If you are looking for a simple and very effective way to shelter your investment income from income tax, consider a Tax-Free Savings Account (“TFSA”).
If you are a shareholder of a private corporation, a loan from your corporation can be an easy way to access cash for your personal needs, at least in the short term.
If for any two of three consecutive taxation years, your “net tax owing” is more than $3,000 (or $1,800 if you are a Quebec resident) after you file your personal income tax return, you can expect that the Canada Revenue Agency (“CRA”) will request that you pay your current year’s income tax in quarterly instalments.
A fourth strategy to deal with double taxation of your shares also requires the windup of your professional corporation within one year of your death to create a capital loss to offset your capital gain.
As an incorporated professional, your tax planning is a year-round process. Here are three tax strategies to help make your professional corporation tax-efficient:
As you prepare to file your 2022 income tax return, here are some important dates to be aware of.
If you, your spouse (which includes a common-law partner), or someone who lives with you is age 65 or older in 2023, here are some special tax tips that may apply to your situation.
Determining your optimal salary/dividend mix should be reviewed at least annually considering the following.
Are you a US citizen living in Canada? Did you file a US tax return? US citizens are required to file personal tax returns regardless of your residency. Here is another reason to file…. Funds may be available to you, The US government provided economic stimulus payments ranging from $600 to $1,800 in 2020 with an additional payment up to…
In the day-to-day of practising your profession and helping your patients, the business discussions of how you structure and operation your practice can sometimes take a back-seat.