Module 4 of the Canadian Small Business Course looks at the topic areas related to tax planning and strategies you can utilize to save taxes.
In this course module we review strategies such as paying family members through a business, paying your child's tuition through a corporation and issuing shares to family members.
Also reviewed are a few advanced tax planning strategies that will enable you to pay medical expenses through your business and set up a company pension plan.
The landscape of Superannuation, and in particular Self-Managed Superannuation Funds (SMSFs), can be tricky to navigate. Constant rule changes by Politicians and regulators have seen to that!
However, Bentleys are qualified to assist you in your role as SMSF Trustees and guide you through these rules and the latest developments.
How to Reduce Plaintiff Attorneys' Income Taxes and Build Wealth Using Contin...Greg Maxwell
This presentation was created by Greg Maxwell, Esq., CFP® of Amicus Settlement Planners. If you have any questions about deferring legal fees, you may schedule a complimentary call with Greg via this link: bit.ly/book-a-call-with-greg-maxwell, or you can email Greg at Contact@AmicusPlanners.com.
The landscape of Superannuation, and in particular Self-Managed Superannuation Funds (SMSFs), can be tricky to navigate. Constant rule changes by Politicians and regulators have seen to that!
However, Bentleys are qualified to assist you in your role as SMSF Trustees and guide you through these rules and the latest developments.
How to Reduce Plaintiff Attorneys' Income Taxes and Build Wealth Using Contin...Greg Maxwell
This presentation was created by Greg Maxwell, Esq., CFP® of Amicus Settlement Planners. If you have any questions about deferring legal fees, you may schedule a complimentary call with Greg via this link: bit.ly/book-a-call-with-greg-maxwell, or you can email Greg at Contact@AmicusPlanners.com.
Michael Silver & Company CPAs has recently published an article on the benefits of retirement plans. Whether you have a small, independent business or a large company, we describe the advantages and disadvantages of each possible plan for each possible business.
Five Common Questions About Deferred CompensationCBIZ, Inc.
Is a deferred compensation plan right for you? Here are five common questions about deferred comp.
Corporate deferred compensation plans for highly compensated employees are a planning tool that companies and key executives should explore. They are attractive because of the significant increase in ordinary income tax rates on compensation. Such plans are also a fringe benefit that can attract and retain key executives.
This is a presentation that I put together while in college to educate other students about 401k's. My intention was to get them to participate in a company 401k if offered at their starting jobs. Originally the presentation had an intro slide show of people moving from college through various stages of life to retirement with the Rolling Stone's "Time is on My Side" playing in the background. Unfortunately, Slideshare doesn't support embedded video and audio, since that was probably my favorite part of the presentation.
This is the third module in the Canadian Small Business Course.
In this course we begin to get into the nitty gritty of running a small business in Canada. Here, we review the different ways that are available to pay yourself as an owner-manager.
After taking this module, you should have a firm understanding on what is entailed in paying yourself with salary, dividends and other means along with how to administer these options.
Michael Silver & Company CPAs has recently published an article on the benefits of retirement plans. Whether you have a small, independent business or a large company, we describe the advantages and disadvantages of each possible plan for each possible business.
Five Common Questions About Deferred CompensationCBIZ, Inc.
Is a deferred compensation plan right for you? Here are five common questions about deferred comp.
Corporate deferred compensation plans for highly compensated employees are a planning tool that companies and key executives should explore. They are attractive because of the significant increase in ordinary income tax rates on compensation. Such plans are also a fringe benefit that can attract and retain key executives.
This is a presentation that I put together while in college to educate other students about 401k's. My intention was to get them to participate in a company 401k if offered at their starting jobs. Originally the presentation had an intro slide show of people moving from college through various stages of life to retirement with the Rolling Stone's "Time is on My Side" playing in the background. Unfortunately, Slideshare doesn't support embedded video and audio, since that was probably my favorite part of the presentation.
This is the third module in the Canadian Small Business Course.
In this course we begin to get into the nitty gritty of running a small business in Canada. Here, we review the different ways that are available to pay yourself as an owner-manager.
After taking this module, you should have a firm understanding on what is entailed in paying yourself with salary, dividends and other means along with how to administer these options.
As a continuation of my last article, “tax the Rich…Tax the Rich…Tax the Rich…,” I asked Brian Seifert, CPA to fill in some additional tax changes that would affect our clients as we approach the year end and look forward to 2010. Brian is a new Aegis Council member who is helping our clients prepare for the onslaught of new taxes by identifying tax planning opportunities, assist the clients taking advantage of their planning opportunities then preparing the tax returns as part of the Aegis Council Tax Planning Package. Every Aegis Council member has undergone a thorough background check and peer reviews to insure only the best and brightest professionals are provided to our clients.
This is the first module in the Canadian Small Business Course.
In this module, we examine the forms of organization that a business can take in Canada. Well look at proprietorships, partnerships and corporations.
We analyze the advantages and disadvantages of each form, along with the tax filing requirements for each. Also reviewed are the tax planning opportunities that are available under each form. Most importantly, we go over the decision process that you should go through when choosing the proper method.
