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In my last article, I introduced the Health Spending Account (HSA) as a unique and simple tool for corporations of 1-through-10,001-and greater employees to either augment or define the foundation of their health benefits plan, using tax-preferred funds. In this issue, we’ll dive deeper into unique planning strategies for business owners to help identify the most efficient plan structure to suit their needs.

Over the years, several people have offered their thoughts about tax refunds and what to do when we get them. The first thing that most commentators point out is that a refund is a de facto admission that you have overpaid through tax withholdings and/or instalments over the previous tax year. Calibrating the amounts you’ll need to remit regularly and then paying accordingly helps. It is important to incorporate not only your income level, but also the deductions you are likely to incur along the way.

With the year winding down, savvy Canadian investors start thinking about tax loss selling to optimize planning opportunities and reduce tax. Tax loss selling is a planning strategy that allows investors to offset taxable capital gains by realizing capital losses in their portfolios. While relatively straightforward, the rules around tax loss selling—particularly the deadlines, superficial loss rules, and integration with broader financial goals—are nuanced.

Most financial advice is geared to middle- and upper-income Canadians. Ironically, the low-income earners most in need of financial advice feel they can’t afford it, while fee-based advisors have little incentive to seek out those with tiny accounts.

A research report led by Securian Canada from October 2024 revealed that more than one in five Canadians, or about 7.3 million adults in Canada, participate in the gig economy. Further, the study revealed that almost three-quarters of them do gig work as a “side-hustle”, meaning they are also employed full-time or part-time.

Recently, Canadians have soured on the United States as a vacation destination. Canadians are going south less and re-exploring the beauty of Canada. To me, there is much here in Canada, from the amazing beauty of Cape Breton to the Rocky Mountains of British Columbia and Alberta, and so much in between.
We Canadians love our country, our culture, and our diversity. So, many of us are shopping at home now, snowbirds are moving back, and U.S. expats living in Canada are wondering if maintaining their U.S. citizenship with costly tax filing compliance is worth it.

Canadians recently elected a new Liberal government.
Here's what the Liberal Party has proposed — and how it could impact you.

Year-end tax returns for a small business owner can be a lot of work whether you have a sole proprietorship, a partnership, or an incorporated company. However, the record-keeping requirements, government filings, and planning strategies are all more complicated when you have a corporation.

The United States has had income tax expatriation rules for many years, which may apply taxes when individuals give up their U.S. citizenship, or properly surrender their green cards. The rules are a bit like the taxes that can apply to Canadians moving out of Canada as far as a deemed disposition of assets is concerned.