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Acquiring a Canadian Business?

Acquiring a business can be an exciting endeavour!  When you go through the acquisition process, it is important to ensure your new, Canadian employees are transitioned smoothly. Four things to keep in mind are: Offer Letters- Employment Contracts: Ensure that they are compliant with Canadian federal and provincial labour legislation and are reflective of your organization’s culture. Setting a clear expectation at the outset of your relationship with your new employees will go a long way in helping them feel good about the changes that are taking place. Payroll: If it’s possible, choose to keep the same pay cycle or one that is very close to the current set...

Benefits Fraud: Who Really Pays?

Benefits fraud is often viewed as a victimless crime, one that affects large insurance companies rather than individuals.  However, this is not the case when you consider that an increase in benefit plan claims will result in an increase in your benefit rates.  Also, if the claims usage is causing premium rates to increase, an employer may look at limiting or reducing the paramedical coverage (i.e., chiropractor, massage therapy, acupuncture, physiotherapy etc.) to help with cost containment. Benefits fraud can be as simple as a plan member submitting a claim for a massage they did not receive or increasing the dollar amount of the massage.  It can also...

Annual Registered Retirement Savings Plan Contributions

Now that we are in a new fiscal year, it time to start thinking about maximizing your Annual Registered Retirement Savings Plan (RRSP) contribution for 2016.   For those that are not aware, you can make an RRSP contribution anytime throughout the year, or up to 60 days into the following year.  The deadline to make contributions for 2016 is March 1st, 2017. However, before you start making a lump sum contribution you must be aware of your “Contribution Room” limit. So what is a Contribution Room Limit and where do I find it? In Canada there are limits on how much an individual can contribute each year into...

Children Eye Health – Part of Back to School Preparations

While you were rushing around picking up school supplies, new school clothes, indoor shoes and lunch kits did you remember to book your child’s annual eye exam? Your child should have a routine eye exam before starting kindergarten, then every year throughout their school years. Most learning in school is visual and you need to ensure that your child can see what is being taught, see the board at the front of the class and be able to read books clearly. Most provincial health care plans cover the cost of eye exams for children. The following are some of the signs and symptoms you should keep an eye...

Are you saving enough for retirement?

What is your financial retirement goal? How much money will you need to save for your retirement goal? There are numerous investment options you can use in order to achieve your retirement goal. The Tax-Free Saving account (TFSA) is one option that people can take advantage of. TFSAs are a good option for retirement savings and also for short and long term goals. The TFSA allows your investment to grow tax-free, while you are able to withdraw cash without any tax implication. Here are some benefits of investing in a TFSA: Any Canadian resident age 18 and older with a Social Insurance Number can contribute up to $5,500...