This is the final module in the Canadian Small Business Course.
In this module we analyze some of the most frequently asked questions related to areas such as vehicle expenses and home office expenses. Also reviewed are a host of other common small business expense.
Record keeping and tips to maintaining proper records are also reviewed with an emphasis on keeping CRA tax auditors of your back.
This is the second module of the Canadian Small Business Course.
In this module, we take you through the step-by-step process of starting and setting up a small business in Canada. Everything from choosing your team of professionals to applying for a CRA business number are discussed.
Also discussed are some tax planning considerations such as what year end to choose for your business. After taking this module, you should have a detailed blueprint on setting up a small business.
A special report that discusses what to do with your tax refund, specifically strategies to optimize the use of your income tax refund; saving for your future, improving your financial well-being, addressing risk management strategies, education savings, reducing non-deductible debt, RRSP or non-registered savings, contributing to a Tax-Free Savings Account (TFSA), building an emergency fund and receiving your tax fund earlier than expected.
As a result of RRSP contributions, interest expenses, tax shelter deductions or various other tax deductions and credits, your clients may be expecting, or have recently received, an income tax refund from the Canada Revenue Agency (CRA). If they have received a tax refund, it may be a good opportunity to determine if they can use some or all of it to improve their financial well-being. This special report will discuss some strategies that may help them use their income tax refund more wisely and assist them in meeting their financial goals.
Michael Silver & Company CPAs recently published an article on retirement plans for businesses. Whether you have a small, independent business or a large company, we discuss the advantages and disadvantages for each plan available.
The right tax strategy stays current with your environment.
The political landscape isn’t the only thing changing in
2016. Estate planning opportunities are also shifting. This
supplement incorporates estate planning updates and other
considerations into tips designed to decrease your 2016 tax
bill. Charts throughout the supplement, including tax rates,
qualified retirement plan limitations and FICA/Medicare
taxes further help with your tax planning.
Should You Offer Your Employees Retirement Benefits_.pptxRalfHeyer
As with offering your employees health insurance coverage, offering retirement benefits is a great way to boost your compensation package, and both attract and retain a valued workforce. In some instances, small business owners can even take advantage of retirement plans for themselves.
Retirement: What you need to know to retire successfullyMichael Goodfellow
The financial decisions you make as you ease into retirement will have implications that may be felt, quite literally, for the rest of your life. Retirement is a major life change. Clearly, a fulfilling retirement requires not only financial preparation, but also a clear vision of what kind of life you’d like to lead during retirement.
Get to know what I do (Group Benefits/Group Investments)Kevin Green
I have uploaded this presentation to give business owners a better understanding of how we work with them on group benefits and group investments. It explains our added-value approach - implementing the plan plus working with employees on their personal financial planning needs. Enjoy!
IntroductionComment by Exploring Series This is listed as a Head.docxvrickens
Introduction Comment by Exploring Series: This is listed as a Heading 2, but it should be Heading 1. Please change this heading to a Heading 1 style.
It is never too early to save for your retirement. For a start, you can estimate the amount that you need to have before you can retire comfortably using financial calculators found on sites such as CNN Money, Kiplinger, Motley Fool, and TIAA-CREF financial services. The good part is, there are many different types of retirement plans that you can participate, individually or with your employers. To help you save for retirement, there are many government-regulated and government-approved retirement accounts that you can contribute a certain amount to annually. Why should you enroll in a retirement plan NOWnow? Did you know that your retirement can last for 30 years or more? A common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably. Unfortunately, the average benefit amount paid monthly by the Social Security Administration is only $1,177.
Below are many advantages why you should start saving NOWnow:
· Tax on employee and employer contributions is deferred until distributed.
· Investment gains in the plan are not taxed until distributed.
· Retirement assets can be carried from one employer to another.
· Contributions can be made easily through payroll deduction.
· Saver’s Credit is available.
· Flexible plan options are available.
· Better financial security at retirement.
Future Retirement Savings Value - Assuming 6% annual return Comment by Exploring Series: You need to insert a caption for this table and the next table.
Monthly Savings
5 years
15 years
20 years
$50
$3,506
$14,614
$23,218
$200
$14,024
$58,456
$92,870
$500
$35,059
$146,136
$232,176
Source: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Benefits-of-Saving-Now
A contribution is defined as the amount that an employee and an employer can put into a retirement plan. There are, however, varying limits on how much we (including both employers and employees) can contribute to any of the retirement plan. Each plan has its own rules and criteria, and must specifically state that contributions or benefits cannot exceed certain limits. Employees can participate in contributions via salary reduction. Employers can match employees’ contributions or contribute outright a certain amount into the employees’ retirement account.
Traditional Individual Retirement Arrangements (IRAs) Comment by Exploring Series: Please change all headings formatted with Heading 3 to Heading 2 style.
There are two major kinds of IRAs – traditional and Roth. A traditional IRA is a way to save for retirement that gives you tax advantages. It allows you to make tax-deferred investments to provide financial security when you retire. Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement pla ...
