Business Owners?
As a small business owner, is it better for you to pay yourself in dividends or wages (salary)? What considerations do you need to make with each choice? And, how can this...
19 Personal Income Tax Tips for 2019 in Canada
The biggest expense for most Canadian families is income tax. Not knowing the options available to you can mean losing money you didn't need to. In this article, we will...