Kevin Ballantyne, BBA, CBEC, DMA, CPA, CA

Considering selling your business? You'll pay more tax as of June 25th In 64 days, capital gains tax increases in Canada, which may significantly impact how much business owners will keep after selling their business. Business owners have many things to consider when selling their business and rushing the process to capture these tax savings may not be the optimal plan. Still, it's worth a conversation with your tax advisor. If you have been thinking about a succession plan and considering a near-term sale of your business, NOW could be a good reason to take action ⏳ I am committed to buying a business in 2024 and have a team that can execute diligently to meet this timeline. I have a long-term view, not looking to buy and flip a company and wishing to retain employees for the next chapter. 🚨 You can find more information at PantheonRow.com🚨 The chart shows the tax savings of several scenarios; Sale Price, Tax Brackets, and Life Time Capital Gains Exemption. 👀 An Albertan selling your $10m business -> it may cost you $756,000

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Executor Estate Settlement Services (EESS) QUESTIONS AND ANSWERS (PART2) Q1) Can siblings force the sale of inherited property in Quebec? A1) The simple answer to this is, yes. If your sibling, or siblings, wants to sell the property and you want to keep it, they can apply to the court for a partition action. It's often better to buy them out. Q2) Do you have to report inheritance money to CRA and Revenue Quebec? A2) A common misconception among people is that they can be taxed on money they inherit. The truth is, there is no inheritance tax in Canada. Q3) Who is entitled to see a copy of a will in Quebec? A3) If the testator, the person who made the will is still alive, he or she is the only person who can request a copy of his or her will from the notary. Q4) Is a handwritten will legal in Quebec? A4) You can draw up the will yourself by hand or using a computer. You must declare that it is your will and sign it in the presence of two witnesses. These types of wills will have to be probated before a court. Q5) Can I sell my house to my son or daughter for $1 in Canada? A5) In Canada, it is not advisable to transfer ownership of real estate to family members for anything other than fair market value. However, an alternative would be to give the person cash that they can then use to purchase the property at fair market value. Settling an estate can be an overwhelming process and with many steps involved - you may not know where to start. I work closely with many clients to ensure the estate settlement process is smooth while they are going through a difficult time. Whether you need guidance on the settlement process or need the estate settled from A to Z, I'll be your right hand person. To learn more about the Executor Estate Settlement Services (EESS), head over to our website: https://jgrossman.ca #estatesettlement #estateadministration #estate #estateplanning #cpa #consultant #executor #liquidator

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🚀 Ready to take control of your business finances? Look no further! At AZON Bookkeeping Services Inc., we offer comprehensive **QuickBooks Training and Setup** to empower you with the tools you need to manage your finances effortlessly. 💼✨ Whether you're a startup or an established business, our tailored training ensures you can navigate QuickBooks like a pro, saving you both time and money. 📊💡 Our expert team will guide you through every step, from initial setup to mastering advanced features, ensuring your financial records are always accurate and up-to-date. 🧾🔍 Say goodbye to the stress of bookkeeping and hello to financial clarity! 🌟 Our training package is designed to help you understand your financial health at a glance, making tax season a breeze and giving you more time to focus on growing your business. 📈🌱 Don't miss out on this opportunity to streamline your accounting processes and gain financial confidence. 💪💼 Visit our website for more information and book your free consultation today! 👉 #Bookkeeping #QuickBooksTraining #SmallBusinessSuccess #FinancialFreedom #AZONBookkeeping #BusinessGrowth #EntrepreneurLife #FinanceSmart #SaveTimeSaveMoney #AccountingExcellence #BusinessEfficiency #FinancialWellness

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Did you know that effective bookkeeping and financial management can boost a small business's survival rate by up to 80% in its first five years? 📈✨ At AZON Bookkeeping Services Inc., we specialize in providing personalized and accurate bookkeeping solutions, business advisory services, and tax preparation to help entrepreneurs thrive. Our commitment to empowering small business owners with the right financial tools and advice ensures they can focus on growth and sustainability. Let us be your partner in success and watch your business flourish! 🌟 #SmallBusiness #Bookkeeping #FinancialSuccess #AZONBookkeeping #Entrepreneurship #BusinessGrowth #FinancialPlanning #Success #SmallBizTips

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So excited to announce we are modifying our bookkeeping business to niche into the trades and home service industries! If you know of a business owner who is tired of handling their books, needs their accounting setup or needs to better understand the money they are making and their profitability and in these industries, please give me a shout! I've attached a brochure of our services if you would like more information!

