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Tax-Free Saving Account (TFSA) is a tax planning tool allowing tax-free savings. However, it is critical to understand the rules around TFSA to take advantage
Physicians and medical professionals who are self-employed often face high personal tax rates, which can go up to 53.3% in Ontario. To mitigate these taxes,
Private Health Services Plan or Health Spending Account – Tax-Free Benefit for Employees The benefits paid by an employer to an employee are taxable as
Do you know as a couple, you can receive $108,790 tax-free? Will you be surprised?? But this is true! Canada is not all about paying high taxes. By smartly doing tax and retirement planning, you can save a lot of taxes legally.
Don’t let this opportunity pass you by!
What is HST Quick Method The quick method is a simplified accounting method allowed by the Canada Revenue Agency (CRA) to facilitate small businesses calculating
Canadians who sell a home or rental residential property owned for less than 12 months will be considered “flipping” and 100% of profits from the sale will be taxed as business income instead of capital gain, which is taxed only 50%.
RRSP is a great tax and retirement planning tool. However, one needs to clearly understand the rules surrounding RRSP to take full advantage of it.
While short-term rentals (Airbnb) provide lucrative income opportunities, there are various tax implications that one needs to understand!
The biggest advantage of incorporating a small business (generally known as CCPC) is that it qualifies for a lower tax rate. However, if you control more than one corporation, beware that reduced tax rates will apply to the first $500,000 income from all corporations collectively under your control (associated corporation) as per the CRA’s rules.
Therefore, it is critical to understand tax implications if you become a shareholder in multiple corporations, especially with your family members.
It is critical to understand the tax and legal implications arising from the death of a TFSA account holder and how this might affect your loved one.
