Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth Management in Toronto.Rosa Park/The Globe and Mail
Proposed tax changes spark interest in alternative financial strategies
Ottawa's proposal to change the tax structure for incorporated businesses has many owners looking at alternative ways to shelter earnings for retirement and estate planning.
Tax experts are fielding a growing number of calls from small-business owners about the pros and cons of setting up vehicles such as Individual Pension Plans (IPPs) and corporate-owned life-insurance policies.
The queries come as the Liberal government proposes to restrict the use of private corporations for making passive investments unrelated to the business. Some business owners are using their corporations as a retirement vehicle by investing earnings inside the company at a lower tax rate than if they were pulled out and invested personally. Full story (Globe subscribers)
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Tax changes are about levelling the playing field
I know first-hand that running a business is hard work. It involves taking risks, suffering setbacks and often a great deal of sacrifice. As Canada's Finance Minister, I am committed to ensuring that this hard work is rewarded, so that businesses small and large are able to invest, grow and create jobs. Full story
Why you should care that our civil-justice system is broken
Canada is consistently touted as one of the best countries in which to live, but it ranks an unimpressive 112 out of 190 countries according to the World Bank's enforcing contracts indicator. For good reason: Our civil-justice system is on the fritz. Litigating a civil claim (e.g. contract claim, property rights claim, etc.) can take many years and cost tens or hundreds of thousands of dollars. Full story
How the first 20 minutes of your day can set you up for success
You all know about that morning-routine thing: Everyone raves that waking up early and sticking to your routine will help you get more done. But whether you get out of bed at 5 a.m. or 3 p.m., it's the first 20 minutes of your day that can set you up for success. Full story
Kik's coin offering a potential test for regulators
The hype around cryptocurrencies and initial coin offerings has one of Canada's highest-valued startups jumping headfirst into the crowdfunding game in what could be the largest sale of virtual currency by a Canadian company. Full story
More small business news from around the web
Ottawa teen's low-cost smartphone to take on Apple, Samsung
Moe Omer is about to take on tech giants Apple and Samsung with the launch of his own smartphone next week, with one noticeable difference between him and competition. He's launching the phone with some of the features you'd expect in most mid-range phones, but for just $180. Oh, and he's only 17 years old. Full story
Ontario announces hydro pricing pilot projects
The Ontario Energy Board (OEB) announced new pilot projects this week which will allow customers in several regions to tailor their payments for electricity to suit the times they use it most. Full story
My quest to run my 1,000-person company from a mobile phone
In meetings, I can see people raising their eyebrows. What's this guy doing staring into his phone? Is he even paying attention? Yes, I absolutely am. The truth is, for the past year, I've been steadily weaning myself off of my MacBook and relying more and more on my iPhone for work. Full story.