A prescribed rate loan is a loan made from a higher income earning spouse to a lower income earning spouse, adult family member, minor child or family trust at the “prescribed rate of interest”. The use of such a loan can transfer income from a higher income earner to a lower income earner, tax the income at lower tax rates and reduce the family’s overall tax burden.
Read MoreIn the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreA tax write-off is a business expense approved by the Canada Revenue Agency (CRA) that ultimately lowers your taxable income. In other words, it’s a tax deduction. Here are a few overlooked write-offs for businesses.
Read MoreWhen you’re focused on businesses successes and challenges, taxes can easily slip your memory. It’s easy to forget to stay organized and prepared for the tax year-end, especially for small businesses without an established payroll department. We complied the top do’s and don’ts to help you prep for your business’ filing. DO: Keep track of […]
Read MoreA new year means new tax information! The Canada Revenue Agency (CRA) can make adjustments to how you file, so it’s important to stay top-of-mind of any changes to make sure you’re filing your taxes properly and getting the best return! Here are some general changes across Canada: As a general statement, anyone making over […]
Read MoreYou’ve heard the term before — credit scores. It makes some people break into a sweat, nervous about their financial standing. But what exactly is a credit score and how does it impact you?
Read MoreNo matter the level of service you need from your accounting firm, there are some basic questions and considerations to keep in mind when making this important business decision.
Read MoreFor new, or even experienced, investors — a rocky, volatile market can be daunting. If you’re wondering where to start or where to go from here, we’ve compiled a few tips for continuing to build your investment portfolio during difficult times. Don’t stop saving! The most important thing you can do is continue to put […]
Read MoreIt used to be every year the federal government would deliver a budget, until last year. Yes, on April 19th, for those of you that missed it, the Federal government delivered their first budget in over two years.
Read MoreAlthough the tax deadline was extended last season, this year we’re back to the Friday, April 30 deadline. If you’re self-employed or have a spouse or common-law partner who is, you have until Tuesday, June 15 to file (though taxes owing must still be paid by April 30).
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