There are many reasons why Ontario residents might want to be part of the Alberta experience: the Rockies, wide open spaces, clean air, and last, but not least, lower taxes. The combined federal-provincial corporate income tax rates for small businesses in Alberta are 2.5 points lower than in Ontario. The combined top marginal personal income tax rate is almost 7.5 points lower.
Tax Court of Canada found that expenses incurred while breeding and racing thoroughbred horses could be claimed as deductions against the stockbroker’s substantial commission income.
Running your farm or small business with your spouse provides the opportunity for tax benefits from a partnership and income splitting.
Without a log book for mileage to track business versus personal use, the Canada Revenue Agency (CRA) could deny many tax deductions and claims you have for vehicle usage and result in you paying higher taxes. CRA requires a detailed log book to substantiate the deductibility of vehicle expenses and will often flag vehicle expenses … Read more
As post-secondary education costs skyrocket, especially for students who must live away from home, it’s never too soon to start saving for one of the most important gifts you can give your children.
Your RRSP might be able to help.
If you’re like the majority of taxpayers you have set up a registered retirement savings plan (RRSP) to save for a more comfortable retirement.
Their arguments might sound convincing, but those who say governments lack the constitutional power to impose taxes are off base. Eldon Warman, originator of a grassroots “de-tax” movement that started in Western Canada, has claimed for several years now that people can lawfully refuse to pay taxes or file tax returns. Despite Canada Revenue Agency … Read more
For Canadians buying US funds for a trip south of the border, an improving exchange rate can be a welcome turn of events but for those holding investments or conducting business in USD having currency-related gains or losses that, if realized, need to be include them in their tax returns.
Don’t miss an opportunity to pay your spouse and your children for work done to help the business. Canada Revenue Agency (CRA) has no problems with you paying family members as a tax-saving strategy so long as you meet two key conditions.