Tax Planning

An Express Trust is set up with a legal act with the intent of a trustee to manage trust property on behalf of beneficiaries.  This has proved to be an effective transfer and store of wealth as well as a tax planning tool.  A properly planned express trust can take a multitude of forms with…

Offering employees stock options can be a way to incentives them via a remuneration that is aligned with the objectives of shareholders, including increased share value and profitability of the organization. Stock options give employees the right to purchase shares in the corporation at a set price before an expiry date which allows them a…

Providing employee benefits can be effective in retention tool, however the impact of tax on these benefits should be considered for both the deductibility to the corporation and the taxability and requirement to withhold for the employee. A benefit is a good or service an employer gives to an employee such as the free use…

The use of Trusts for income splitting are requiring more sophisticated tax planning since the introduction of recent legislation such as the TOSI (tax on split income), also known as the “kiddie tax” rules.  However, a Trust can still be effective to fund the next generation and move income, even minor children. The Canadian income…

Although income splitting with your children has become difficult, there is still some opportunities currently available that include using marketable securities, a Trust and a tax professional. Historically, income spitting was addressed through attribution rules.  These rules were circumvented through taxpayers winning court cases that established dividends were not attributable between shareholders (see Mcclurg v…

Please note the following important dates are estimates only.  Please confirm your deadlines directly with your professional advisor. May 15, 2022           – April payroll remittances due May 31, 2022           – Fiscal year end February 28th tax payments due May 31, 2022           – Fiscal Year end November 30th tax filings due May is a…