These rates apply to regular income, such as employment, interest and business income.  Taxable Canadian dividends are taxed at lower rates, and only 50% of capital gains are taxable.  These brackets are approximations only and are intended for general information only.  They should not be used to calculate reliable tax estimates.

You may claim a tax credit for medical expenses when preparing your income tax return. How much is it worth to you? What qualifies as a medical expense? Our firm has identified the medical expense credit as the most common tax credit missed by taxpayers.  Although this article is quite complex, we hope it is easier to read than Interpretation Bulletin IT- 519R2 available to you free from the Canada Revenue Agency (www.cra-arc.gc.ca).  We also recommend their publication RC4064, Medical and Disability – Related Information.

Many business owners are too focused on operating their business, making sales and supervising their employees to keep a close eye on financial reporting.  However, even if your financial record keeping is delegated to competent personnel or a bookkeeping firm, it is essential that you take a few steps to avoid financial losses from errors or theft.  The following procedures will significantly reduce your risks, and also help you stay current on the state of your finances to avoid unexpected consequences.

Are you concerned about losing some of your hard earned dollars through errors or dishonesty?  If not, you should be!  Government and large companies have the resources to put systems of checks and balances in place, but small business owners and non-profit organizations may not be able to afford to do so.  However, there are some very easy steps you can take to significantly reduce your risks.  Here are some ideas.

As a financial planner, I have seen many individuals who have been “sold” on an investment approach by a financial advisor that really made no sense. I liken it to Hallowe'en, for investors whose treats turned out to be tricks. If your financial advisor promotes the following bits of wisdom, you should probe with more questions or get yourself a second opinion.

Will you be eligible for financial assistance for nursing home care in Prince Edward Island, and how is your eligibility determined?

Whether starting a business, expanding or facing a cash crunch, finding a source of financing may be a challenge. This article looks at sources to borrow (as of September 2006)

Tax rules related to vehicle use are complicated. This is an overview of some issues you should consider.

Are your individual association and membership dues deductible? Many people mistakenly believe that all dues are deductible.

When you become a director of a corporation or a non-profit organization, you may be appointed because people respect your opinions and abilities. However, you are accepting a number of responsibilities, including a fiduciary duty to the organization’s membership and/or the general public.

Appropriate bookkeeping is required for adequate management and to meet legal responsibilities. Consider the following bookkeeping issues.

Financial planning is the process of organizing financial matters to achieve your goals in life. Are you organizing your affairs well enough to meet your objectives?

There are a number of tax matters that entrepreneurs should consider when starting a business.

Our guidelines in dealing with tax auditors

The following list provides some ideas on structuring your estate plan to reduce income taxes.

Some guidance for that very important agreement with your co-owners. Please review these pointers and visit your legal counsel before significant issues arise.

What is financial planning? Financial planning is the process of organizing financial matters to achieve lifetime goals.

The purpose of risk management is to protect you against unforeseen losses that you cannot afford. You need to review all areas where such risks exist and take appropriate steps to minimize them.

Are you a U.S. resident selling timber from your Canadian property holdings? Watch out for the special tax rules.

The purpose of this article is to explain taxation of timber sales, also called stumpage, by persons who are not in the business of doing so. The common situation occurs when you are approached by someone wishing to cut timber from your property. This property may be part of your homestead, a cottage property, or other real estate holdings.

If you need help with making ends meet, review these ideas!

Do you have aging parents who may soon be unable to look after themselves? Will you or your parents be faced with the costs of nursing home care and other medical needs? This article is an overview of which costs are deductible and who is eligible to claim them.

When can you deduct our fees for preparing your tax return?

How can you reduce your combined family income tax costs by transferring taxable income from one individual to another in a lower tax bracket?

The goal of this newsletter is to explain how family trusts may be used by business owners to achieve certain objectives. Everyone, business owners or not, can use trusts as estate planning tools; please see our article "Using Trusts in your Will"

Leveraging is the process of borrowing money to invest. The old saying of “it takes money to make money” is at work here. We will look at the pros and cons of this method of investing.

This article is intended to give you a simplified explanation of how businesses are valued. It is not intended to provide a full explanation of this very complex area.

If you are planning to start your own business or maybe just an expansion, there are many factors to consider. Blair Corkum, BComm, CFP, CLU, R.F.P., CA has prepared a series of checklists to make you aware of these issues. A brief explanation followed by a Table of Contents below list the discussions available as separate articles ("Chapters") on this Web site.

See the Intro above to this article, which contains a full Table of Contents - these chapters describe the initial contacts you should make, the types of business structures to consider and infrastructure considerations.

See the Intro above to this article, which contains a full Table of Contents - these chapters describe getting ready to apply for financing and where to apply for many of your required registrations.

See the Intro above to this article, which contains a full Table of Contents - these chapters describe important tax planning issues and bookkeeping matters that all entrepreneurs should review for two reasons. First, ensure you paying minimal taxes; second, ensure you are in compliance with the law to avoid costly interest and penalties later.

See the Intro above to this article, which contains a full Table of Contents - this chapter describes a list of additional general issues to consider when starting a business, and Appendix I lists sources of additional useful information for your reference.

Whether you need to prepare a business plan to raise financing, or want to prepare a plan for your own long-term planning, this is a guide to ensure you do it right.

A brief checklist of the pros and cons of incorporation to discuss with your professional advisors before incorporation.

A quickie checklist to get you started in a business - designed for P.E.I. but many points are relevant for anywhere!

If you want your savings to grow, there are some important concepts for you to know and understand. It's your money - remember how hard you worked to earn it so be careful with how you invest it.

We are going to talk about Trusts set up in your Will, also called Testamentary Trusts, in this document. You may wish to obtain information on Living Trusts too. This article is not intended to define a Trust or to explain its legal implications. If you need more information to understand what a Trust is, please contact us.

The following article deals with a number of issues applicable to taxation of investments. Although this list is not exhaustive, it will provide a checklist for everyone to consider. If you are looking for more information on any of the following points please contact us. This article was written January 2003, and tax policy may have changed since that date.