Transferring property from yourself to your corporation or from one corporation that you own to another could result in a tax liability if not done correctly. This is usually done through a section 85 rollover, however there are several considerations…
A trust allows you to separate control and management of assets from its owners. This separation allows for distinct advantages that will result from the details contained within the trust deed. There are several types of trusts and legal scholars…
Contributions to RRSP accounts made before February 28th can be considered for tax deductions to an individual’s personal income for the previous year or current year. This deadline often conjures up thoughts on retirement planning along with investing in pension…
Registered education savings plans managed effectively will allow for a free $7,200 Grant (Canada Education Savings Grant (CESG)) to be used for education purposes towards a child’s education plus investments that can grow tax deferred. The CESG is based on…
Not all dividends are created equal. Dividends from a small or medium sized corporation have varying tax implications and it is important to note not all dividends are the same. It should also be noted that budget changes over the…
From time to time the government imposes filing requirements on certain industries. The T5018 statement of contract payments is one such requirement placed on the construction and related industries. If you are an individual, trust, partnership or corporation involved in…
Commissioned salespeople are often used to mitigate costs and incentives sales within an organization. While considered self employed, if your organization utilizes commissioned salespeople, your organization should be completing a T4A for them. A T4A slip is an information return…