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Recent Posts in Tax Planning Category

Life insurance inside a corporation can save on taxes if done correctly

Life insurance inside a corporation can save on taxes if done correctly Why put your life insurance inside of your corporation? If you have a small business the cost of your life insurance could be ...
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TAX LOSS SELLING

TAX LOSS SELLING Now is a good time to do some tax loss selling! Do you have any stocks that are worth less now than when you bought them? Some oil stocks come to mind. Did you have some capital gains ...
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NEW LAW WILL IMPACT INSURANCE TAX BENEFITS

The government is changing some of the rules regarding the exempt status of income earned inside an insurance policy. The change is effective January 1, 2017. Life insurance inside a corporation has ...
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Loans or Guarantees to a Business

If you provide a loan or a loan guarantee to a business it is essential that there is a written agreement even if it is for your spouse or child. I am not talking about whether they are trustworthy. ...
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How do I deduct business use of my vehicle?

How do I deduct business use of my vehicle? I get this question a lot. The following covers the basics. For specific situations contact your business advisor, book keeper, accountant, tax planner or ...
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WHAT EVERY ENTREPRENEUR NEEDS TO KNOW!

I believe that the average person knows how to spend their money better than the government. For that reason I want everyone to pay the least tax that is legally possible. Instead of voluntarily ...
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IS AN RRSP THE RIGHT CHOICE FOR YOU?

If you are in the top tax bracket and have the money it makes sense to maximize your RRSP (Registered Retirement Savings Plan) and TFSA (Tax Free Savings Account). For everyone else the answer is not ...
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DISABILITY INSURANCE FOR THE SELF EMPLOYED BUSINESS OWNER

DISABILITY INSURANCE FOR THE SELF EMPLOYED BUSINESS OWNER Regular employees may have group insurance health, disability, and life. However, many self employed people have no disability insurance in ...
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December Tax Planning

December Tax Planning Now is the time finish up your tax planning for the year. Except for RRSPs December is your last chance to do any tax planning. Following are a few suggestions: If you are ...
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Padgett Annual Tax Update Seminar

November 17 to 19 I attended the Padgett Annual Tax Update Seminar in Montreal. Margaret Riggin has been leading the tax seminar for a number of years. Margaret Riggin, CPA, CA is one of Canada's ...
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HOW TO START A SMALL BUSINESS IN ALBERTA

HOW TO START A SMALL BUSINESS IN ALBERTA So you want to start a small business now what. First decide if you want to be a sole proprietor, have a partnership, or a corporation. You may not be familiar ...
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The Family Tax Cut Could Save you $2,000 in Tax

The Family Tax Cut This new proposed tax break for young families could save you up to $2000 in tax. The basic concept is that a couple with young children may have one spouse in a higher tax bracket ...
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SHOULD I TAKE DIVIDENDS OR WAGES?

This is a common question I get from owners of corporations. The answer depends on the person. Do you want CPP (Canada Pension Plan) when your retire? Do you want to invest in RRSPs? Are you ...
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Do not wait till January - February RRSP season to do tax planning.

Now is the time to start planning. If you wait till January you will miss out on most tax planning options. For most people in January all you have left is an RRSP. RRSPs are a good option for many ...
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