Personal Finances and Your Business

Private Corporations: Proposed Changes to Tax Rules (PDF, 827 KB)

On July 18, 2017, the Department of Finance announced proposed changes to the taxation of private corporations. Debbie Pearl-Weinberg, Executive Director, Tax and Estate Planning, CIBC Wealth Strategies Group, reviews the proposed changes, including: income splitting, investing after-tax profits in corporate investments, and converting a private corporation’s regular income into capital gains.

TFSAs, a smart choice for business owners (PDF, 318 KB)

Incorporated business owners can choose to invest surplus funds within their corporation or to withdraw these funds and invest personally. Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, discusses in this article that, by investing in a TFSA, business owners will generally end up with more after-tax cash at the end of the day, especially when the time horizon is significant.


A webcast with Jamie Golombek: Tax Tips for Small Business Owners

Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, discusses common planning strategies to minimize taxes, and provides integrated solutions on effectively managing business and finances for small business owners.


In Good Company: Retaining investment income in your corporation (PDF, 900 KB)

Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, examines how investment income earned in a private Canadian corporation is taxed. He shows that, due to an “investment advantage” for most types of investment income in the majority of provinces, it may be best to retain after-tax investment income in your corporation.
 

Tax Tips for Small Business Owners (PDF, 133 KB)

Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, highlights the advantages and disadvantages associated with different compensation decisions of owner-managers, discusses strategies to minimize taxes, and provides advice on effectively managing business and personal finances.
 

Treat Your Personal Finances Like You Mean Business

Most entrepreneurs are meticulous money managers where their business finances are concerned. But having a plan for your personal finances is just as important, especially since business and personal finances are often interrelated to a significant extent.
 

Do You Give Your Personal Finances Enough Attention?

You may be able to find valuable opportunities to leverage your situation as a business owner. Answer these questions to determine if your personal and business financial arrangements could be better managed.


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