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Category: Business Owners

Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner

July 5, 2022Blog, Business Owners, corporate, TaxAbility Private Wealth

You have worked long and hard to build up your business, and now you are ready to withdraw money from your business’ bank account. But you don’t want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.

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Estate Planning for Business Owners

April 1, 2022Blog, Business Owners, Estate Planning, Family, Life Insurancebusiness owners, estate planning, life insuranceAbility Private Wealth

What happens when the children grow up and they are no longer dependent on their parents? What happens to your other “baby”- the business? Estate planning for business owners deals with the personal and business assets.

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Easy Exit: Business Succession in a Nutshell

March 4, 2022Blog, Business Ownersbusiness owners, business succession, key personAbility Private Wealth

Getting into the world of business is a meticulous task, but so is getting out of it Whether you’ve just hit the ground running on your business or if you’ve been at it for a long time, there is no better time to plan your exit strategy than now.

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2021 Year-End Tax Tips for Business Owners

December 1, 20212021, Blog, Business Owners, corporateAbility Private Wealth

We’re approaching the end of the year, so it’s time to review your business finances. We’ve put together an article highlighting the most critical tax-planning tips you need to know as a business owner.

We’ve focused on:
• How to determine the right salary and dividend mix.
• The best ways to handle compensation.
• How to make sure you can take advantage of the small business deduction.
• What you need to know about depreciable assets and charitable donations.
• How to make the most of Covid-19 relief programs.

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Importance of a Buy-Sell Agreement

July 2, 2021Blog, Business Owners, Buy SellAbility Private Wealth

Working as a partnership between 2 or more individuals is never an easy task, and the situation only gets more complicated when one or more of them exits the business. Protecting not only the business, but your personal interests, as well as your family’s future are very important objectives for any business owner, and should not be overlooked.

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Salary vs Dividend

May 4, 2021Blog, Business OwnersAbility Private Wealth

As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.

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Government of Canada to allow up to $400 for home office expenses

December 29, 20202020, Accountants, Blog, Business Owners, TaxAbility Private Wealth

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.

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Business Owners: 2020 Tax Planning Tips for the End of the Year

December 11, 20202020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate, Estate Planning, financial advice, Financial Planning, incorporated professionals, Investment, Professional CorporationsAbility Private Wealth

It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

– Year-end tax checklist
– Remuneration
– Business tax
– Estate

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The Difference between Segregated Funds and Mutual Funds

November 1, 2020Blog, Business Owners, InvestmentAbility Private Wealth

Segregated Funds and Mutual Funds often have many of the same benefits however there are key differences you should consider like Maturity and Death Benefit Guarantees.

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Accessing Corporate Earnings

September 1, 2020Blog, Business Owners, corporate, Life InsuranceAbility Private Wealth

One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government’s.

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  • Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner
  • Permanent versus Term Life Insurance – What are the Differences?
  • 2022 Ontario Budget Highlights
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  • 2021 Income Tax Year Tips

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Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

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



Recent Articles

  • Five Ways To Withdraw Money From Your Business In A Tax-Efficient Manner
  • Permanent versus Term Life Insurance – What are the Differences?
  • 2022 Ontario Budget Highlights
  • 2022 Federal Budget Highlights
  • 2021 Income Tax Year Tips

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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.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

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