Tax Breaks for Families in 2015

The new measures consists of three components which are forms of income-splitting, raise in monthly child bonus payments and an increase of the tax deduction parents can claim for their child care and children’s fitness expenses.The details of the measures are provided as follows: 1. Family Tax Cut – Income Splitting The new Family Tax … Continue reading Tax Breaks for Families in 2015

Taxation — The Deciding Factor

TAXATION A six-figure earned income may not have as much spending power as expected after taxes. Wages, salaries and all other forms of earned income have increased dramatically for those with the required skills who are willing to move to the parts of the country where such skills are in demand. Indeed, it is not … Continue reading Taxation — The Deciding Factor

New 2014 Tax Developments & Updates for Canadians

Madan Chartered Accountant conducted our first webinar on September 26, 2014. This webinar provided informational content on new tax developments and changes for 2014. The aim is to provide our clients with up to date information so that they can get ready for the year-end and for the upcoming tax season. Please download your copy … Continue reading New 2014 Tax Developments & Updates for Canadians

Review your Health and Life Insurance with your Accountant

When you’re buying real estate, you’ve got your own agent and own lawyer. They’ve got their own agent and own lawyer too. Each side has specialists working for them.  When you’re buying life or health insurance, you face a huge imbalance. The advisor is working for the insurer, not you. You can tell because you … Continue reading Review your Health and Life Insurance with your Accountant

Saving Tax on Life Insurance Premiums

 Tax Treatment of Life Insurance Premiums Normally, life insurance premiums are not deductible by individuals or corporations for tax purposes. However, there are a few exceptions which are discussed below. Life Insurance Policy Used as Collateral for Loan Life insurance premiums (or a portion of it) may be tax deductible if the policy is required … Continue reading Saving Tax on Life Insurance Premiums

Life Insurance for TAX Savings

This article discusses details on how you will be able to use investments in life insurance to secure higher returns on investment (ROI), and potentially reduce tax. To harness the power of maximizing ROI and tax savings, it is important to understand exactly how life insurance and taxation of those life insurance policies work. The … Continue reading Life Insurance for TAX Savings

Setting up an Immigration Trust for New Canadians

Canadian residents for tax purposes are subject to Canadian tax on income earned on worldwide assets. As such, immigrants of Canada must consider the tax consequences of their relocation. The CRA has many opportunities for new immigrants that will help with their tax burdens. One of the more important plans that the CRA provides is … Continue reading Setting up an Immigration Trust for New Canadians

Are Gifts Given to Family Members Taxable to Them?

Taxation on gifts to family members can be tricky. Usually the recipient does not have to pay taxes but the person who gives the gift might face personal taxes. There are a couple of tips that you can take to minimize or avoid taxes such as not giving gifts that can increase in value.

How Can I Lower My Tax Bill by Income Splitting with My Spouse?

So you want to know how can I lower my tax bill by income splitting with my spouse? Income splitting with a spouse is a very effective technique to reduce overall household tax liability. Some options within this technique involves letting the higher income spouse pay for all the house hold bills which frees the lower … Continue reading How Can I Lower My Tax Bill by Income Splitting with My Spouse?

What Tax-Free Benefits Can I Get from My Workplace?

What tax-free benefits can I get from my workplace? Employees can receive benefits from their workplace and employers that are completely tax-free. Some common benefits include a loan from an employer to buy a home, medical and dental benefits, non-cash gifts, as well as education and training related costs.

Am I Eligible to Deduct Home-Office Expenses?

So you are probably asking yourself can I deduct home-office expenses? Those who run a home office and use a portion of their home as a designated office space are eligible to claim relevant tax deductions. The primary condition is that the home must be your primary place of business.

How to Prevent Paying Car Tax

If you use a vehicle for work and would like to avoid paying tax on it. It is important that you do not pay for those related expenses through your business account. Rather, you should pay for it out of your personal account. This way it becomes a taxable benefit for you on your personal … Continue reading How to Prevent Paying Car Tax

What are employee expenses?

Are you an employee looking to save on taxes? Did you know there are deductions that might be available to you? As far as deductions go, you have probably about small businesses and corporations. A business owner or corporation can deduct any reasonable expense incurred in the when earning income.  Unfortunately, there is not as … Continue reading What are employee expenses?

Advanced Income Tax Rulings and Technical Interpretations

Are you entering a business deal, but are unsure of any tax effects it may trigger? If you are, you should consider both the cost and benefit of requesting an income tax ruling and an interpretation. In this article, I will provide you with further information on this complex topic so you can make an … Continue reading Advanced Income Tax Rulings and Technical Interpretations

How to Reduce Your Risk of Being Tax Audited

Do you want to learn how to reduce the risk of being tax audited? Tax audits are a legitimate concern for everyone. However, your risk can be greatly reduced by avoiding key audit triggers such as reporting consecutive years of business losses and making high expense claims. Additionally, you should also ensure that you have supporting … Continue reading How to Reduce Your Risk of Being Tax Audited

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