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Registered Disability Savings Plan (RDSP) guide for high-net-worth families: DTC eligibility, $200,000 lifetime room, and up to $90,000 in federal grants/bonds. Learn the key tax-planning moves—timing deposits, meeting age cut-offs, income thresholds, and preserving ODSP benefits.
Issuing T4A slips is a common source of confusion for business owners who hire contractors. This guide explains who needs a T4A, the $500 threshold rule, deadlines, and common mistakes to avoid. With clear examples and best practices, you’ll learn how to stay compliant with CRA rules and protect your business.
In Parts 1 and 2 of this 3-part series, we explained how Canada’s attribution rules affect your family’s tax bill and shared income-splitting strategies with spouses. In this final blog, we focus on CRA-compliant strategies involving children and other family members—covering trusts, RESPs, RDSPs, hiring family members, and planning around the Lifetime Capital Gains Exemption (LCGE).
In Part 1 of a 3-part blog series, we explained what attribution rules are and how they affect your family’s tax bill. This installment explores CRA-compliant strategies to split income with your spouse or common-law partner, legally lowering your family taxes without triggering attribution. Ideal for business owners and high-net-worth families.
This is the first in a 3-part series exploring Canada’s attribution rules. Learn how income transferred to a spouse or child can still be taxed in your hands, how these rules differ from TOSI, and how attribution changes by relationship (spouse, minor children, and adult family members). Upcoming articles will share CRA-compliant income-splitting strategies tailored for high-net-worth families seeking smarter tax planning.
Buying a pharmacy presents lucrative opportunities, but it also requires thorough financial, legal, and operational due diligence. The decision between a share purchase and an asset purchase has significant implications for risk and taxation. Seeking professional guidance can help ensure a smooth and well-informed acquisition.
Bookkeeping is essential for any successful business, but even small mistakes can lead to costly penalties from the CRA and stress. While managing your own bookkeeping can be beneficial, it requires time, basic accounting knowledge, and awareness of common pitfalls to avoid errors.
Business expenses are vital for the successful operation of any business. In Canada, specific rules govern what qualifies as tax-deductible expenses, and the CRA carefully reviews travel-related expenses to ensure compliance.
A corporation is required to file its corporate tax return (T2 return) with the CRA within six months of its fiscal year-end. However, corporate returns include many additional forms and schedules prescribed by the CRA besides the T2. In this article, we highlight some important schedules.
As you generate investment income through a Canadian corporation, it is imperative to understand how to manage it tax-efficiently to avoid overpaying on investment income and to ensure it does not affect your business income tax rate!
