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”).
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 you prepare to file your 2022 income tax return, here are some important dates to be aware of.
One strategy to eliminate double taxation on the value of your professional corporation’s shares uses a windup of the corporation to create a capital loss that offsets your capital gain.
The Corporate Pipeline strategy, in summary, requires the creation of a new corporation at death to allow your heirs to extract your professional corporation’s assets on a tax-free basis.
Your estate plan should include strategies to reduce Ontario Estate Administration Tax
An often-overlooked issue for incorporated healthcare professionals is the potential for the value of their professional corporation shares to be taxed twice (i.e. “double tax”).