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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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Retirement Compensation Arrangements: Optimizing After-Tax Income for Professional Hockey Players
Taxes are said to be one of the things that are certain in life, and professional hockey players sure do pay a lot of them. As we Canadians reel from the pain of another year of the cup not coming back home, we tip our hats to the tenacious spirit of the Edmonton Oilers. The […]
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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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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 […]
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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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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 […]
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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 […]
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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 […]
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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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