Open/Close Menu Mountain Planning Group Inc. is a private Wealth Management & Insurance Firm based in Kelowna, BC.

It’s a great time to review your business finances now that we are nearing year-end. We have listed some of the critical areas to consider and provide you with some helpful guidelines to make sure that you cover all the essentials. We have divided our tax planning tips into four sections:

– Year-end tax checklist
– Remuneration
– Business tax
– Estate

Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

• Corporate Tax Changes, including extensions to subsidy programs.

• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

For business owners, making sure your business is financially protected can be overwhelming. Business owners face a unique set of challenges when it comes to managing risk. Insurance can play an important role.

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.

On July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.

On July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December.

Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks.

The expanded CEBA will begin June 19th.

The Application portal for the Canada Emergency Commercial Rent Assistance (CECRA) opens at 8:00am EST on May 25th

Financial Planning for business owners is often two-sided: personal financial planning and planning for the business.
Business owners have access to a lot of financial tools that employees don’t have access to; this is a great advantage, however it can be overwhelming too. A financial plan can relieve this.
A financial plan looks at where you are today and where you want to go. It determines your short, medium and long term financial goals and how you can reach them. For you, personally and for your business.

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