Wage Subsidy Update – At first there’s more for everyone, but the phase-out is underway.
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 […]
Canada Emergency Commercial Rent Assistance: Provincial Program Details
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: Covid-19 Federal Government Assistance for Employers and Employees
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 […]
Recent changes to the taxation of your professional corporation
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 […]
Professional Corps and the New Tax Proposals. Don’t be fooled…you are still in the Government’s cross hairs
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 […]
Is HealthPlus right for you?
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 […]
Reminder for our investment clients
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 […]
Upcoming changes to the taxation of life insurance
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 […]
Thinking about Fort McMurray
In the days after this tragic event, the entire Protect team want to offer our sincere and heartfelt condolences to the people and families impacted by the Fort McMurray fire. Our thoughts and prayers are with the entire community of Fort McMurray in the midst of this devastating event. In order to help those affected, […]
How do you pay your medical bills?
You’re not alone if you say “I just pay for them out of pocket”, but you might be missing an easy way to save tax. This edition of TAXBITES discusses HealthPlus – our simple and inexpensive self-insurance plan for medical expense reimbursement that will save you a lot of tax. There are no medical questions, it’s easy […]