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Are You Missing The Small Business Tax Deduction?

Last updated: Mar. 17, 2013 
What is the Small Business Deduction? Do you qualify? As an incorporated business, you could qualify for the small business deduction. Small businesses receive particularly favourable treatment under federal and provincial corporate tax rates. The federal rate amounts to only 11% on active business income up to $500,000. Section 125 of … Read more

Back-to-School Tax Planning Special: Part 1

Last updated: Mar. 9, 2013 
As summer winds down and Canadian students start heading back to school, what better time than now to take a closer look at tax reduction opportunities for your children and grandchildren. In part 1 of  2-part series, we take a look at the tax options you have during your child’s first … Read more

Pillars of Tax-Efficient Investing: Income Conversion

Last updated: Mar. 4, 2013 
In the final article of our three-part series exploring the three pillars of tax-efficient investing, we look at income conversion. Please be sure to check out the first two articles – income deferral and income splitting. Income Conversion With income conversion you can receive tax-advantaged rates in your non-registered portfolio. Because … Read more

Tax-Efficient Investing: Part 2 – Income Splitting

Last updated: Feb. 27, 2013 
In the second of a three-part series exploring the 3 pillars of tax-efficient investing, we look at the important role of income splitting in your overall tax plan. Previously, in part 1, we looked at income deferral. Income Splitting The basic principle behind income splitting is to reduce the overall family … Read more

Pillars of Tax-Efficient Investing: Income Deferral

Last updated: Feb. 25, 2013 
With income tax season just around the corner, now is a perfect time to review your portfolio of investments to ensure you’re minimizing the income tax it triggers. In creating a tax-optimized plan, keep in mind the 3 key pillars of tax-efficient investing: Income Deferral Income Splitting Income Conversion In the … Read more

Tips You Can Do to Save Money on Your Income Tax

Last updated: Feb. 21, 2013 
If you operate a small business, there are a number of things you can do today to make sure you save money on your income tax bill tomorrow. Here are the top 5 tips to get you started. 1. Keep accurate and reliable financial records One of the best ways to … Read more

6 Tips to Get the Most Out of Your RRSP Investment

Last updated: Feb. 11, 2013 
Most taxpayers are just thankful to have the opportunity to shelter some income in an RRSP. They usually make their once-a-year installment immediately before the last minute deadline on March 1. Then they forget about it until the next year’s deadline rolls around. Of course, that is better than doing nothing, but … Read more

Effective Estate Planning Saves Your Family Money

Last updated: Feb. 4, 2013 
Have you prepared a will?  Undoubtedly, you know that you need a will but did you know that your will is only part of an effective tax plan to protect you and your beneficiaries? Read on to find out how with proper tax planning you can minimize the tax bill on your … Read more

RRSP vs TFSA: Which Should You Choose?

Last updated: Jan. 28, 2013 
A 2012 BMO study, conducted by Leger Marketing, found that while about two-thirds of Canadians are knowledgeable about registered retirement savings plans (RRSPs) and tax-free savings accounts (TFSAs), 40% of Canadians remain unclear on the differences between the two. Do you know the differences? Do you know which works best for … Read more