Owner operators of Canadian corporations often face this question whether they should withdraw Dividend or take Salary.
For the tax years starting January 2018, TOSI Rules are applicable. Expanded TOSI rules apply to adult individuals receiving amounts from the “related business”. Prior to 2018, income sprinkling was used as a tax planning
Contributing to a Registered Retirement Savings Plan (RRSP) is a great way to grow your savings in a tax-deferred environment. Whatever income earned inside the RRSP is not taxed. You don’t have to worry if
What is a Management Fee? Often, businesses in Canada use multiple entities to run their operations or there are allocations of Management fees because of the centralization of management within a corporate group. The management
If you are an owner-manager of a Canadian Controlled Private Corporation (CCPC) you can use certain tax planning strategies to optimize both personal taxes and corporation taxes in Canada. You should always exercise caution while
It’s your tax return, so doesn’t it make sense to check it’s accuracy? If you are like many business owners, you might directly sign your return and send it to the CRA without even reviewing
Major changes applicable for 2019 are as below. The below list is not conclusive of all the tax changes as applicable from 2019, however, these are the major changes the interesting majority of taxpayers in
Personal Income Tax Rates for 2019 Federal and Provincial – for the province of Ontario Maroof HS CPA Professional Corporation is a tax service provider located in Woodbridge Ontario. It provides a wide range of
What is a Snowbird? If you are a Canadian and spend winter in the U.S. you may, unknowingly, become a US resident under the tax laws of the United States. So, now you are a
THIS POST IS NOT UPDATED and the tax implications are from a U.S. tax perspective. Please access one of the below links for 2021 posts: An easy to understand guide to Blockchain Technology and Cryptocurrencies