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Clients cannot transfer money directly from a Registered Retirement Savings Plan (RRSP) to a First Home Savings Account (FHSA). The FHSA and RRSP are separate registered accounts, and the rules do not allow direct transfers between them. However, here are some important considerations: Key Points: New Contributions Are Required for FHSA: To use the FHSA, contributions must come from new funds (not directly transferred from an RRSP). These contributions are tax-deductible. No Double Tax Deduction: If you withdraw funds from your RRSP to contribute to the FHSA, you will not receive a second tax deduction for the FHSA contribution. Additionally, the RRSP withdrawal would be taxed as income. Alternative: RRSP Home Buyers’ Plan (HBP): If you already have funds in an RRSP, you might consider using the Home Buyers’ Plan (HBP) instead. The HBP allows you to withdraw up to $35,000 from your RRSP tax-free for a qualifying home purchase. These funds must be repaid into your RRSP over 15 years. Combined Usage: You can use both the FHSA and the HBP for the same home purchase, maximizing your tax-advantaged savings. For example: Save up to $40,000 in the FHSA and withdraw it tax-free. Withdraw up to $35,000 from your RRSP under the HBP. Recommendation: If a client already has significant RRSP savings and is considering buying a home, they can: Continue using the RRSP for its intended retirement savings benefits and access it through the HBP if needed. Open and fund an FHSA with new contributions for additional savings and tax advantages. The FHSA is a complementary tool to the RRSP, not a replacement or a direct transfer option.

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Executor Estate Settlement Services (EESS) CHOOSING THE LIQUIDATOR FOR YOUR ESTATE The liquidator /executor (liquidator in Quebec) is the person you choose to carry out the instructions in your will. This person will be your legal representative and he or she will be responsible for the administration of your estate. I have found that most people choose close and family members (spouse, child or sibling) as their liquidator. I have assisted spouses and children in their roles as liquidator and explained things to them in a calm and easy to understand manner. I have found that the duties of the liquidator can be complicated and require a significant amount of time and effort. Emotions very often come into play in doing this job. The person or persons doing the job of the liquidator will have to be responsible and reliable to manage their personal life and the estate at the same time. Here are a few mistakes you can avoid by choosing a family member as your liquidator: 1) Conflict of interest: This can arise if the person you name as the liquidator is also one of the beneficiaries of your estate. They could exercise discretionary powers for themselves over the other beneficiaries. 2) Family dynamics: If your family is already divided, you could make the situation even worse by choosing 1 family member over another. 3) Emotional choices: If you choose your liquidator with your heart and not your head, this could lead to complications. The person you select as your liquidator may not know what to do, may not have the time to do it, may not want to do it or all of the above. Professional liquidators are an option The liquidator has a tremendous responsibility to fulfill and he or she may be totally overwhelmed and not know what to do. It may make sense to hire a professional liquidator to assist in fulfilling the duties. of the liquidator. Some of the benefits of a professional liquidator are: 1) Expertise: The professional liquidator already has expertise in this area. He/she should be familiar with taxes, special types of assets and have empathy. 2) Independence: The professional liquidator should not favor one beneficiary over another. Their job is to carry out your wishes as outlined in your will. 3) Complexities: Second marriages, business operations, investment holding companies can cause complexities that need to be properly addressed. Settling an estate can be an overwhelming process and with many steps involved, you may not know where to start. I work closely with my clients to ensure the estate settlement process is smooth while they are going through a difficult time. Whether you need guidance on the settlement process or need the estate settled from A to Z, I'll be your right hand person. To learn more about the Executor Estate Settlement Services, head over to our website: https://jgrossman.ca #estateplanning #estateadministration #estatesettlement #liquidator #executor #cpa #consultant

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Do your clients want to give back but are unsure where to start? Help them easily integrate giving into their financial plan, build a legacy, and benefit from tax savings with the Mackenzie Charitable Giving Program. https://ow.ly/CHO630sI4us

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When can you retire? What is your financial independence number? We can help you calculate it. AskMrTaxes.ca #DollarTaxClub #MrTaxes #SmallBusinessTaxes #CorporateTaxServices #Compliance #InsurancePolicy #LifeInsurance #MrInsurance #MaximizeSavings #BritishColumb

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When can you retire? What is your financial independence number? We can help you calculate it. AskMrTaxes.ca #DollarTaxClub #MrTaxes #SmallBusinessTaxes #CorporateTaxServices #Compliance #InsurancePolicy #LifeInsurance #MrInsurance #MaximizeSavings #BritishColumbia #Alberta #Ontario #TAXES #TAXTIP #WEALTH #Tax #accountant #CPA #finance #financetip #taxtip #wealth #TaxReturn

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At AZON Bookkeeping Services Inc., we empower entrepreneurs to not just manage but thrive in the dynamic world of business. 🌐 As you strategize for success, keeping an eye on these top industry trends can make all the difference: 📈 1. Sustainable Practices 🌿 Consumers are demanding eco-friendly options. Adopt green initiatives by reducing single-use plastics, sourcing locally, and implementing energy-efficient technologies. 2. Technology Integration 🤖 Advanced tech like AI-driven chatbots, automated kitchens, and contactless payments are revolutionizing guest experiences and operational efficiency. 3. Health-Conscious Menus 🥗 Cater to the growing demand for healthier options by offering plant-based dishes, organic ingredients, and detailed nutritional information. Our services, from QuickBooks training to tax prep and payroll management, ensure you stay on top of your financial game while you innovate to meet the latest trends. 📊 Let’s drive your business forward with transparency, integrity, and the latest technologies. 🚀💼 #AZONBookkeeping #FinancialFreedom #SustainableBusiness #TechIntegration #HealthMenus #HospitalityTrends #BusinessSuccess

