Clear Path Financial Planners Blog
Salary vs Dividend
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.
“Final Pivot” – COVID-19 Emergency Benefits expire October 23rd, replaced by targeted supports
On Thursday, October 22nd, Deputy Prime Minister and Finance Minister Chrystia Freeland announced the “final pivot in delivering the support needed to deliver a robust recovery.” This “Final Pivot” means several existing pandemic support programs for individuals and businesses will expire on October 23rd, 2021:
– Canada Recovery Benefit (CRB)
– Canada Emergency Rent Subsidy (CERS)
– Canada Emergency Wage Subsidy (CEWS)
Succession Planning for Business Owners
Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.
The Need for Personal Life Insurance
At different stages of life, the need for life insurance will vary, here’s a list of reasons for life insurance.
The Best Way to Buy Mortgage Insurance
Before buying insurance from your bank to cover your mortgage, please consider your options. What does the insurance cover?
Saving for Education
Post-secondary education can be expensive, however having the opportunity to plan for it helps with making sure that you’re capable to meet the costs of education.
Insurance Planning for Incorporated Professionals
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.
Paying for Medical Expenses
Although we enjoy health care benefits in Canada, there are still some benefits that are not covered by the government. We outline strategies to pay for these benefits.
British Columbia 2021 Budget Highlights
On April 20, 2021, the B.C. Minister of Finance announced the 2021 budget. We have highlighted the most important things you need to know, including:
• Changes in the requirement to repay the B.C. Emergency Benefit for Workers
• Home Owner Grant threshold change
• PST exemption for electric bikes
• Elimination of PST rebate for certain vehicle sales
• Delay in the carbon tax increase
• Tobacco tax increases
• Changes to the speculation and vacancy tax
