• 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 cut approximately in half. A Canadian Controlled Private Corporation that is earning active business income below the small business limit […]

  • 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 in 2012, 2013, or 2014? Now is a good time to use those losses […]

  • 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 been an effective tax planning strategy. The changes will reduce the effectiveness of the tax planning. However, existing policies issued before January 1, […]

  • 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. That is whole other discussion. I am just talking about the tax consequences if it is […]

  • 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 tax preparer. They should all know this but, if they don’t call SOS TAXMAN (SOSTAXMAN.COM). First do you have a proprietorship, a […]

  • 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 paying extra taxes so the government can give it to their favourite cause or to subsidize some business that competes with […]

  • 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 that clear. With all the options it would be wise to talk with a financial planner to determine what […]

  • 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 case of accident or illness. If you are self employed and break a leg skiing will your business continue earning the same amount of money? If you […]

  • 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 planning to make some charitable contributions, make them in December. If you wait till January you will have to […]

  • The Padgett Awards Night was on November 18, 2014

    The Padgett Awards Night was on November 18, 2014. I am pleased to announce that I received several Awards: 2014 Leaders Club This award is for the top 10 offices in Canada All Star Team 2014 This award is for the top office owners in Canada. The Office Owner of the Year is selected from […]