incorporated professionals

2025 Federal Budget Highlights

November 5, 20252025, Blog, Business Owners, Estate Planning, Family, Financial Planning, incorporated professionals, Individuals, Investment, mortgage, personal finances, Professional Corporations, Professionals, Retirees, Retirement, Tax

The 2025 Federal Budget focuses on stability and long-term growth, with no new broad tax increases. Key updates include GST relief for first-time home buyers, new credits for caregivers, and expanded incentives for clean-tech and manufacturing investment. The budget also clarifies how the 21-year rule applies to trusts and delays the new bare-trust reporting requirements to 2026. Overall, the plan aims to balance fiscal discipline with practical support for Canadians and small businesses.

Tax Tips for Filing Your 2024 Income Tax Return

March 31, 20252025, Blog, financial advice, incorporated professionals, Individuals, Investment, pension plan, personal finances, Professionals, Tax

Get ahead of tax season! Discover what’s new for 2024—from increased CPP contributions and Home Buyers’ Plan changes to key deductions and credits. Maximize your refund and avoid costly mistakes.

Renewing Your Group Benefits Plan

November 5, 2024Blog, Business Owners, Group Benefits, health benefits, incorporated professionals

Is it time to renew your group benefits plan? Discover how to maximize this opportunity by refining health, dental, and specialty coverages, staying on budget, and keeping your team’s priorities at the forefront.

What is disability insurance?

August 5, 2024Blog, Business Owners, disability, Disability Insurance, Family, farmers, financial advice, health benefits, incorporated professionals, Individuals, Insurance, Professionals

Discover how disability insurance can safeguard your income if you’re unable to work due to injury or illness. Learn about the benefits, how it works, and why it’s crucial for everyone, especially the self-employed.

Getting Ready for Money Emergencies

July 2, 2024Blog, Debt, Family, financial advice, Financial Planning, incorporated professionals, Individuals, Investment, personal finances, Professionals

Facing unexpected financial emergencies? An emergency fund acts as your financial safety net, ensuring peace of mind without dipping into savings or incurring debt. Start small, build steadily.

Exploring the Value of Group Benefit Plans for Your Employees

May 1, 2024Blog, Business Owners, Group Benefits, health benefits, incorporated professionals

Unlock the potential of group benefits! Enhance employee well-being, reduce turnover, and boost your business with customized plans. Learn more.

2024 Federal Budget Highlights

April 17, 2024Blog, Business Owners, Estate Planning, Family, Financial Planning, incorporated professionals, Individuals, Investment, mortgage, personal finances, Professional Corporations, Professionals, Retirees, Retirement, Tax

On April 16, 2024, Canada’s Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget.
While there are no changes to federal personal or corporate tax rates, the budget introduces:

• An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate.
• The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs.
• The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions.
• This year’s budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants.
• Introduces new support measures to aid people buying their first homes.
• Costs for specific patents and tech equipment and software can now be written off immediately.
• Canada carbon rebate for small business

British Columbia 2023 Budget Highlights

March 1, 2023Blog, Business Owners, corporate, Family, financial advice, Financial Planning, incorporated professionals, Individuals, personal finances, Retirement, Tax

On February 28, 2023, the B.C. Minister of Finance announced the 2023 budget. We have highlighted the most important financial measures you need to know:

• Tax credit changes.
• Increases to the B.C Family Benefit.
• Carbon tax changes.
• Other important tax changes.
• Healthcare and housing spending.

Insurance Planning for Incorporated Professionals

November 1, 2022Blog, Buy Sell, Critical Illness Insurance, Disability Insurance, Group Benefits, health benefits, incorporated professionals, Insurance, Life Insurance, Travel Insurance

For incorporated professionals, making sure your business is financially protected can be overwhelming. Incorporated Professionals face a unique set of challenges when it comes to managing risk. Insurance can play an important role.

Federal Budget 2021 Highlights

April 22, 20212021, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Debt, Family, financial advice, Financial Planning, incorporated professionals, Individuals, personal finances, Professional Corporations, Tax

On April 19, 2021, the Federal Government released their 2021 budget. Our article contains highlights of the various financial measures in this budget, divided into three different sections:

• Business Highlights, including an extension to COVID-19 Emergency Business Supports, new programs to support job creation, and a change in interest deductibility limits.

• Individual Highlights, including details on the tax treatment and repayment of personal COVID-19 benefits (such as CERB), eligibility changes to the Disability Tax Credit, an increase in OAS for those 75 and up, and support for job skills retraining.

• Additional Highlights, including a proposed federal minimum wage of $15, changes to the GST New Housing Rebate conditions, and new or increased taxes in areas such as luxury goods, tobacco, and Canadian housing owned by non-resident foreign owners.

Category: incorporated professionals

2025 Federal Budget Highlights

Tax Tips for Filing Your 2024 Income Tax Return

Renewing Your Group Benefits Plan

What is disability insurance?

Getting Ready for Money Emergencies

Exploring the Value of Group Benefit Plans for Your Employees

2024 Federal Budget Highlights

British Columbia 2023 Budget Highlights

Insurance Planning for Incorporated Professionals

Federal Budget 2021 Highlights

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

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