Last updated: Mar. 26, 2014
Many small business corporations, including farm corporations, use life insurance as a way to protect assets.
Premiums for permanent insurance on an organization’s principals aren’t deductible, so it would make sense that the proceeds are not taxable.
A policy’s net proceeds, which are the payout less the adjusted cost … Read more
Last updated: Mar. 19, 2014
You likely developed a business plan when you started your business. If you applied for a start-up loan or other funding you would have had to present a business loan. However, when was the last time you looked at your business plan? Keep your business plan close at hand and refer … Read more
Last updated: Mar. 13, 2014
In 1945, the Canadian tax return package was only 3 pages. Today, the T1 General is 4 pages, plus there’s a 4 page worksheet, 13 schedules and depending on your province of residence, an additional 2 to 5 pages for provincial taxes and credits. That’s up to 26 pages in the … Read more
Last updated: Mar. 5, 2014
Does the success of your farm or business have the unwelcome consequence of a large tax bill to pay on your taxes for 2013? Are you concerned about personal liability from the risks of your business? Perhaps you’re asking yourself, “Is now the time to incorporate my business?” There are 3 … Read more
Last updated: Feb. 5, 2014
Do you have your papers and records ready for your 2013 tax return? It can be a hectic time getting ready and it’s easy to miss something. Use the following information to help you get through this tax season and ensure you receive all the credits and deductions you’re entitled to. … Read more
Last updated: Feb. 2, 2014
Proceeds of Insurance Tax Free to Shareholders Insurance can be complicated, but introducing tax implications related to corporate life insurance plans raises the complication factor enormously. There are 4 types of life insurance:
Group term life insurance may be offered by a company or partnership for life and accidental death and … Read more
Last updated: Jan. 29, 2014
Starting last year with 2012 tax returns, CRA mandated that all tax preparers electronically file all T1 (Individual) and T2 (Corporate) tax returns. The number of electronic filed tax returns continues to grow and now accounts for 76% of all T1 returns filed. Some Stats on Efiles Category 2012 Tax Year … Read more
Last updated: Jan. 22, 2014
It’s Tax Season! Are You Ready? Tax preparers are gearing up for tax season and booking appointments to complete 2013 taxes. Do you have all of your bookkeeping and records ready? Here’s a checklist of documents and information you’ll need when you meet with your tax preparer. Individual Slips and Receipts … Read more
Last updated: Jan. 15, 2014
We’re 2 weeks into the new year. How are you doing on your New Year’s Resolutions? Health is a common theme in many New Year’s resolutions, but have you made a resolution this year to improve your financial health? Here are 4 tips that you can follow to improve your … Read more