Category: "Business Owners"
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Succession Planning with Individual Pension Plans and Personal Pension Plans (an IPP with a Different Name)
Individual Pension Plans (IPPs) have a unique feature for family businesses and family planning unlike RRSPs. This feature is equally shared with IPPs that are marketed using alternative names such as the Personal Pension Plan, Family Pension Plan, and Canadian Physicians’ Pension Plan. If the next generation are employees of the corporation and there is […]
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The Retirement Savings Dilemma for Physicians in a 2024 Tax World
There are many concerns on the minds of Canadians. Health care and access to a Family Physician is atop that list. Many Canadians do not currently have a Family Physician and the Covid Epidemic shone a light on the shortage of physicians, nurses, and other health care professionals. Ensuring we retain these key individuals and […]
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Planning for Incorporated Professionals When Access to the Small Business Deduction is Reduced in Partnerships
Over the past several decades, different professional associations have moved to allow their members to incorporate. Incorporation can allow for many tax advantages, however the rules governing these corporations differ. For example, incorporated physicians and dentists are allowed to have family members as shareholders. This can allow for family members to be named shareholders and, […]
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Individual Pension Plan: Core Planning for Business Owners and Incorporated Professions
Individual Pension Plans have been in existence for decades. An Individual Pension Plan (IPP) is an alternative to RRSPs where business owners, incorporated professionals, and their family members who are employees, can participate in a self-directed defined benefit pension plan akin to what public sector employees receive. An IPP allows for significantly higher funding than […]
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Important Considerations when Selling the Shares of a Small Business
For the majority of small business owners, selling the shares of their corporation is often seen as the pot of gold at the end of the rainbow. There is an expectation that the lifetime capital gains exemption (LGCE) will be able to be used by the shareholders to greatly reduce the taxes from the sale. […]
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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 […]
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GBL: Innovation and Exceptional Service Personified
Business Owners, IPP, RCA, HBP, FMV
As GBL celebrates its 26th anniversary, we reflect on our history and contributions to planning within Canada. In 1995, Gordon B. Lang, FCIA, FCA looked to reimage how Actuarial services could be marketed and administered to provide for a better client experience. There were two facets to this: Having a dedicated consulting arm to educate […]
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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 […]
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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 […]
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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 […]
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