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A Heartfelt Thank You From GBL Heading Into 2025
December 17th, 2024 As 2024 comes to a close, the team at GBL would like to thank you all for an outstanding year; one which would not have been possible without your trust and support. We hope that those reading enjoyed a successful 2024, despite the challenges that it presented for many. 2024 was a […]
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The Provincial Landscape of IPPs – As of November 2024
In years past, many business owners and incorporated professionals have been advised to shy away from Individual Pension Plans due to legislative requirements that were deemed overly burdensome and restrictive with regards to funding. Over the years, the legislative landscape has improved significantly, making Individual Pension Plans a more flexible and adoptable strategy for retirement […]
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Fall Season is IPP Season
October 2024 As we get near the end of October, we see the fall colours on the trees. In many places, leaves are falling, and in some the snow has started to fall. It is also the season when many business owners and incorporated professionals are sitting down with their tax professionals to finalize their […]
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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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