Capital gains exemption

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…

Private Health Service Plan

How to convert your health expenses into corporate expenses

  I’m Colin Sabourin, Certified Financial Planner and investment advisor with Harbourfront Wealth Management. 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…

Selling Farmland

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

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…

Farm Planning

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…

Small Biz Tax Changes – Now What?

As you know, our government has been hard at work these past few years trying to extract additional tax revenue from our small Canadian businesses. These changes will have a profound impact on how you do your tax planning moving forward. So, what strategies are the savvy and sophisticated business owners now using to shelter…

Income Splitting

Income Splitting in 2018

On December 13, 2017, Canada’s Finance Minister announced the revised tax measures that relate to income sprinkling by business owners and their families. Income sprinkling refers to a strategy often used by high income businesses or incorporated professionals to redirect their income to lower earning family members to decrease their tax burden. The tax laws are…