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Sanjeey Khatter, like many Canadians today, was in the dark as to how to file his taxes. Therefore he took on a tax preparer to assist him with his financial needs. What occurred after was an unfortunate mixture of poor judgment and severe carelessness.

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by MadanCA Team on February 10, 2016 @ 7:23 pm

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Benefits of a Health Spending Account

Dental cleanings, prescription drugs, glasses, cavities, massage therapy, antibiotics, contacts….the list goes on and on. Your family spends thousands of dollars a year on medical costs that aren’t covered through OHIP (or your provincial plan). How do you pay for them? Introducing Health Spending Accounts – the smarter way to pay for your health care! … Continue reading Benefits of a Health Spending Account

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Tax Implications of Mergers in Canada

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

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Year-End Tax Tips for 2014

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

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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

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Tax Tips for Real Estate Investors in Canada and the United States

Real Estate investors in Canada and the United States should be aware of the tax implications of investing in real estate. In this presentation, Allan Madan explains the most tax effective structure to hold and own real estate properties in both Canada and the United States. He also explains how to minimize estate tax for … Continue reading Tax Tips for Real Estate Investors in Canada and the United States

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Tax Tips for Real Estate Agents

Professionals across all industries and sectors can utilize a number of different strategies to minimize their overall tax obligations. In this presentation, Allan Madan provides the most effective tips for real estate agents to reduce their expenses and minimize their overall tax obligations. The topics in this presentation include: Deducting vehicle related expenses Keeping a … Continue reading Tax Tips for Real Estate Agents

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How to Use Video Marketing for your Business

In this video, Allan Madan shares his experience on how to use informational base videos to market your business. Madan Chartered Accountant has over 100 informational based videos on various tax and accounting topics. These videos have generated over 200,000 views and have increased Madan Chartered Accountant’s online exposure. Marketing today has gradually shifted onto … Continue reading How to Use Video Marketing for your Business

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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

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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

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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

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