Bill C-208 Part 2: Using Your Capital Gains Exemption
[vc_row][vc_column][vc_video link=”https://youtu.be/F5kxlIvHQH8″ css=”.vc_custom_1677122184221{padding-top: 20px !important;padding-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] In part 2, we’ll be going over a strategy that you can now use due to Bill C – 208. Using your capital gains exemption This strategy allows you to use your capital gains exemption while you’re alive while also withdrawing cash from a corporation tax preferred. […]
Bill C-208 Explained
[vc_row][vc_column][vc_video link=”https://youtu.be/njhgC7_Tpac” css=”.vc_custom_1675188204034{padding-top: 20px !important;padding-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Bill C-208 Bill C-208 was created to alleviate the financial disadvantage that typically arose for taxpayers who sold their business or family farm corporation to their children or grandchildren, as compared to selling to an arm’s length third party. This disadvantage was caused by certain tax rules. Specifically […]
Triggering Investment Losses in a Corporation
[vc_row][vc_column][vc_video link=”https://youtu.be/rA4n5dTKQPU” css=”.vc_custom_1673036194978{padding-top: 20px !important;padding-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]If you’re going to trigger investment losses in your corporate account this year, make sure you double-check if you have a positive CDA balance first. Don’t deny yourself tax-free money You’ll often hear about tax loss harvesting around this time of year. The process of triggering losses in […]
Estate Freeze
[vc_row][vc_column][vc_video link=”https://youtu.be/DMUoYrrfIwc” css=”.vc_custom_1672439918746{padding-top: 20px !important;padding-bottom: 20px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The estate freeze solution is the preferred strategy for transitioning a business to your children due to its tax efficiency and the ability for you as a business owner to maintain control. How it works Let’s say you own a business that’s worth $5,000,000. That $5,000,000 of value […]
2 Things That Should Be In Your Corporation
[vc_row][vc_column][vc_video link=”https://youtu.be/0aM0eYgwWqU” align=”center” css=”.vc_custom_1659539357811{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1657731207214{padding-top: 20px !important;padding-bottom: 20px !important;}”]Today let us look at the two things that business owners own personally and should actually be owned corporately. Personal Debt Number one is your debt. If you have any personal debt, mortgages, credit cards, car loans, consider trying to move those […]
Capital Gains Exemption for Business Owners
[vc_row][vc_column][vc_video link=”https://youtu.be/qupaHj1vKV0″ css=”.vc_custom_1652890267672{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1652891012280{padding-top: 20px !important;padding-bottom: 20px !important;}”] Cash & Your Capital Gains Exemption Today I want to talk about your corporation and how having too much cash inside of it can inadvertently affect your capital gains exemption if you’re planning on selling. LCGE In 2022, if you sell shares […]
Investment Questions Part 2
[vc_row][vc_column][vc_column_text]Your Investment Questions Answered Part 2. 2022 is off to a rocky start. What is happening? If you focus on short-term swings in financial markets, you will probably ride the emotional rollercoaster, which will make it difficult to make sound, objective investment decisions. We have certainly seen this going back to Q4 2018, when […]
MTAR Accounts for Business Owners
[vc_row][vc_column][vc_video link=”https://youtu.be/7VFfoPw_7gI” css=”.vc_custom_1642018123963{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1642089451799{padding-top: 20px !important;padding-bottom: 20px !important;}”]Are you taking advantage of your corporations to their full capacity? Here is one strategy that may be suitable for your situation. We will use John, a 45-year-old non-smoker for a quick case study. John has $100,000 to invest in his corporation. That investment […]
Investment Questions Part 1
[vc_row][vc_column][vc_column_text] Question 1: We’ve had a very good run in stocks. How will we know when the current market is getting long in the tooth and when it is time to get out and go to cash? It is natural for investors to worry about market declines as there have been some very large ones […]
How To Help Your Employees Retire
[vc_row][vc_column][vc_video link=”https://youtu.be/cqcilDr5Ejs” css=”.vc_custom_1635275350051{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text css=”.vc_custom_1635274685010{padding-top: 20px !important;padding-bottom: 20px !important;}”] How To Help Your Employees Retire The most tax-efficient way to help your employees to retire is through a DPSP account. Find out how using a DPSP account benefits both the employer and the employee, compared to giving out a bonus.[/vc_column_text][/vc_column][/vc_row]
Farmers and RRSPs
[vc_row][vc_column][vc_video link=”https://youtu.be/3jWpwJTQZZI”][vc_column_text css=”.vc_custom_1615307723455{padding-top: 20px !important;padding-bottom: 20px !important;}”]In this week’s video, we go over how to properly use RRSPs as a farmer.[/vc_column_text][/vc_column][/vc_row]
A Capital Gains Exemption Quirk
[vc_row][vc_column][vc_video link=”https://youtu.be/CqypqnZB0FA”][vc_column_text css=”.vc_custom_1613672399507{padding-top: 20px !important;padding-bottom: 20px !important;}”]If you’re not a farmer, but you own farmland that qualifies for the capital gain exemption, make sure you don’t pass away before using the exemption![/vc_column_text][/vc_column][/vc_row]
Gifting the Farmland
[vc_row][vc_column][vc_video link=”https://youtu.be/BY5NKn3F2Sc” css=”.vc_custom_1630350208840{padding-top: 20px !important;padding-bottom: 20px !important;border-radius: 10px !important;}”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Gifting the Farmland In this week’s video we review the different ways you can gift farmland to your children along with the pros and cons of both methods.[/vc_column_text][/vc_column][/vc_row]
Beware of AMT
[vc_row][vc_column][vc_video link=”https://youtu.be/NOzkZQx7Fjw” css=”.vc_custom_1630350334573{padding-top: 20px !important;padding-bottom: 20px !important;border-radius: 10px !important;}”][vc_column_text css=”.vc_custom_1630350311731{padding-top: 20px !important;padding-bottom: 20px !important;}”] Beware of AMT Here is a quick video on what alternative minimum tax is and how it works. Enjoy![/vc_column_text][/vc_column][/vc_row]
Too Much Cash in Your Corp!
