Tax Services

Read more about the article Tax Tip: Group Medical and Medical Expenses
Personal Finance / Tax Tips

Tax Tip: Group Medical and Medical Expenses

If you are a member of a group medical insurance plan and you pay all or a portion of the premium through payroll deductions, those premiums may qualify as medical expenses for the medical expense tax credit. Other commonly overlooked medical expenses include: Co-payments or non-reimbursed portions of medical expenses Dental bills Certain attendant care expenses for persons with disabilities…

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January 28, 2013
Read more about the article Tax Tip: Incorporate & Split Income
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
Read more about the article Getting Organized for Tax Season
Tax Planning

Getting Organized for Tax Season

The annual income tax filing deadline for most individuals is April 30, 2013 and for those with self-employment income the deadline is not until June 15th. If you have a balance owing, you must have the balance paid by April 30th, 2013, regardless of when you have to file. Also, if your balance owing for the 2012 tax year is more…

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January 15, 2013
Read more about the article Due Dates for Corporate Returns & Taxes
Business

Due Dates for Corporate Returns & Taxes

A corporation that is resident in Canada, carried on a business in Canada, has a taxable capital gain, or sold taxable Canadian property is required to file a T2 income tax return even if no tax is payable. Knowing when the return is due, and more importantly when the tax is payable is important to avoid costly interest and penalties. Be aware that…

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August 7, 2012
Read more about the article Consulting Corporations Beware
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
Read more about the article RRSPs And Retirement Allowances
RRSPs & RRIFs / Tax Planning

RRSPs And Retirement Allowances

If you have lost your job or are retiring and will be receiving a severance payment, you may be able to shelter some of your severance from income tax. To be able to do this, the payment must qualify as a retiring allowance and depending on your circumstances, some may be direct transferred to an RRSP. What Is A Retiring Allowance?…

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February 23, 2011