business owners Archives

2023

Federal Budget 2023 Highlights

March 29, 2023 by StollerWealth in 2023

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.

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Ontario 2023 Budget Highlights

March 24, 2023 by StollerWealth in Blog

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.

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Manitoba 2023 Budget Highlights

March 8, 2023 by StollerWealth in Blog

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.

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Alberta 2023 Budget Highlights

March 2, 2023 by StollerWealth in Blog

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.

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British Columbia 2023 Budget Highlights

March 1, 2023 by StollerWealth in Blog

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.

2022

2022 Year End Tax Tips and Strategies for Business Owners

December 6, 2022 by StollerWealth in 2022

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.

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Accessing Corporate Earnings

December 1, 2022 by StollerWealth in Blog

One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government's.

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Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner

July 6, 2022 by StollerWealth in Blog

You have worked long and hard to build up your business, and now you are ready to withdraw money from your business' bank account. But you don't want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.

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Retirement Planning for Business Owners – Checklist

June 3, 2022 by StollerWealth in Blog

As a business owner, one of your challenges is learning how to balance between reinvesting into the business and setting money aside for personal savings. Since there are no longer employer-sponsored pension plans and the knowledge that retirement will come eventually, it’s important to have a retirement plan in place. We've put together an infographic checklist that can help you get started on this.

2021

2021 Year-End Tax Tips for Business Owners

December 1, 2021 by StollerWealth in 2021

We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner. We’ve focused on: • How to determine the right salary and dividend mix. • The best ways to handle compensation. • How to make sure you can take advantage of the small business deduction. • What you need to know about depreciable assets and charitable donations. • How to make the most of Covid-19 relief programs.