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

Is it Better to Receive Management Fees or Salary from Your Corporation?

Are you an incorporated business owner? Have you wondered about paying yourself management fees or a salary? If the answer is yes, then this article is for you! I will discuss the pros and cons of management fees and salary.

How to Deduct Meals and Entertainment for Clients from Business Income?

Did you know that you can deduct meals and entertainment for clients from your business income? Find out the activities you can deduct to help save you money.

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

Year-End Tax Strategies

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

Do I Have to Pay Tax on a Company Car?

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?

How Do I Give Money to my Startup Business?

When you have a new business venture it can be difficult generating cash and capital. Luckily for you, there are a few options. The first option is through a shareholder loan, these loans can be repaid to you tax-free. The second option is generating capital by issuing shares.

Tax implications of selling a Dental Practice in Ontario

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

What are the tax benefits of a holding company?

Are you wondering what are the tax benefits of a holding company? Setting up a holding company can provide you with some benefits. The first is that it provides creditor proof. The second benefit is that the holding company can be used for income splitting purposes thus reducing your overall tax liability.

Tax Benefits of Life Insurance for Business Owners

There are many benefits that a corporation can gain from getting life insurance. It provides lump sum cash for the family members of the deceased. Another benefit is that it can also be used to protect profits from investments from tax.

Disadvantages of a Corporation

While corporations have many benefits, there are also some drawbacks. Generally, losses incurred by your business can be offset by personal income. If you’re incorporated then these losses cannot offset.

What are the Advantages of a Corporation?

If you have a business then it might be a good idea to consider incorporating into an corporation otherwise known as a limited liability corporation. There are a number of different benefits for corporations such as the low corporate tax rate and limited liability protection.

Canadian Corporate Shareholder Loans

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

What You Can Do in Your Business to Save a Little Money Wherever You Can

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

How to Save Money for Sole Proprietors

Are you looking for tax tips for sole proprietors? Sole proprietorships can utilize a number of different strategies to save money and reduce their tax obligations. These include taking advantage non-capital losses, paying wages to family members for income splitting, claiming relevant business expenses and incorporating your business.
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