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Around 90% of all businesses in North America are family owned businesses; as the baby boomer generation enters retirement, more and more of these businesses are facing transfer of ownership issues. The basic choices are few: close the doors, sell the business to outsiders or employees, retain family control and hire managers, or retain family ...
Additional changes to the Canada Pension Plan (CPP) are just around the corner. Beginning January 1, 2012 changes to CPP will affect employees and their employers. Previously, if you were receiving CPP payments and still earning employment or self-employment income you and your employer were exempted from having to make contributions into the CPP. However, ...
Now that the RRSP contribution deadline has passed, maybe its time to think about when it makes sense to start cashing in those RRSPs, especially for seniors that are no longer making contributions. A basic rule of thumb is that you will save money on taxes by making withdrawals from your RRSP or RRIF in ...
Due to the recent stock market meltdown, a number of special rules were introduced regarding the tax treatment of RRIF and RRSPs. In 2008, a 25% reduction in the minimum required RRIF withdrawal amounts was announced. Because the announcement came so late in the year, those who had already made withdrawals from their RRIFs were ...