Business Loans – how to prepare a winning loan request

Applying for a business loan may seem daunting, however, our friends at BDC have prepared a guide to preparing a winning loan request. Here is some recommended information/documentation to prepare for an effective loan proposal: 1) Historical financial information: a. Financial statements will help lenders assess the state of your business. 2) Identify your investment…

HGA Update on Proposed Tax Changes

After the outrage by Canadians during the consultation process, the Liberals decided to back down.  Instead they have offered to reduce the small business tax rate from 10.5 per cent to 9 per cent by January 1, 2019.   Although the Liberals have retracted their changes to the lifetime capital gains exemption (for now), they…

Estate Planning & RRSP’s

In general, most people name their spouse as the beneficiary on their Registered Retirement Savings Plan (“RRSP”).  Upon death, the RRSP will transfer to the spouse’s RRSP fund and tax is deferred.   What if you also have other assets such as non-registered investments where they have dropped in value and have an unrealized capital…

How to manage your expanding business

Managing a growing business presents both opportunities and challenges. To avoid future problems, you need a strategic plan supported by a dynamic team to make it happen. Keep these tips in mind when you are trying to juggle a fast-paced and rapidly growing business: Stay focused: The road to success is not always accompanied by…

Proposed Changes to CPP

Currently, workers and employers in Canada pay 4.95% of salaries into the CPP, up to a maximum income level of $55,300 a year. When people retire at the age of 65, they are paid a maximum annual pension of $13,370 under the program. People earning more than $54,900 do not contribute to CPP above that…