[vc_row][vc_column][vc_video link=”https://youtu.be/exR8blXVnOA” css=”.vc_custom_1630350554688{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] Too much cash in your corp See my latest video going over a case study where one farmer thought his farm corporation qualified for the lifetime capital gains exemption but didn’t due to having too much cash.[/vc_column_text][/vc_column][/vc_row]
Let’s Multiply Your Capital Gains Exemption
[vc_row][vc_column][vc_video link=”https://youtu.be/VqzR8GWy8mY” css=”.vc_custom_1630352006724{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text] Let’s Multiply Your Capital Gains Exemption As a farmer, you have a lifetime exemption of one million dollar on the sale of farmland. If you exceed that amount, you could be looking at a large tax bill. Here is an option to increase your capital gains exemption. In this video, we will show two things. First, when no plan is in place and the ensuing tax bill. Second, […]
Trusts – How to keep your farmland in the family and save taxes
[vc_row][vc_column][vc_video link=”https://youtu.be/lbl7iwupODM” css=”.vc_custom_1630352063314{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]This quick video on trusts explains how to keep farmland within the family while being as tax-efficient as possible![/vc_column_text][/vc_column][/vc_row]
Farm Retirement Planning – Option 1: Don’t Sell the Farm
[vc_row][vc_column][vc_column_text]Farmland has been one of the best investments in Canada for the past 25 years.This is clearly shown by an annual growth rate averaging over 5% (as per FCC). If looked at as potential rental income, farmland generates around 7% in annual returns without the wild ride of investing in alternative asset classes. To make […]
US Elections – Should you make moves in your portfolio?
[vc_row][vc_column][vc_column_text]The US election is weeks away and there is no shortage of predictions on how the winner will impact the markets and economy as a whole. Although our natural reaction is to guess how the outcome of the election will impact your wealth, it becomes a futile exercise when we realize how much there is […]
Private Health Care Spending Accounts: How Can They Help Your Business?
[vc_row][vc_column][vc_video link=”https://youtu.be/yU88uL6JvAQ” css=”.vc_custom_1630352425942{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column_text]An Educational Webinar presented by Colin Sabourin CFP, CIM, CAFA, and Pierre Normandeau CPA, CGA, IMPORTANT: This webinar is for business owners who are incorporated. In the presentation, Colin and Pierre go step by step through: ➡️How Private Health Care Spending Accounts work ➡️What qualifies as a medical expense […]
A Simple Formula to Calculate What Is Fair
Figuring out how much your non-farming children should receive when you pass away compared to your farming child is tough. As I’m sure you’ve heard, fair doesn’t always mean equal when it comes to farm transition planning. To help you get started on coming up with a “fair amount,” here’s a formula you can use. […]
How to sell your business tax-free
You started a business from scratch that’s now worth $1.7 million. If you sold today, you’d be able to avoid paying capital gain taxes as both you and your spouse have your $850,000 capital gains exemption room. However, you’re not ready to sell and you’re wondering, “How can I shelter the future gains my business […]
How to convert your health expenses into corporate expenses
[vc_row][vc_column][vc_video link=”https://youtu.be/Oc_FKNvMfLg” css=”.vc_custom_1630360014964{padding-top: 20px !important;padding-bottom: 20px !important;border-radius: 2px !important;}”][vc_column_text css=”.vc_custom_1616520171904{padding-top: 20px !important;padding-bottom: 20px !important;}”]Today, I’ll be showing you how to tax-efficiently convert your family’s healthcare costs, into a corporate expense with the use of Private Health Service Plans. The scenario Here’s our scenario. You go to the dentist for your annual checkup, and lo and […]
Can I actually sell my farmland tax-free?
Can I actually sell my farmland tax-free? This week I’ve invited Julien Grenier, Accountant and Agricultural Manager at Talbot & Associates to provide us with insight on qualifying for your capital gains exemptions. As a financial planner, I lean heavily on professionals like Julien to provide my clients with proper tax advice. As you can see […]
Life Insurance – Why Millionaires are Buying as Much of it as Possible
If you’re in your sixties, you’ve most likely had a need for life insurance in the past. Whether it was when you purchased your first home and wanted to protect your spouse and children, or when the bank required it as a condition of lending you money. These were situations when life insurance was a […]
I Just Sold my Farm, Now What?
You’ve put in years of blood, sweat, and tears into your life’s work and you’re finally able to enjoy the fruits of your labour. You no longer have to worry and stress about grain prices, rain, carbon taxes or whatever other phenomena that affected your crops. You’re now sitting at home, looking at your (presumably […]
