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Category: 2023

2023 Year-End Tax Tips and Strategies for Business Owners

December 4, 20232023, Blog, Business Owners, TaxAbility Private Wealth

Maximize your tax benefits as a business owner in 2023! Learn key strategies for salary vs. dividends, passive investments, and more.

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2023 Personal Year-End Tax Tips

December 1, 20232023, Blog, Individuals, TaxAbility Private Wealth

Maximize your tax savings! Discover expert tips on investments, family deductions, retirement, and more in our latest article.

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Investing as a Business Owner 2023

November 1, 20232023, Blog, Business Owners, corporate, InvestmentAbility Private Wealth

Many business owners have built up earnings in their corporation and are looking for tax efficient ways to pull the earnings out to achieve their personal and business financial goals. We outline the factors to consider when investing as a corporation.

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Tax Tips You Need To Know Before Filing Your 2022 Taxes

April 3, 20232023, Blog, disability, TaxAbility Private Wealth

It’ll be time to file your 2022 taxes soon, and you must take advantage of every tax credit and deduction you can! Our article covers the following:

• Canada Workers Benefit.
• Claiming home office expenses.
• The tax deduction for zero-emissions vehicles.
• Return Of Fuel Charge Proceeds To Farmers Tax Credit.
• Eligible Educator School Supply Tax Credit.

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Federal Budget 2023 Highlights

March 29, 20232023, Blog, Business Owners, dental benefits, Family, Financial Planning, IndividualsFinancial Tech Tools

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.

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TFSA versus RRSP – What you need to know to make the most of them in 2023

February 2, 20232023, Blog, RRSP, Tax Free Savings AccountAbility Private Wealth

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.

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2023 Financial Calendar

January 1, 20232023, Blog, Financial Planning, Retirement, RRSP, Tax Free Savings AccountAbility Private Wealth

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.

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Recent Posts

  • 2025 Year-End Tax Tips and Strategies for Business Owners
  • 2025 Personal Year End Tax Tips
  • 2025 Federal Budget Highlights
  • Unlocking the Canada Disability Benefit
  • What You Need to Know About RRIFs

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Contact Us

Derrick Lee-Shanok

derrick@abilitygroup.ca

margareth@abilitygroup.ca

416-875-1836

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • 2025 Year-End Tax Tips and Strategies for Business Owners
  • 2025 Personal Year End Tax Tips
  • 2025 Federal Budget Highlights
  • Unlocking the Canada Disability Benefit
  • What You Need to Know About RRIFs

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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

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