One of the best tax saving opportunities for family owned and operated businesses over the years has been income splitting. This is the practice of splitting income amongst family members to use up all of each family member basic personal tax credit and low tax rates at the lower income ...
Read MoreThere are a few instances where you are able to deduct expenses against employment income. The content of this blog will just cover the most common expenses of standard employment arrangements. There are specialized rules for commission employees and other unique circumstances as well as more specialized expenses that will ...
Read MoreMost people aren’t aware of one of the harshest penalties that the CRA (Canada Revenue Agency) gives out. This penalty doesn’t necessarily relate to fraud or tax evasion, but can occur if someone is simply forgetful or unorganized. Over the last couple of years the CRA has started charging a 20% ...
Read MoreBelow is a checklist that I have put together to help my clients organize and compile the information needed to complete their personal tax return. Slips All information Slips (T4, T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF, T5013) Old Age Security and CPP benefits Other Pensions and Annuities Employment insurance benefits Social assistance payments Workers compensation Benefits RRSP ...
Read MoreEmployment Income vs. Business Income One question that I often get from clients is related to whether individuals are considered employed or self-employed. This determination has a significant impact on taxable income, the ability to deduct certain expenses, and the requirement to make payroll remittances such as CPP and EI. Regardless ...
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