The March 3rd deadline to contribute to your Registered Retirement Savings Plan (RRSP) is fast approaching and Protect Financial can help you make the most of this opportunity.   Why an RRSP? Immediate Tax Savings Tax-Free Growth Flexible use including Buying a Home Retirement Security   Why Choose Protect Financial We go beyond the banks […]

A Tax-Free Savings Account (TFSA) is your ticket to flexible, tax-free growth—whether you’re saving for a dream vacation, a home project, or to build a financial cushion. In a TFSA, every dollar you earn and withdraw is completely tax-free.   New Year, New Limit! Starting January 1, 2025, the annual TFSA contribution limit is $7,000, […]

The federal government announced proposed changes to its Canada Emergency Wage Subsidy(CEWS) program that will take effect as of July 5, 2020. To summarize, there are three principal impacts of these changes: For the near term, companies that have experienced a revenue drop of greater than 50% will receive an even larger subsidy than the […]

The Government announces help with rent for small business. But is the “help” any better than the terms you may have already negotiated with your landlord?   Who qualifies?: Businesses who pay less than $50,000/month in rent Non-essential businesses who were forced to close or other businesses that have suffered at least a 70% drop […]

UPDATED!!!! April 9th, 2020 If your business needs financial support: Canada Emergency Wage Subsidy: Designed to keep (or recall) employees on payroll, this program will subsidize a portion of your payroll cost For employers that have suffered a 15% reduction in revenue due to Covid-19 in March 2020 and/or a 30% reduction in revenue for […]

Given the recent changes to the taxation of your professional corporation (PC), we are always on the lookout for innovative ways to help you save tax. As you probably recall, the changes effectively killed the concept of income splitting and introduced a tax penalty on passive income earned inside the PC. If you are a […]

Finance Minister Morneau’s 2018 budget continued the string of punitive tax measures aimed at small business owners, especially Professionals. While many commentators opined that it wasn’t as bad as expected, it still represents more taxation. In fact, this sigh of relief seems to have obscured the analysis of the true, albeit delayed, impact. The impact […]

HealthPlus is a Private Health Services Plan. Used by thousands of small business owners across Canada, a PHSP enables the business to deduct 100% of the family’s health and dental expenses incurred by themselves and their employees as a business expense. One of the great benefits of our plan is that it gives you the […]

The deadline to contribute to your RRSP for the 2016 tax year is March 1, 2017. It’s a good idea to NOT wait right to the end. Also, a reminder that the 2017 TFSA limit is $5,500 and your lifetime maximum contribution is now $52,000. Many are under the false impression that only Banks offer […]

It’s been 34 years since the government updated the rules for the life insurance “exempt test” – a test that allows insurance policies to benefit from tax-exempt growth.  There will be a significant impact to policies issued after December 31, 2016.  This edition of TaxBites discusses the changes and the actions you might consider before […]