10 Best Tax Tips – Tax Consultant in Mississauga Watch Video
Allan Madan, CPA, CA
Tax consultant in Mississauga shares his 10 Best Tax Tips. Individuals, business owners, and investors Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
I found this helpful and makes me think getting incorporated is a pretty smart move for most small businesses. Thanks for the tips.
Great advice as usual. Thanks again for all your help!
Can I pay my spouse a salary if she is working with me in my business?
Thank you for the question Frank. You can pay your wife a salary as long as the salary is reasonable and is based on the work performed. For example, if your spouse is performing data-entry, and works only 1 hour per week, it would not be reasonable to pay your spouse a salary of $60,000 / year.
As a Toronto Accountant, I recommend that you keep time sheets for the hours worked by your spouse and pay the market rate for the type of work that your spouse is performing. You should also consider drafting an employment contract with job description, duties, wage rate and expected hours of work.
Write more, thats all I have to say. Literally, it seems as though you relied on the video to
make your point. You clearly know what youre talking about,
why throw away your intelligence on just posting videos to your blog when you could be giving us something enlightening to read?
Thank you ! We appreciate the opportunity to be helpful to the public.
The Team at Madan CA
What is the withholding tax rate for a resident of China withdrawing previously contributed RRSP
Hi Yvonne, the withholding tax rate is 25% on RRSP withdrawals made by a resident of China.