The perception of tax planning has often been misconceived as a simple choice between dividends and salary from an owner managed business. The decision should consider a number of variances – one such consideration being integration. The Canadian tax system…
As a rule, a proprietor or corporation can deduct for tax purposes any reasonable expenses that were incurred to earn business income. However, this rule has its exemptions and other consideration that make up much of the 2,810 pages of…
It used to be simple to move a dividend from a subsidiary to its parent corporation. If the parent owned more than 10% of the shares, this would have no tax implication and no Part IV tax. However, the simple…
Obtaining a grant of probate may be a necessary part of administering the will of an estate. The authority of the executor (“Personal Representative” in Alberta) appointed under a will arises immediately upon the death of the testator. However, in…
As your parents and grandparents age, you may find yourself in a position where you need to assist them with the management of their financial affairs. Taking on this responsibility requires an understanding of what is or may become involved…
If you incur costs related to employment such as overtime meals, travel to locations different from your employer’s place of business and incur expenses during travel for work – these costs may be deductible. To claim these deductions, your employer…
The 2022 combined personal federal and Ontario tax rates had tax increases in the $155,625 through $220,000 tax brackets in comparison to the prior year due to federal tax increases, while more income qualified at the bottom two tax brackets. …
The 2022 combined personal federal and British Columbia tax rates had tax increases in the $155,625 through $221,708 tax brackets in comparison to the prior year due to federal tax rate increases, while more income qualified at the bottom two…
The 2022 combined personal federal and Alberta tax rates had tax increases in the $155,625 through $221,708 tax brackets in comparison to the prior year due to federal tax rate increases, while more income qualified at the bottom two tax…
Remember the January 30th Deadline to Pay Interest The prescribed rate of interest is often used within tax planning and income splitting and can be a good tax savings strategy that can last several years. While providing your spouse funds…