Accountant – Dean C Paley, CPA, CGA ,CFP

Why Use an Accountant?

Accountants do more than your bookkeeping and prepare your taxes. In fact, an accountant with a professional designation has expertise in finance, business management, technology, taxation, and business management. Your accountant has a stake in you and your business. We are your advisor and counsel who can be depended on to deliver objective advice. Other ways an accountant can help you includes: Succession…

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February 4, 2013

Tax Planning

12 Income Splitting Opportunities

Many of the income splitting opportunities have been curtailed by a set of rules known as the attribution rules. When opportunities are available, they can be complex, expensive, and difficult to maintain. However, if you and other family members are in very different tax brackets, the benefits may be substantial. Record Keeping Proper records are a must when establishing an income splitting arrangement.…

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February 3, 2013

Tax Tips

Tax Tip: Incorporate & Split Income

Here is a proven strategy to reduce your overall tax bill by incorporating your business. The top personal tax rate in Ontario is 45% on income over $132,000 and 48% on income over $500,000. For small business corporation, the tax rate is 15.5% and the personal rate for dividends is quite attractive. By incorporating your business and issuing shares to yourself and…

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January 26, 2013

Business

Consulting Corporations Beware

If you run your consulting business through a corporation you should be aware of the tax rules surrounding personal services businesses. Small business corporations are afforded preferential tax treatment on their income by means of the small business deduction. However, certain types of corporations are specifically excluded from claiming this deduction and can have many of the other benefits afforded a…

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June 15, 2012