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Should you incorporate your business?

When starting a new business you can structure it in three legal forms: a sole proprietorship, a corporation, or a partnership. There are numerous differences to consider when determining which legal structure is optimal for your situation. The various pros and cons will be covered in this article. Legal Structures: Incorporation: One question you may …

Shareholder Compensation

As an owner-manager of a corporation, there are two methods of shareholder compensation: Salary – an employment compensation that is paid from net income. Dividends – an investment compensation that is paid from retained earnings in a company. Salary is deducted when arriving at taxable income in the company and is subject to personal tax …

Budget 2018: Passive investments and more

On February 27, 2018 the federal government released the 2018 budget. Here are some take-away tax measures that may impact your business for passive income and health & awareness Trusts. As always, the actual rules can be quite complex so further guidance from us related to your specific situation is recommended. Passive income rules: -Corporations …

Personal Tax Season is Approaching

March has arrived. With warmer weather and longer days also comes that reminder that it is time to file your personal taxes. The deadline for filing your personal tax returns is April 30 for most individuals. If you earn self-employed income that deadline is pushed out to June 15. If you are not sure if …

Income Sprinkling Rule Changes

The liberals have released their new proposals (on December 13, 2017) on income sprinkling (or income splitting) from private corporations. These rule changes have potentially large impacts on those corporations that practice income sprinkling. These rules are collectively referred to as Tax On Split Income, or “TOSI” rules. The effective date of the changes is …

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