Are you in a higher tax bracket than your spouse and tired of paying way too much in taxes to the government? If yes, then use the best income splitting strategy – the Prescribed Rate Loan. Income Splitting The best income splitting strategies are able to effectively transfer income from the higher income spouse to … Continue reading Best Income Splitting Strategy – Prescribed Rate Loan
Do you have unreported income? The Voluntary Disclosure Program may be able help you avoid CRA penalty charges. Keep reading to find out how… Voluntary Disclosure Program Due to Canada’s independent tax filing system, taxpayers must have a good understanding of their tax filing responsibilities. The Canada Revenue Agency’s (CRA’s) tax filing requirements vary depending … Continue reading Voluntary Disclosure Program for Canadian Taxpayers
Most Canadians around this time of the year are stressing about their taxes. If you do not possess an extensive tax background then calculating your personal taxes can be frightening. After reading this article you will discover the best approach to income tax preparation in Toronto. Background All Canadians not just Torontonians must file income … Continue reading What to Know About Income Tax Preparation in Toronto
With tax season rapidly approaching everyone wants to know the most efficient way to complete their taxes. While getting taxes done quickly is beneficial to most, you could miss out on important savings that may be available. Through this quick tax tutorial designed for business owners, one can expect to learn which form to complete … Continue reading How to Complete Form T2125 for a Sole Proprietor
Understanding Your Benefits and What Tax Refunds You Are Eligible For: The Simple Guide to Improving Your Economic Well-being Benjamin Franklin once said “In this world nothing can be said to be certain, except death and taxes”. His point remains as relevant today as it was in the 18th century, everybody hates taxes (except the … Continue reading What tax refunds and benefits am I eligible for?
Have you ever asked yourself, “How can I reduce my income taxes?” Chances are you have, especially close to April 30th, the due date for personal tax returns in Canada. This article explains how to reduce income taxes, by applying the 10 best tax tips for individuals:
Canadian business owners, setup a Family Trust in Canada to save taxes. This article will cover how a Family Trust in Canada can result in substantial tax savings for Canadian business owners who are incorporated. What is a family trust? A family trust can be described as the relationship that exists between 3 parties: The … Continue reading Should I setup a Family Trust in Canada?
The Top Tax strategies for medical practitioners (doctors, physicians, chiropractors, dentists, pharmacists) are revealed in this article. The common theme is that of income splitting – distributing income to family members that otherwise would have been taxed in the hands of the same individual. Hire your spouse/child As an owner, you can hire your spouse … Continue reading Income Splitting
Whether to take a salary or dividend from the corporation is a complicated decision that a small business owner usually has to make. This article indicates advantages of both alternatives so you can decide which option is beneficial for you! Advantages of taking Salary Increase your RRSP contribution limit By taking a salary from your … Continue reading Is it better to take a Salary or Dividend?
US citizens working in Canada have to file a Canadian tax return and pay Canadian tax. If you are a US Citizen working in Canada as an employee, you should be aware of what tax obligations are applicable to you or you could end up facing large penalties. Here are the tax-related responsibilities that you … Continue reading Tax Implications for US Citizens working in Canada
The Canada Revenue Agency (CRA) offers generous tax deductions for child care expenses incurred by parents. Are you eligible for this deduction? As an Accountant in Mississauga, I will help you answer this question.