Differences and Benefits of a Salary or Dividends
The decision to take a salary or dividends in a business can have significant financial and tax implications, and it often depends on various factors, including the business’s legal structure, the individual financial situation of the owner(s), and the business’s profitability. Here’s an overview of the key differences and benefits of taking a salary or […]
Tax Saving Strategy – Pension Income Splitting
An income tax saving strategy that is not often discernable either from the annual income tax guide or tax return form. It is called pension income splitting. Many taxpayers who could benefit aren’t familiar with pension splitting if they are not getting professional tax planning or tax return preparation advice. Pension Income Splitting is a […]
Canadian Accountants and Tax Season
Accountants are prepared for long hours during tax season. At the peak of the season, it is not unusual to work 60 or 70 hours a week. This can be from January right through to April, and understandably high-stress levels can have an effect both emotionally and physically for all accountants, whether seasoned or new […]
How to Reduce Capital Gains Tax in Canada
Capital gains are the increases in the value of assets that you own, such as stocks and property. In Canada, taxpayers are liable for paying income taxes on 50% of the value of their realized capital gains in a given year. There are several legal methods, such as sheltering, deferring capital gains, and donating to […]