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Childhood Treasures - A Heads Up on Capital Gains

Snowdon, Wallis. ‘Best of the Best’ Wayne Gretzky Rookie Card Sells for Record $465K US. Digital image. CBC News. N.p., 5 Aug. 2016. Web. 25 Aug. 2016. Remember those trading cards that you had so much fun collecting? It might be time to dig those …

Employer Health Tax for Employers Changes as of January 1, 2014

Guide for Employers Employers have to pay Employer Health Tax (EHT) on the total Ontario remuneration paid to employees and former employees who: report for work at a permanent establishment of the employer in Ontario do not report for work at any …

Do You Have a Succession Plan for Your CFO/Controller?

In a meeting with financial professionals discussing CFO/Controller succession planning, a 2013 study by Financial Executives International Canada, the Canadian Financial Executives Research Foundation, and Robert Half was presented. The study …

Separating YOU From Your Business

In this blog we address what is probably the biggest value driver in any small to medium enterprise – you as the business owner.

Take stock of your business income at tax time

Business income is a type of earned income, and is classified as ordinary income for tax purposes. It can be offset with business expenses and business losses, and may be either positive or negative in any given year.

Tax Tips on Split Income (TOSI) and Passive Income (TOPI)

Tax on Split Income – TOSI Tax on split income (TOSI) applies to certain types of income received from a business. Have you paid a dividend from your corporation to a non-active family member and are concerned about whether it will be taxed at the …

Incorporation for Real Estate Agents in Ontario

Real estate agents in Ontario are finally able to operate their business using their own PREC and can now look forward to the following:

Vehicles Subject to the Luxury Tax

Who pays? The Luxury Tax will apply to registered and non-registered persons or vendors as follows. Where a non-registered person (consumer) purchases a specified vehicle, e.g. an automobile from a dealership, the Luxury Tax would be paid by the …

Income Splitting Translates into Paying Less Income Tax

Income splitting is an effective way for families to reduce their overall family income tax burden. Income splitting is the process of distributing income amongst a family group to take advantage of the lower income tax brackets available to each …

Optimizing Benefits with the Right Corporate Structure

Your business’s corporate structure is a critical consideration for wealth protection and enhancement. A strategic corporate structure can help protect your wealth, provide tax efficiencies, and allow for the efficient splitting of income amongst …

Ontario Business Registry

The Ontario Business Registry (the “Registry”) is an online platform that digitizes many of the services provided to organizations that carry out business in Ontario. The registry allows businesses and not-for-profit corporations to complete over 90 …

Pension Planning Ideas

Canada Pension Plan (CPP) You can start taking your CPP payments as early as 60 or delaying them until 70. You can also take the CPP payments at 60 61, 62 or 63 up until you reach 70 years of age. If you commence the CPP payments at age 60, your …

Tips on Retirement Investment Plans

By the time entrepreneurs have processed all their facts and figures and responsibilities, they are often tempted to postpone any personal investments, preferring instead to depend on their business equity to finance their retirement. This isn’t …

What is an RRSP and how does it work?

Registered Retirements Savings Plans (RRSP) were introduced in 1957 by the government as an alternative vehicle Canadians could use to save for retirement. Essentially it is an account that is to be used as a long-term savings plan, with the …

Year-End Tax Strategies for Small Businesses

With year-end fast approaching, now is the time to review your business taxes in order to minimize your income tax.

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