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.
A buy-sell agreement is a legally binding document that sets out what must happen to a business if one or more of the owners is no longer involved. It is crucial for businesses as it protects both shareholders and the business itself in the event of a partner’s departure. A buy-sell agreement provides many benefits, including maintaining business continuity, minimizing disputes between remaining co-owners and the family of the departing owner, decreasing stress and uncertainty for all business owners, and protecting business assets and liquidity with a solid financial and tax plan.
https://horizonfinancial.ca/wp-content/uploads/2023/03/Why-a-buy-sell-agreement-is-vital.png250500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-03-02 14:32:152023-03-02 14:32:20Why A Buy-Sell Agreement Is Vital For Your Business
When looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
https://horizonfinancial.ca/wp-content/uploads/2023/02/TFSA-or-RRSP-2023-Featured-Image-500px.jpeg292500Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2023-02-02 16:53:312023-02-02 16:53:36TFSA versus RRSP – What you need to know to make the most of them in 2023
Welcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.
https://horizonfinancial.ca/wp-content/uploads/2022/12/2022-Year-End-Tax-Tips-for-Business-Owners-from-Financial-Tech-Tools-on-Vimeo.png7081345Horizon Financialhttps://horizonfinancial.ca/wp-content/uploads/2019/12/horizonEnfold2.jpgHorizon Financial2022-12-06 14:24:382022-12-07 13:00:322022 Year End Tax Tips and Strategies for Business Owners
Federal Budget 2023 Highlights
/in 2023, Blog, business owners, dental benefits, Family, Financial Planning, individuals /by Horizon FinancialOn 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.
Why A Buy-Sell Agreement Is Vital For Your Business
/in Blog, business owners, buy sell /by Horizon FinancialA buy-sell agreement is a legally binding document that sets out what must happen to a business if one or more of the owners is no longer involved. It is crucial for businesses as it protects both shareholders and the business itself in the event of a partner’s departure. A buy-sell agreement provides many benefits, including maintaining business continuity, minimizing disputes between remaining co-owners and the family of the departing owner, decreasing stress and uncertainty for all business owners, and protecting business assets and liquidity with a solid financial and tax plan.
TFSA versus RRSP – What you need to know to make the most of them in 2023
/in 2023, Blog, rrsp, Tax Free Savings Account /by Horizon FinancialWhen looking to save money in a tax-efficient manner, Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) can offer significant tax benefits. The main difference between the two is that TFSAs are ideal for short-term goals, such as saving for a down payment on a house or a vacation, as its growth is entirely tax-free, while RRSPs are more suitable for long-term goals such as retirement. When comparing deposit differences, TFSAs have a limit of $6,500 for the current year, while RRSPs have a limit of 18% of your pre-tax income from the previous year, with a maximum limit of $30,780. In terms of withdrawals, TFSAs have no conversion requirements and withdrawals are tax-free, while RRSPs must be converted to a Registered Retirement Income Fund (RRIF) at age 71 and withdrawals are taxed as income.
2023 Financial Calendar
/in 2023, Blog, Financial Planning, retirement, rrsp, Tax Free Savings Account /by Horizon FinancialWelcome to our 2023 financial calendar! This calendar is designed to help you keep track of important financial dates and deadlines, such as tax filing and government benefit distribution. You can bookmark this page for easy reference or add these dates to your personal calendar to ensure you don’t miss any important financial obligations.
2022 Year End Tax Tips and Strategies for Business Owners
/in 2022, 2022 Only, Blog, business owners, Financial Planning, tax /by Horizon FinancialThe end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.