Posted on: November 11, 2024
The following are some ideas for individuals and business owners to reduce income taxes as 2024 draws to a close.
Individuals should consider doing their RRSP contributions before the RRSP rush in the first 60 days of 2025. You can get better values by buying today than when all the last minute procrastinators rush to buy their RRSPs in the New Year and temporarily push up market values.
Posted on: April 8, 2024
A letter arrives from Canada Revenue Agency (CRA). You are being audited. Panic ensues as you wonder what you did wrong and why the CRA is targeting you. 'There must be bigger fish to fry,' you might say to yourself.
The first thing you need to do is relax and take a few deep breaths. If you have a qualified tax advisor on your team, you have nothing to worry about. If you don't, now is a good time to contact a professional tax planner to review your returns and assist you with the audit.
Posted on: November 13, 2023
With the year's end fast approaching, here are some ideas to minimize your 2023 tax bill.
The first idea is to look at harvesting any tax losses in an investment portfolio to help offset any capital gains you may have triggered. Even if there are no capital gains, non-registered tax losses can be applied to previous year tax returns to generate a tax refund. Or capital losses can be carried forward indefinitely and used against future capital gains. Just remember to keep track of those figures as CRA may not do so.
Posted on: June 12, 2023
Sole proprietorships are the most basic form of business organization. They are actually an extension of the person and are taxed as such. Due to its simplicity, many business start-ups begin as this form of organization. As your business grows, there are numerous taxation benefits to setting it up as a corporation. Speaking to a qualified financial professional can help you decide on the most advantageous business organization for your situation.
Tax planning strategies for home-based businesses
Posted on: July 8, 2019
Do you know the real rate of return on your investments? Generally, Canadians measure the success of their investments based only on the rate of return. While it provides a good snapshot of whether an investment is doing well or not, it is not the only criterion for a true picture of success. A good portfolio is based not only on the return, but also by the tax implications of the investments.
Posted on: April 8, 2019
Similar to the situation of individual Canadians, small business owners must deal with a variety of financial challenges in order to grow their businesses. Besides managing issues like cash flow and assets, small businesses must also think about taxes on income.
Without a doubt, tax return filing can be an intimidating experience for many business owners, but the process can be greatly simplified simply by keeping good financial records.
Posted on: December 11, 2017
It doesn't take long after receiving your first paycheck to realize that all of your money is not your own. The Canadian government is an active partner in your earnings, and the more money you make, the larger it takes.
A better understanding of taxes and how they apply to you can result in hundreds of dollars of savings back into your pocket each year.
Posted on: December 12, 2016
With a few weeks to go before the year-end, you may wish to think about some moves you can take now to save you some taxes for 2016.
Along with the usual advice to do any tax loss selling before December 23rd on any equity investments to offset any capital gains earned in other investments during 2016, there are a few new tax planning strategies that you can take advantage of.
Posted on: May 9, 2016
The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.
Posted on: October 12, 2015
“Everyone wants to live at the expense of the state. They forget that the state lives at the expense of everyone.” - Frederic Bastiat
By the time that you read this article, it is very likely that the Federal elections will soon be over. When all the back slapping, hand wringing and hyper-analysis is done, the new political regime will be faced with one inescapable challenge.
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