Posts Tagged tax

HOW TO MAKE MORE TAX DEDUCTIBLE CONTRIBUTIONS

  How to Make More Tax Deductible Contributions to Your Retirement Savings than the Maximum Allowable RRSP Contribution Room”

Comments Off on HOW TO MAKE MORE TAX DEDUCTIBLE CONTRIBUTIONS   |   Posted in Financial Planning for Business Owners,Latest News,Retirement Planning August 20, 2018

EXPECTED CHANGES TO TAXATION OF STOCK OPTIONS

  During the Federal election campaign, the Liberals announced that the deduction allowed for stock options would be limited to $100,000 annually, because stock options are not normally available to the middle class and are mostly used as a tax incentive for wealthy Canadians. Currently, if ...

Comments Off on EXPECTED CHANGES TO TAXATION OF STOCK OPTIONS   |   Posted in Latest News,Stocks,Tax Planning February 27, 2016

U.S. FOREIGN ACCOUNT TAX COMPLIANCE – FATCA

Canada and the United States signed an intergovernmental agreement regarding U.S. Foreign Account Tax Compliance (FATCA) on February 5, 2014. Effective July 1, 2014, there are disclosure requirements that Canadian financial institutions need to ...

Comments Off on U.S. FOREIGN ACCOUNT TAX COMPLIANCE – FATCA   |   Posted in Latest News,Retirement Planning,Tax Planning March 10, 2015

Spousal Prescribed Rate Loans Deadline is January 30th

If you have made a prescribed rate loan to your spouse to take advantage of the current historically low prescribed rate of 1% and allow your lower income earning spouse to invest the proceeds of the loan and therefore pay less taxes on the interest, ...

Comments Off on Spousal Prescribed Rate Loans Deadline is January 30th   |   Posted in Financial Planning for Business Owners,Investments,Tax Planning December 28, 2010

Good News About Tax Treatment of Corporate-owned Life Insurance Policies

. Generally in cases where corporate-owned life insurance is required, it is recommended that the corporation be the owner and the beneficiary of the life insurance policy. This way, the death-benefit of the policy can flow through the corporation’s capital dividend account (CDA) and be ...

Comments Off on Good News About Tax Treatment of Corporate-owned Life Insurance Policies   |   Posted in Business Succession Planning,Estate Planning,Financial Planning for Business Owners,Insurance,Life Insurance,Life Insurance,Tax Planning October 09, 2010

Top Ten Reasons You Should Own a Tax Free Savings Account

- If you have maximized your RRSP contributions, the TFSA gives you another way to shelter $5000 per year of your investments from taxes. - TFSAs can be a great place to hold emergency funds as you can hold short-term interest bearing instruments in a tax-sheltered environment ...

Comments Off on Top Ten Reasons You Should Own a Tax Free Savings Account   |   Posted in Financial Planning for Business Owners,Savings and Investments,Tax Planning August 04, 2010

Quick RRSP Facts

The RRSP season is upon us once again and it is time to take stock of your income in 2009, your RRSP contribution room and the optimal amount that you need to contribute to your RRSP before the March 1st, 2010 deadline, in order to ...

Comments Off on Quick RRSP Facts   |   Posted in Financial Planning for Business Owners,Retirement Planning,RRSP,Savings and Investments,Tax Planning January 17, 2010

Tax Loopholes in TFSA Rules are Eliminated

In October 2009, Finance Minister Jim Flaherty announced amendments to the Income Tax Act that would put an end to the “tax planning schemes” that undermine the intent of Tax Free Savings Accounts (TFSA) as a savings vehicle. These amendments addressed deliberate over-contributions, asset transfer transactions, ...

Comments Off on Tax Loopholes in TFSA Rules are Eliminated   |   Posted in Financial Planning for Business Owners,Retirement Planning,Savings and Investments,Tax Planning December 20, 2009

Take Advantage of Increased Tax Write-Offs for Computer, Machinery and Equipment Purchases

Capital cost allowance (CCA) is a business expense that is used to reduce business income over time. It represents the cost of depreciating property that cannot be written off all in one year. The 2009 budget replaced the CCA rate for investments in machinery and ...

Comments Off on Take Advantage of Increased Tax Write-Offs for Computer, Machinery and Equipment Purchases   |   Posted in Financial Planning for Business Owners,Tax Planning December 06, 2009

Minimizing Tax Held in Mutual Funds in a Corporation

When it comes to tax minimization, the use of Corporate Class mutual fund structures is a strategy that has significant benefits to individuals and to corporations. Switching from one mutual fund to another triggers capital gains taxes in traditional mutual funds. However, the same switch ...

Comments Off on Minimizing Tax Held in Mutual Funds in a Corporation   |   Posted in Financial Planning for Business Owners,Mutual Funds,Retirement Planning,Tax Planning November 23, 2009