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Upcoming Changes to BC Pension Legislation
The New Act The new Pension Benefits Standards Act (the New Act) will come into force September 30, 2015 and going forward all pension plans in British Columbia are required to adhere to the New Act. What are the changes for IPPs? Individual Pension Plans (IPPs) are generally set up for connected persons (individuals who […]
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Valuations of Interests in Family Trusts
A family trust is created as either an inter vivos trust, established during the lifetime of the donor, or a testamentary trust, established in connection with a will. The retained income in an inter vivos trust has always been and will continue to be taxed at the flat top-tax rate; however, testamentary trusts receive favorable […]
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GBL’s Fraser Lang Featured in Morningstar Story
For self-employed professionals — such as doctors, dentists, lawyers and architects — the tax savings from using a personal or private corporation are well known. By incorporating their business, they can either retain earnings or pay dividends, thus managing the amount and timing of personal income taxes. A less well known but also effective tax-efficient […]
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Executive Compensation and RCAs
Building a strong team of employees is a challenging task for any employer and continually motivating and retaining your business leaders can be puzzling. While bonuses, shares and/or call options, group benefits and RRSP contributions are the typical go-to components of an executive compensation package, employee pension planning can be utilized by a company as […]
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Looking to Protect Your Severance? Consider a Retirement Compensation Arrangement (RCA)
Considering that today so many executives will move multiple times in their career, severance payments can be opportunities for retirement planning and/or tax bracket management. Executives could defer tax on their severance package with the use of an RCA. Given that many executives will receive in excess of what they require to live in the […]
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Seven reasons why you should think (more) about your retirement
1. You want the freedom to choose early retirement. The recent flexibility of acceptable retirement ages has given Canadians more to consider when planning their future. How can you be sure you will have sufficient asset to be able to choose early retirement? Just as any successful business relies on a business plan for it’s success, […]
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The 2015 Federal Budget
Our take: Large on promise, low on the medicine that the sugar helps go down. Finance Minister Joe Oliver’s first budget delivered on its promise to be balanced and sets forth the Conservative Government’s Election Platform for 2015. Measures that assist families, seniors, and small businesses, were the major focus for the 2015 Federal Budget. […]
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