GST/HST “Holiday”: Temporary Tax Relief on Select Essentials On November 21, 2024, the Government of Canada announced a temporary Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief on select holiday essentials. This measure applies from December 14, 2024, to February 15, 2025, offering temporary support to Canadians by removing GST/HST on specific categories of goods…
Health Spending Accounts vs. Lifestyle Accounts: What’s the Difference? When it comes to employee benefits, many businesses are exploring ways to add flexibility and value beyond traditional health insurance. Health Spending Accounts (HSAs) and Lifestyle Accounts are two popular options that provide employees with discretionary funds for specific types of expenses. But what’s the difference…
Understanding Cost Share in Employee Benefits: Balancing the Premiums When managing an employee benefits plan, one key factor often goes overlooked: cost share. Cost share defines how the premiums for benefits are split between employees and employers. Surprisingly, for small to mid-sized companies, this component can make a substantial difference in how benefits are perceived,…
When it comes to employee benefits, the real question isn’t about cost. Instead, it’s about understanding why you offer a benefit plan in the first place. Too often, companies get caught up in budget discussions, focusing on what the plan costs without fully appreciating the purpose behind it. But without a clear sense of purpose,…
On April 16, 2024, the Minister of Finance tabled the 2024 Federal Budget. While no changes were made to the federal personal or corporate tax rates, there are some key changes to be aware of: Effective June 25, 2024, the inclusion rate on any capital gains in a corporation or trust will increase from 1/2…
When it comes to digital marketing, the debate between handling it in-house or outsourcing to an agency is ongoing. However, for many businesses, especially those looking to scale quickly or needing specialized expertise, hiring a digital marketing agency can be a game changer. Let’s explore why opting for an agency might just be the strategic…
Ask the average Canadian what their most valuable asset is, and if you are a homeowner, you would likely say your principal residence. While that is likely true when it comes to something tangible you can buy or sell, it is far from your most valuable asset.Your ability to earn an income is your most…
It’s no secret… We have to start paying attention to video in our marketing strategies, people. TikTok has emerged as a powerhouse platform, capturing the attention of millions worldwide. But the burning question for many entrepreneurs is: should your business take the leap into TikTok? Let’s cut through the noise and look at some critical…
In 2024, the entrepreneurial journey is as thrilling as it is challenging. On our own bookshelf, we’ve gathered four books that stand out as beacons for entrepreneurs navigating this year’s unique landscape. These aren’t just any books; they’re our personal picks, chosen for their ability to offer fresh perspectives, actionable strategies, and the inspiration to…
Recent amendments to the Income Tax Act have introduced significant changes for bare trusts, particularly in terms of reporting beneficial ownership information. Historically, bare trusts were exempt from filing a T3 Return. However, the landscape has shifted. Now, with few exceptions, bare trusts are mandated to submit a T3 Return annually. This is required even…
