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Incorporated Real Estate Agents: Tools to Maximize your Personal Real Estate Corporation (PREC)
In October 2020, the Province of Ontario joined British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, and Nova Scotia, in allowing Real Estate Agents to establish a Personal Real Estate Corporation (PREC), that would allow their remuneration from their brokerage to be paid to the PREC. Without a PREC, most Agents would receive T4A income. By receiving […]
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The RCA: Helping Professional Hockey Players Pay Substantially Less Income Tax
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 the National Hockey League (NHL) crowns the Colorado Avalanche as the 2022 Stanley Cup Champions, this signals the start of an off-season where players will have the opportunity to […]
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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, HAWP, 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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Planning for the Future: The RCA and Professional Hockey Players – July 2021
After a whirlwind season, which saw the Montreal Canadiens three games short of bringing the Stanley Cup back to Canada, the 2020-2021 NHL season has concluded. The end of the league year and the introduction of a new expansion team in Seattle with a flat salary cap this offseason will bring many changes as teams […]
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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 […]
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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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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 […]
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