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
TAXATION It’s never too early to start planning your year-end tax strategies. For many businesses, the month of October signals that the end of the fiscal year is not far away. Realizing that December 31 is fast approaching should prompt you, as an owner-manager, to review your year-to-date corporate and personal data and start putting … Continue reading Year-End Tax Strategies
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
No matter what type of business you’re running, one of the key things you often look out for is how to save money. Even the biggest companies in the world follow a few frugal tips to make the profits stretch further. The good news is there are plenty of ways to cut back. Below you’ll … Continue reading What You Can Do in Your Business to Save a Little Money Wherever You Can
SOCIAL CONNECT