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🌟 Are you a small business owner feeling overwhelmed by bookkeeping? Let AZON Bookkeeping Services Inc. take the stress off your shoulders! 🌟 Our Monthly Bookkeeping Package is designed with you in mind. We provide comprehensive services including accounting system setup, monthly transaction recording, bank statement reconciliation, and GST/HST filing, just to name a few. You'll also benefit from year-end financial statements and unlimited email support. 💼 Imagine how much more you could achieve with an extra 13 hours a week! 💼 Our meticulous bookkeeping ensures your finances are always up-to-date, allowing you more time to focus on growing your business. No more late nights crunching numbers; let us handle that! Not sure how your business is performing? Enjoy monthly 60-minute virtual consultations where we discuss your business performance and assess your financial health. Visit our website to learn more and book your free consultation today. #SmallBusiness #Bookkeeping #EntrepreneurLife #FinancialFreedom #AZONBookkeeping #BusinessGrowth #StressFreeFinances #TimeManagement #BusinessOwner #Accounting

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As business owners, you play a crucial role in helping your team manage their work-related expenses effectively. I want to highlight the importance of the T2200 form—a key document that can aid your employees during tax season. 📄 What is the T2200 Form? The T2200 form is designed to allow Canadian employees to deduct work-related expenses on their tax returns. This can lead to a significant reduction in their taxable income, potentially lowering their overall tax burden. 🏢 Employer’s Responsibility: It’s vital that you, as employers, accurately fill out this form, detailing the work-related expenses that your employees are entitled to claim. This is not just a formality—it’s a fundamental part of supporting your employees’ financial well-being. 👤 Employee’s Note: For employees, it's important to keep this form safely in your records. Although it's not required to be submitted with tax returns, it must be available if requested by the Canada Revenue Agency (CRA). 💡 How to Claim: I always advise referring to the CRA’s Guide T4044 and other relevant bulletins to understand which expenses are deductible. Knowledge is power, especially when it comes to navigating tax deductions! 🔑 Key Takeaway: Ensure your employees keep the T2200 form readily available. It’s crucial for validating work-related expense deductions and could be a lifesaver during an audit. #Controller4Hire #CRA #Canada #T2200 #personaltaxreturn

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Executor Estate Settlement Services - (EESS) ESTATE PLANNING ESSENTIALS - Preparing your executor/liquidator (in Quebec) to help your beneficiaries The very relevant article below was written by Lana Sanichar who is president and editor-in-chief of Canadian Money-Saver magazine. Estate planning is not only about ensuring money gets to your beneficiaries; it's also about preparing your liquidator for their responsibilities. He or she will bear the responsibility of executing your wishes, so it's vital to equip them adequately. David Edey, a certified executor advisor, identifies these key steps to preparing your liquidator: 1) HAVE OPEN COMMUNICATION. Initiate discussions with your liquidator about your estate plans. Share the location of important documents, including your will, insurance policies and financial accounts. Regularly update them on any changes. 2) COMPLETE ALL LEGAL DOCUMENTATION. Consult with an experienced notary to create a legally sound will and estate plan. Ensure your liquidator knows who your notary is and how to contact them. Your notary can provide guidance to your liquidator regarding their legal obligations and navigating the probate process if necessary. 3) MAKE YOUR WISHES KNOWN. Prepare a comprehensive list of your wishes, including bequests, charitable donations and unique considerations. Document your intentions for the distribution of your assets, belongings and even digital assets such as online accounts and social media. 4) INTRODUCE YOUR TEAM Provide your liquidator with a list of your financial advisors, accountants and bankers who can offer guidance. Clarify any investment strategies, outstanding debts or loans they need to address. 5) KEEP ORGANIZED RECORDS Maintain organized records of your financial statements, property titles and other essential documents. Clearly label and store them in a secure location that your liquidator can easily access. 6) HAVE A CONTINGENCY PLAN Consider naming a backup. This helps to ensure continuity in case your primary liquidator is unable to fulfill their role. 7) REVIEW AND UPDATE Regularly review and update your estate plan, especially after significant life events like marriages, divorces, births or the acquisition of new assets. Preparing your liquidator is important to creating an estate plan. This proactive approach can help provide peace of mind for you and your loved ones in the years to come. I can assist clients organize their affairs while they are alive, as well as provide guidance in the settlement process of the estate or settle the estate completely. With extensive management consulting experience in personal tax planning, I am a well-rounded advisor with patience, empathy, and understand sensitive family dynamics. To learn more about the Executor Estate Settlement Services (EESS), please look at my website: https://jgrossman.ca #estateplanning #estateadministration #estatesettlement #liquidator #executor #cpa #consultant

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