Information on small business tax tips

5 Tax Tips for Small Businesses

Tax season is probably one of the most, if not the most, dreaded season of small business owners. Unfortunately, there’s no avoiding taxes – the good news though is there are ways they can legally minimize their tax burden. Here are 5 tax tips that can help small business owners save a lot come tax time.   CLAIM HOME OFFICE …

Tips to avoid a tax audit

Don’t Be a Victor the Audit Attractor

We all love attention. It’s our instinct from the first day we’re born. However, you’d better lay low and stay invisible when this special season starts – the Tax-filing Season. Victor is the kind who is determined to attract the attention of CRA. The following actions of his are like waving a red flag at a bull or stick an …

Proposed CRA tax changes

The Unintended Impact of the Government’s Tax Proposals

2017 seems to be a year of significant milestones in Canada’s History, and I am not just talking about Canada 150 here This year also seems to be a year in which Canadians see a larger than usual number of tax changes and tax proposals that will significantly affect taxpayers going forward. Some of these changes already took effect at …

Spousal / Common-Law RRSP Tax Structure

Spousal/Common-law Partner RRSP

You may want to set up a spousal or common-law partner RRSP since this type of plan can help ensure that retirement income is more evenly split between both of you. The benefit is greatest if a higher-income spouse or common-law partner contributes to an RRSP for a lower-income spouse or common-law partner. The contributor receives the short-term benefit of …