Tag: Personal tax
Filing Your T1? Don’t Miss These 2024 Tax Return Updates
As tax season approaches, it’s essential to stay informed about the changes and updates that may impact your 2024 tax return. From federal tax brackets and RRSP contribution limits to automobile deductions and updates to capital gains inclusion rates, this article breaks down the key changes and their implications for individuals and in some cases, … Continue reading Filing Your T1? Don’t Miss These 2024 Tax Return Updates
Income Splitting Ideas For Business Owners
Income splitting is a strategic way for business owners to reduce their overall tax liability while providing financial support to their family members. By distributing income among family members in lower tax brackets, high earners can potentially lower their taxable income and make the most of Canada’s progressive tax system.
Year-End Tax Planning To Minimize Your Tax Bill
As we get closer to the end of the year, now is the perfect time to take advantage of year-end tax planning to minimize your personal tax bill due in April of next year. While some strategies can be applied to businesses as well, these tax strategies are tailored to individuals filing their T1 – … Continue reading Year-End Tax Planning To Minimize Your Tax Bill
Tax Strategies for High Net-Worth Individuals
For high-net-worth individuals, navigating tax laws is essential for preserving and growing wealth. Effective tax strategies reduce liabilities and optimize financial gains. Partnering with a tax accountant in Mississauga ensures compliance with Canadian tax laws while capitalizing on deductions.
Navigating Capital Gains Tax Changes in 2024
Starting June 25, 2024, the Government of Canada has increased the capital gains inclusion rate as part of the 2024 Budget. This is a major change to the tax law, the effect of which is that there is a higher capital gains tax on the sale of property, assets, and shares. While the government claims … Continue reading Navigating Capital Gains Tax Changes in 2024
Preparing A T5 Tax Slip
If you’re a business owner in Canada responsible for paying dividends or other forms of investment income, understanding how to prepare a T5 tax slip is essential. The T5 is a critical document that must be filed with the Canada Revenue Agency (CRA) to report these payments.
Understanding Car Allowances
For business owners and employees who use their personal vehicles for business purposes, a car allowance is a valuable benefit outlined by the Canada Revenue Agency (CRA) that should be taken advantage of. This allowance serves as the business’s method of reimbursing individuals for the business use of their personal vehicles. Understanding how to properly … Continue reading Understanding Car Allowances
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