It’s that time of year that most of us run to your financial advisors or accountants and try to figure out how much we can save in taxes by contributing to our RRSP, RESPs or other forms of tax deferring vehicles provided by the government. However I always advise clients that it is possible to […]
In Canada, we have some of the highest debt per capita on the world. Small changes to the interest rate or an unexpected bill can have devastating effects for a family. In order to ensure you and your family are protected and can prosper financially we have compiled a list of actions that will allow […]
Every year the Canada Revenue Agency (CRA) makes a number of changes in the way they assess tax returns and how they implement new credits brought into legislation by parliment. See this years list on what’s new for personal taxes on the CRA site: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/whtsnw-eng.html As chartered accountants in Toronto and Mississauga we have many […]
As per CRA guidelines, individuals (Note: Couples- are considered one individual) are entitled to have only one principal residence. Thus, cottages and/or recreational properties are usually subject to taxes on capital gains resulting on the sale of these properties. However, a good chartered accountant in Toronto will advise you to claim the principal residence exemption […]
If you’ve developed an interactive website, mobile application or any digital media product in Ontario, you’re in luck! With the Ontario Interactive Digital Media Tax Credit (“OIDMTC”), you can recover up to 40% of your eligible labour expenses and up to $100,000 of your marketing and distribution expenses. This tax credit can be a perfect […]
Child care expenses can be deducted from income if you as the parent incur these expenses in the process of earning income from employment or business. If you are working in the day and need child care services you are entitled to a deduction for these expenses. Eligible expenses includes, but is not limited to, […]
A growing segment of the Canadian population is self-employed and many are operating their business from their homes. Whether you are sole-proprietor or a corporation, the potential to deduct your home office expenses is an important issue and it is a question we are often asked by entrepreneurs. In practice, deducting the cost of your […]
As a shareholder of an incorporated business you should consider the possibility of issuing shareholder loans as a tool for tax planning purposes. A shareholder loan is an agreement to borrow funds from your corporation for a specific purpose. In essence it is a form of remuneration similar to salary and dividends, where funds are […]
Should I hold my real estate inside a corporation? If you own or are contemplating purchasing real estate property for investment purposes, then you should consider the tax and non-tax issues that arise from holding such property in a corporation. Below is a brief discussion of some of the major issues you should consider. Tax […]
Employee vs. Self-Employed (Contractor) Assessing the nature of a business relationship to determine whether an individual is an employee or a self-employed contractor is significant for tax purposes. A self-employed contractor is able to deduct many more business expenses and incorporate their services to take advantage of lower tax rates. The courts have collectively looked […]
Copyright © 2020 All Rights Reserved.
