2022 Year End Tax Tips and Strategies for Business Owners
The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.
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The end of 2022 is quickly approaching – which means for business owners, it’s time to review tax tips and strategies to maximize your benefits.
The end of 2022 is quickly approaching – which means it’s time to get everything in order, so you’re ready when it comes time to file your taxes.
We’ve broken this article into the following sections to make it easy to find the tax tips you’re looking for:
• Investment considerations, including how to best contribute to TFSAs, RRSPs, and RDSPs.
• Families, including how to claim childcare expenses and make the most of RESPs.
• Retirees, including essential details about applying for CPP and OAS.
For incorporated professionals, making sure your business is financially protected can be overwhelming. Incorporated Professionals face a unique set of challenges when it comes to managing risk. Insurance can play an important role.
As a business owner, you have the ability to pay yourself a salary or dividend or a combination of both. In this article and infographic, we will examine the difference between salary and dividends and review the advantages and disadvantages of each.
One of the financial planning issues that business owners face is how to access their corporate earnings in a tax efficient way. Please contact us to learn how we can get more money in your pocket than in the government’s.
It’s essential to manage your tax planning properly – both while you are living and for after your death. You want as much of your money as possible to go to your beneficiaries, not the government. Our article contains three tips to help you do that:
1. Learn how to make the most of the lifetime capital gains exemption.
2. Figure out ways to decrease your end-of-life tax bill.
3. Look into Immediate Financing Arrangements.
You have worked long and hard to build up your business, and now you are ready to withdraw money from your business’ bank account. But you don’t want to get hit with a huge tax bill. So here are 5 ways to withdraw money from your business in a tax-efficient manner.
Being a self-employed contractor can bring you a large cash flow and the satisfaction of being your own boss – but it can also make financial planning more complicated than being an employee.
When creating a financial plan, Self-employed contractors need to keep a number of items in mind. Read to find out!
You may have had life insurance for as long as you can remember. You knew it was important to make sure that your family would be taken care of and be able to pay their bills if anything happened to you.
But now that you’re over 60, your children are grown, and your mortgage is paid off, you may feel you don’t need life insurance anymore. However, there are some circumstances under which it may still make sense for you to have life insurance:
• You still have substantial debt.
• You have dependent children or grandchildren.
• You want to be able to leave a financial legacy.
While it’s great to have group coverage from your employer or association, in most cases, people don’t understand the that there are important differences when it comes to group life insurance vs. self owned life insurance.
Truity Financial
Dwain Ste.Marie, CFP
Financial Advisor
T: 204-479-6798
E: [email protected]
850-330 St. Mary Avenue
Winnipeg, MB
R3C 3Z5
Our goal is to help our clients make the best-informed decisions about their finances in a complex tax world. Trust and integrity are the cornerstones of Truity Financial.