2018 is almost upon us as the year draws to a close. It’s time, once again, to take advantage of the many personal and business tax-planning opportunities that are still available. Read more
Estate planners often suggest that the RRSP/RRIF holder designate a beneficiary of the plan. There are many advantages:
On January 1st, 2017, the LCGE increased to $835,716 of capital gains realized by an individual on qualified small business corporation shares. The LCGE has been indexed to inflation for the years following 2014. The new limits apply to any taxpayer who has claimed the LCGE previously.
For dispositions of qualified farm or fishing property, the LCGE increased to $1,000,000 on April 10, 2015.
The capital gains exemption creates additional opportunities (and complexities) when tax planning.
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In a recent Technical Interpretation, CRA noted that an employer-provided meal allowance will not be taxable where the following conditions are met: Read more
If you own a business, you may have wondered if you should incorporate. Historically the income tax system in Canada has benefited incorporated Canadian small businesses. Read more
Common Deductions and Tax Credits for Students
The most common deductions that apply to students are moving expenses and child care expenses.
Never use your home address as your business address. If you have a business location outside of your house use that location. If CRA collections issues a direction to the sheriff to prepare a report of assets, the sheriff will go to the business address. Read more
Every business owner should be concerned about creditor proofing his assets. Consider these suggestions:
The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It ensures a measure of protection to a contributor and their family caused by the loss of income due to retirement, disability and death. Read more
Self-employed Canadians are able to voluntarily access Employment Insurance (EI) special benefits. Read more