Category: "Business Owners"
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IPPs Are Simpler Than You Think: A Turnkey Option for Investment Advisors
IPP Setup for Advisors: Simple & Turnkey with GBL If you’ve heard that Individual Pension Plans (IPPs) are complex, you’re not alone. Many advisors picture heavy paperwork, actuarial math, and regulatory hoops. In practice, when you partner with experts like GBL, the IPP setup is straightforward; and you keep the client relationship while we handle […]
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Dividends vs Salary: Why the Simplest Compensation Strategy Isn’t Always the Best
Business Owners, IPP, RCA, Uncategorized
Dividends vs Salary — An Introduction Many owners of Canadian private corporations default to paying themselves in dividends. It feels simple, avoids payroll deductions, offers the dividend tax credit, and seems tax-efficient. But as GBL frequently hears from business owners years later — “I wish I’d taken more T4 income.” Behind this regret lies an […]
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Individual Pension Plans for Franchises
How Individual Pension Plans (IPPs) Can Be A Central Tax Strategy Franchises And Their Impact Anywhere you look, you’ll likely see a franchise. From the rest stops on the highway, to nearly every small town and large city. There are over 75,000 franchise locations in Canada in over 50 sectors including food, retail, healthcare, automotive, […]
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The IPP – Ideal Candidate and Setup Timelines
Tony Manoharan February 6th, 2025 Frequently Asked Questions About the IPP At GBL, we often receive questions about setup timelines and ideal candidates for Individual Pension Plans (IPP). Here, we answer the most common inquiries: Why Choose an IPP Over an RRSP? Who is the Ideal IPP Client? An Individual Pension Plan is a powerful […]
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2024 Charitable Donation Deadline Extension: A Potential Opportunity for Donors
Business Owners, Charitable Giving, News
The federal government recently announced an extension to the 2024 charitable donation deadline, allowing donations made up to February 28, 2025, to be claimed on 2024 tax returns. This move aims to address delays caused by the Canada Post strike, providing charities and donors extra time to process contributions. While this measure was welcomed by […]
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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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