Meals & Entertainment – What Can I Write Off?
If you’re operating as an incorporated or unincorporated business, determining if you can deduct an expense for meals isn’t based on a definitive and clear-cut rule. This is a very subjective or grey area that depends on your specific business situation and the situation at the time the meal expense incurred. My hope is that […]
Intercompany Loans And The CRA
If an individual owns multiple corporations, he or she will commonly transfer money from one corporation to the other. If one business makes more money, then it will loan funds to another corporation that could use the money. Intercompany loans are useful and common in a family of companies that are related to each other […]
Court Case Reveals Tax Tips & Tricks on Income Splitting
What is Income Splitting and Why Should You Care? As you may know, Canada operates under a progressive tax system. In simple terms, the more you earn, the more you pay in taxes. Seems fair, right? But what if there was a legal and straightforward way to distribute your family’s income more efficiently, potentially saving […]
20 Biggest Tax Mistakes That Trigger A CRA Audit.
After working with hundreds of self-employed or incorporated business owners in Ontario — we’ve noticed a pattern that These are the most common tax mistakes that trigger a CRA Audit. All of these business owners were making the same BIG tax mistakes that would cost them their hard- earned money. Mistake #1. Choosing the wrong […]
Tax Deductions for Canadian Doctors, Physicians, and Surgeons
Every year, many doctors miss out on important tax savings simply because they did not know what they could claim. Two of the most common mistakes I see many doctors make is either not deducting enough business expenses on their tax returns or deducting too many expenses and thus exposing themselves to the risks of a CRA audit. […]
How do tax instalments payments work for physicians?
If you are a self-employed physician, you will need to pay your taxes in quarterly tax instalments for physicians. Here’s how to figure out what you owe. The transition to practice can be both exciting and stressful. On the business side, there are a number of financial planning issues you’ll need to address. One of […]