Author: Alden Hui, Olympia Benefits A Health and Welfare Trust is often referred to as a Health Spending Account (HSA) or Private Health Services Plan (PHSP). These names are used interchangeably and usually mean one and the same thing. For ease of reading, I will refer to these plans as a Health Spending Account (or … Continue reading Can a Health Spending Account (HSA) save my business money?
What are “Minute Books?” Your corporation’s Minute Book is an official record of your company’s activity including: Documentation that proves your corporation exists. The names of all shareholders, officers and directors that have been in the company since incorporation. Share transfers and insurance. Proof that every step was taken to activate the corporation after incorporation. … Continue reading Minute Books: Why They Are Essential For Your Business
If you are planning on incorporating your business, hiring an experienced accountant is one of the best investments you can make! An accountant will give you 1 on 1 tax planning advice and give you a proper corporation structure based on your and your family’s tax situation. Once your accountant knows of your tax situation, … Continue reading Benefits of Using an Accountant to Incorporate your Business
The Rise of Transfer Pricing Disputes Many multinational companies are using techniques to either avoid or lower their taxes by taking advantage of the fact they have a parent company or subsidiaries in other countries. The CRA, IRS, and other tax authorities are auditing taxpayers with greater scrutiny in regards to transfer pricing issues so … Continue reading The Rise of Transfer Pricing Disputes
Much of the political rhetoric surrounding the Liberal Party’s win in the Canadian Federal election was centred on this notion of ‘change’, a promise of progressive changes that Canada needs in order to escape from the shadows of its Conservative predecessor. While looming issues such as the United Nations Climate Change Conference, the Trans Pacific … Continue reading Why Canada Needs Corporate Tax Reform
As part of our ongoing efforts to better engage and provide value to our clients, we regularly conduct informational tax webinars. Our webinar on February 20, 2015 focused on year end tax tips for business owners. Some of the topics covered in this webinar included:
As a small business owner, you always have countless to-dos on your plate. Unfortunately, sometimes critical tasks like accounting end up getting neglected — leading to a mad dash come tax time. Fortunately, with new apps in the marketplace, like the free accounting and invoicing app Wave, you don’t need to devote hours to staying … Continue reading Organize Your Finances through Wave Accounting
Tax Implications of Mergers Mergers and amalgamations encompass a broad range of transactions. Their tax issues vary depending on a number of factors, including: whether the target company is public or private, whether the target is a resident or non-resident of Canada, impact of the year-end of both companies, application of capital and non-capital losses, … Continue reading Tax Implications of Mergers in Canada
Tax management is very critical, especially for small and medium-sized businesses. This article provides many year-end tax tips for 2014 that you can take advantage of to save your business more money. 1) Withdraw funds from your corporation in a Tax-effective manner: Salary and/or Dividends Pay Salary /Bonus from the corporation: Advantages Salary/bonus constitutes as … Continue reading Year-End Tax Tips for 2014
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
A common trend among many small business owners is having a company car. What a lot of small business owners do not realize is that if they make their car accessible to employees then they may have to pay additional taxes. Some applicable taxes that are levied are standby charges, operating cost benefits, taxable automobile … Continue reading Do I Have to Pay Tax on a Company Car?
Are you a dentist with a practice? If you are, you know there are few harder decisions than selling your business. After all, you have put your money and effort into building your reputation. There are also complications involving sales, such as finding a buyer and minimizing tax. Dentists simply cannot afford to sell without … Continue reading Tax implications of selling a Dental Practice in Ontario
Are you an employee looking for information on Canadian Corporate Shareholder Loans? Look no further! All corporations need a capital base to run. Without one, it cannot operate, acquire assets, or conduct business. Known as capitalization, shareholders can provide a capital base in the form of either debt or equity. We call capital provided in … Continue reading Canadian Corporate Shareholder Loans
Shareholder Loans As a shareholder, there are a number of ways to withdraw funds from your corporation, i.e.: you can declare dividends, receive salary, or take bonuses. However, each of these remuneration strategies has personal income tax implications. An alternative method of withdrawing corporate funds is to have the corporation issue a loan to the … Continue reading Shareholder Loans – How to Get Cash out of Your Corporation Tax-Free