Strategies For Controlling Benefit Costshsttlr7633
This is a presentation that I made recently to members of the Building Industry Association of Lancaster County to help them to understand options that could save them money on their group programs.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
10. PAYING DIVIDENDS Distributing profit to the shareholders No need to worry about family members actually working in business Lucrative especially if no other sources of personal income Separate classes provide much greater flexibility to split income
11. Capital Gains Exemption (CGE) Up to $750,000 can be sheltered Qualify No investment assets Assets (90%) used in business Canadian resident
12. Private Health Service Plan (PHSP) Employee Profit Sharing Plan (EPSP) Individual Pension Plan (IPP) Retirement Compensation Arrangement (RCA)
13. PRIVATE HEALTH SERVICE PLAN PHSP converts health, medical and dental expenses into fully deductible business expenses Company owned – covers owners, employees and their family members Low costs to maintain – 10% of medical claim instead of a monthly premium that must be paid regardless
14. PHSP (Con’t) No monthly premiums or deductibles – Notan insurance plan, therefore no monthly premiums No medical qualifying – Medical histories of those covered are not a consideration Stand alone or supplement existing plan – Can keep existing plan and supplement or top-up those expenses not covered under existing plans
15. Administered by a Trustee Do not exclude everybody arbitrarily Benefit as a shareholder risk (CRA) Solution Have it available only to officers Offer it to all employees with maximum
16. EMPLOYEE PROFIT SHARING PLAN Problem facing the Canada Pension Plan The CPP is a pay-as-you-go system. Every time CPP is withheld and remitting from pay cheques, they go immediately to funding current retired Canadians There are currently 5 Canadians working for every 2 that are retired. In 25 years due to the aging population, there will only be 2 Canadians working for every 1 retiree Thus, CPP premiums will either have to increase or pensions will have to be clawed back or decreased You may find that if you are relying on the gov’t to fund your pension, it may not be there
17. EPSP BENEFITS Features of both a salary and dividends. No CPP (or EI) contributions on the payments. Like the hybrid of compensation strategies RRSP eligible – All income paid out under the EPSP is considered “earned income” under the ITA and eligible in determining the RRSP limit Income splitting – The payments distributed through an EPSP are not subject to the same reasonability test as salaries. Therefore ideal for income splitting Estate planning – you decide your beneficiaries instead of CPP pension reduced to 60% for spouse
18. Setup properly with all legal documents Administered by a Trustee If there is no T4, how can you be an employee? Flow of funds through a bank account and not just journal entries by accountant Solution Have a small amount paid as salary Separate bank account and to flow all payments from the EPSP
19. CPP premiums = $4,400 Invest the savings (RRSP or TFSA) Purchase an annuity with funds
20. IPP ADVANTAGES Greater deductions – Owner able to make annual tax-sheltered contributions that are greater than those permitted by an RRSP Creditor proof - IPPs are creditor proof unlike RRSPs in which the creditor proofing has recently been cast in doubt by the courts Deductible contributions – all of the contributions made to the IPP are deductible expenses to the Corp Surpluses revert to spouse or estate – Unlike other pension plans, when the member dies the assets revert to the spouse or member’s estate
21. IPP DISADVANTAGES Locking-in – plan assets cannot be de-registered as assets must be used to provide a lifetime retirement pension Spousal RRSP – an equivalent to spousal RRSPs is not permitted under an IPP. However, the spouse can be enrolled in the IPP Contributions are not flexible – The contributions in an IPP are required annually and there are no carry-forward options. In a lower income year, may have to get a business loan to fund the IPP Complexity – IPP’s are more complex than RRSPs and the costs to maintain and administer are higher
22. RETIREMENT COMPENSAION ARRANGEMENT (RCA) Vehicle to fund retirement and substantially defer taxes Becomes extremely beneficial when a corporation’s profits exceed the small business deduction limit of $500,000 Make a contribution to the RCA as specified by an Actuarial Certificate. This contribution becomes a tax deduction to the corporation The income in the RCA is taxed when it is withdrawn from the RCA at retirement. Can be a substantial tax deferral and tax savings since income at retirement will likely be lower, thus a lower tax bracket
23. Canadian Small Business Course www.sbclearnbusiness.com Visit us online and take the Canadian Small Business Course for the in-depth video tutorials on the slides in this presentation
24. Canadian Small Business Course www.sbclearnbusiness.com Or take individual modules such as this presentation: Module 1: Forms of business organization Module 2: Starting a business step-by-step Module 3: Compensation strategies Module 4: Tax planning and strategies Module 5: Expenses and deductions
Editor's Notes
Add a module on “Funding your Retirement” – keeping retained earnings in the corporation and then paying dividends to family shareholders when its time to retire. Show example of how this would work.Also add some detail about establishing a holding company to bump up the R/E and protect the shareholders from creditors.Look at the NOP presentation on insurance strategies in shareholder agreements, maybe do some more research in this area
Another significant aspect of shareholdings, the capital gains exemptionSelling the business assets vs. Selling the shares