The TFSA program began in 2009. It is a way for individuals who are 18 years of age or older and who have a valid social insurance number (SIN) to set money aside tax free throughout their lifetime. Unlike an RRSP, investors are not able to deduct contributions to a TFSA for tax purposes; however investment Read more about How to retire with over $200,000 Non-Taxable Family Income[…]
Gift received by a Canadian resident from Indian resident is taxable in India in the hands of the recipient unless received from relatives. In India, one of the most common modes of transfer of property and money is by way of a gift. A gift can be a transfer of movable or immovable property or Read more about Indian Gift Tax Rules: Documents that you should have[…]
First payroll remittance for year 2021 will be due on Feb 15th 2021 if you are monthly remitter or on April 15th 2021 if you are quarterly remitter. The CPP rate for year 2021 has gone up to 5.45% from 4.25% in 2020, see the table below. CPP contribution rates, maximums and exemptions Year Maximum Read more about 2021 Payroll Planning[…]
Everywhere you go Take a look at your T5 and T4, or you may soon be poor With all the taxes at your door. It’s that lovely time of the year when everyone is full of cheer (the 2020 brand of cheer, that is!) And now, tax season is just around the corner. But that’s no reason to Read more about It’s Beginning to Look a Lot Like Tax Season[…]
Corporate owned insurance can have many benefits. A policy owned by your operating company though, can cause quite a few headaches. When it comes time to sell your operating company, you may find it very difficult to transfer the policy out of the company. In fact, this type of transfer can have onerous tax consequences. Read more about When Your Business Owns a Life Insurance Policy, Proper Set-Up is Key[…]
What is the SBD? The SBD reduces the corporate income tax that a corporation would otherwise have to pay in a taxation year throughout which it was a Canadian-controlled private corporation (CCPC). A corporation’s SBD for a taxation year is generally calculated by multiplying its SBD rate by the lesser of its: income for the Read more about Small business deduction rules[…]
Permanent life insurance, whether it be universal life or whole life, can be a valuable tool for clients looking for tax-efficient capital accumulation of their “never money.” By never money, I mean money they will never spend in their lifetime and wish to pass on to their families or to charity after they’re gone. One Read more about A life insurance policy loan or a loan against the policy?[…]
You own your own business and you have incorporated. A smart decision, since corporate structures have significant benefits such as: Limited liability Continuity of the business Easier access to capital Lower income tax rates with the small business tax deduction Potential tax deferral Now that your business is incorporated, have you considered corporate-owned insurance? Not Read more about How Corporate Insurance Can Benefit your Business[…]
An IRA is similar to an RRSP in that contributions are tax deductible, the funds grow tax sheltered while invested inside the account, and there is an annual “required minimum distribution” for investors after the age of 70.5 in which funds are required to be withdrawn and are taxable as income. As advisors, we may Read more about IRA to RRSP transfers can be done — but be careful[…]
Are you a privately held federal corporation? New amendments to the CBCA require private corporations to record all individuals with “significant control” over the corporation. By June 13, 2019, certain private corporations incorporated under the Canada Business Corporations Act (the “CBCA“) will be required to prepare and maintain a register (the “ISC Register“) of each individual with Read more about CBCA require private corporations to record all individuals with “significant control” over the corporation.[…]