Category: "News"
-
The 2024 Canadian Federal Spring Budget Brings New Tax Measures
On April 16th, 2024, the Canadian Finance Minister released her most recent budget. Budget 2024 announces new tax measures that impact both personal and business taxes. Of particular note, there were proposed changes to increase the capital gains inclusion rate as follows: In both cases above, a special determination will be needed for 2024 to […]
Continue reading -
2023 IPP and RCA Application Deadlines
The end of 2023 is approaching much faster than we think. Many Business Owners and Incorporated Professionals have much clearer ideas as to what their corporate profits will be and are in the need of meaningful deductions to manage both corporate and personal taxes. With so many tax strategies being muted or closed due to […]
Continue reading -
GBL 2023 Federal Budget Commentary
March 28th, 2023 The 2023 Federal Budget was released on March 28th, and though it contained a few measures of note, regarding the alternative minimum tax (AMT), there were very limited measures that would impact the planning for small business clients as it relates to GBL. There were no changes to rules governing Individual Pension […]
Continue reading -
GBL and Pension Strategies Inc.
Actuarial Evidence, DB, News, IPP
GBL Celebrates Addition of Pension Strategies Inc. This merging under the GBL Brand will expand GBL’s Reach and Value Proposition to Business Owners, Legal Professionals, Corporate Defined Benefit Pension Clients, and Professional Corporations Calgary, AB: It is with great excitement that GBL announces its expansion of actuarial products, resources, and solutions with the addition of […]
Continue reading -
The 2022 Federal Budget: A Plan to Grow the Economy
On April 7th, 2022, Federal Finance Minister Chrystia Freeland tabled her second budget. Due to the financial expense of the pandemic and strong headwinds from geo-political concerns in Europe and Asia, expectations were rampant that new taxation measures would be required. To the surprise of many, we did not see these significant measures tabled. There […]
Continue reading -
The Health Benefit Plan: A Cost-Effective Strategy To Turn Employee Medical Expenses Into Corporate Tax Deductions
As we transition out of the COVID-19 pandemic, employee benefits are being reconsidered by organizations in order to attract and retain their top talent. The Health Benefit Plan (HBP) has seen a considerable increase in popularity as a tool that helps to attract and retain talent by allowing employers to pay for tax-deductible employee medical […]
Continue reading -
Succession Planning and the IPP: Keeping it in the Family
Canada’s economic prosperity has been built by the ingenuity of its entrepreneurs and their families, who create and grow their business and employ millions of Canadians. Whether it be a corner store, restaurant, a potato farm, or a brewery; the family business represents a massive form of employment and growth for our economy. According to […]
Continue reading -
2021 Federal Budget: The GBL Perspective
On April 19th, 2021 Finance Minister Chrystia Freeland presented the 2021 Federal Budget: A Recovery Plan for Jobs, Growth, and Resilience. Unlike many past budgets, this budget was long on measures in regard to spending with little changes to the areas of personal taxes, corporate taxes, RSP and Pension limits, or capital gains taxes. Of […]
Continue reading -
GBL: 25 Years of Pushing The Actuarial Consulting Industry Forward
How our mission to empower Canadian business owners and incorporated professionals has continuously evolved As with most companies that had to forgo celebrating their 25th anniversary in 2020, GBL is proudly celebrating its 26th anniversary in 2021 (and hopefully the final year of the COVID-19 pandemic). We are proud of our resilience and accomplishments, and […]
Continue reading -
CRA Releases Newsletter 21-1 Providing Conditions for IPPs and Designated Plans
On March 16th, 2021, CRA posted a newsletter that provides clarity under the Income Tax Act. A standard Individual Pension Plan (IPP) is considered a designated plan for connected persons and their family members under subsection 8300(1). The IPP has clear rules that govern it as a defined benefit plan for owner operators, which offers […]
Continue reading