Written by Andrew Noseworthy April 4, 2018 Vice-President CAPCORP Financial Finance Minister Morneau’s 2018 budget continued the string of punitive tax measures aimed at small business owners. While many commentators opined that it wasn’t “as bad as expected”, it still represents more taxation. With all of the rumoured changes, proposed changes and revised changes, […]
A Health Spending Account (HSA) is a tool that allows you to pay for 100% of your medical expenses through your business before tax as opposed to paying for them personally with after taxed dollars. This product is an excellent alternative that many business owners have adopted as their choice for paying for employee medical […]
I want to share a conversation that I had with a friend of mine, who for the sake of this article we’ll name Suzanne. Suzanne is a business owner who founded and successfully runs her own company in Kanata. She has been looking for more ways to be effective with her cash flow and tax […]
By Matthew Chiang Advisor, CAPCORP Financial For a small business, the passing of an owner or key employee can threaten the organization’s very existence. Life insurance can help small businesses guard against the impact of unexpected tragedies, through mechanisms such as Split Dollar Arrangements, Key Person Insurance, Funding Capital Gains Tax on a Business at […]
Use HealthPlus and make them a business expense! As a business owner the cost of health and dental coverage can be costly and these expenses can add up quickly. Consider new glasses, contact lenses or even Lasik surgery for your eyes. Throw in some braces for your kids, and before you know it you’ve accumulated over $5000.00 of receipts. […]
HealthPlus is a Private Health Services Plan. Used by thousands of small business owners across Canada, a PHSP enables the business to deduct 100% of the family’s health and dental expenses incurred by themselves and their employees as a business expense.
This means hundreds or thousands of dollars will be added to the tax bill of all Canadians covered by their employer’s benefit plan. This added tax cost will inevitably lead to less Canadians having the coverage they need.