Maximize your tax benefits as a business owner in 2023! Learn key strategies for salary vs. dividends, passive investments, and more.
As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.
Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.
You've likely heard much about interest rates, especially house prices and mortgages. Rising interest rates will impact everyone, whether they are borrowers or savers. Read our article on how to prepare.
On March 28, 2023, the Federal Government released their 2032 budget. This article highlights the following financial measures: • New transfer options associated with Bill C-208 for intergenerational transfer. • New rules for employee ownership trusts. • Changes to how the Alternative Minimum Tax is calculated. • Improvements to Registered Education Savings Plans. • Expanding access to Registered Disability Savings Plans. • Grocery rebate. • Deduction for tradespeople tool expenses. • Automatic tax filing. • New Canadian Dental Care Plan.
On March 23, 2023, the Ontario Minister of Finance delivered the province’s 2023 budget. Our article covers the highlights as follows: • Corporate tax credits. • Indirect tax changes. • Increased healthcare options. • Supporting communities. • Supporting the economy and infrastructure.
On March 7, 2023, Manitoba’s Minister of Finance delivered the province’s 2023 budget, focusing on these areas: • Investing in stronger communities. • Expanding healthcare coverage. • Providing infrastructure support. Budget 2023 includes no personal or corporate tax rate changes, but some temporary corporate tax credits have been made permanent. In addition, Manitoba’s basic personal amount has increased to $15,000, and two tax bracket thresholds will also be increasing.
On February 28, 2023, the Alberta Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know, with an emphasis on the following: • Tax credits. • Decreased education property tax. • Investing in education, tourism and infrastructure.
On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know: • Tax credit changes. • Increases to the B.C Family Benefit. • Carbon tax changes. • Other important tax changes. • Healthcare and housing spending.
The end of 2022 is quickly approaching – which means for business owners, it's time to review tax tips and strategies to maximize your benefits.
