Tax Planning Tips for Medical Residents in Canada: Maximizing Your Financial Health
Tax planning is a crucial aspect of financial management for physicians in Canada. With complex tax laws and regulations, understanding how to optimize your tax situation can significantly impact your overall financial health. By implementing effective tax strategies, physicians can minimize their tax liabilities, maximize their income, and ensure long-term financial stability. In this blog, […]
A Lesson In Record Keeping for Taxes in Canada
The Income Tax Act requires you to keep all documents supporting your business activity; in an audit, the CRA will demand them. Record Keeping for Taxes in Canada Keep Everything According to the Income Tax Act, taxpayers must keep “records and books of account … together with every account and voucher necessary to verify the information contained therein” for a period […]
Converting A Sole Proprietorship To A Corporation in Canada
If you’re a small business owner that’s unincorporated and you’re planning on forming a corporation soon it’s really important that you go through this article. Here, you’ll find out everything you need to know from a tax perspective. This article is broken down into five small parts. Sole Proprietorship To A Corporation in Canada Advantages […]
How Is Rental Income Taxed By A Canadian Corporation?
What is a CCPC? Let’s take the example of Rick, the real estate king of Ontario. Rick incorporated a company in Ontario to purchase a rental property. The rental property generates an annual profit (after expenditures) of $10,000. Given that Rick is a Canadian resident, his company is classified as a Canadian Controlled Private Corporation […]
Benefits Of Using An Accountant To Incorporate Your Business
If you are planning on incorporating your business, hiring an experienced accountant is one of the best investments you can make! An accountant will give you 1 on 1 tax planning advice and give you a proper corporation structure based on your and your family’s tax situation. Once your accountant knows of your tax situation, […]
TOSI (Tax on Split Income) : Abdullah, CPA
TOSI is an incredibly complex new piece of legislation. The objective of this blog post is to offer a high-level overview of the new rules. There are many nuances that are not covered here. Please be sure to consult a tax professional about your specific situation. On December 13, 2017, the government released new proposals […]