Are you a Canadian that heads south for the winter once the cold and snow hit? It can be a great way to escape our harsh winters, but did you know that there could be US tax implications if you stay too long over the border?
You see, many Canadians do not realize that by simply being present in the United States for a significant amount of time, they can be deemed a US resident and therefore exposed to US income tax and estate tax.
2018 is quickly coming to close, which means it is time to start thinking about those last-minute tax planning strategies to help minimize your 2018 tax owing.
Three of the most common last-minute tax planning strategies to consider are charitable donations, medical expenses and RRSP contributions.
Registered Retirement Savings Plans, or RRSPs, are a great way to save for the future but they are also powerful tax planning tool.
This is because contributions made to an RRSP are tax exempt until they are withdrawn. As a result, any amounts you contribute to your RRSP will reduce your taxable income in the applicable year, which in turn reduces your tax owing.
There are a number of tax deductions and benefits that taxpayers can claim to help reduce their taxable income and overall tax owing. But with so many credits and deductions to consider, it is no surprise that some, more than others, are often overlooked come tax filing season.
Christmas is coming which means it is time to start thinking about company parties, employee gifts and maybe even holiday bonuses.
But before you get into the giving spirit, there are some considerations you may want to keep in mind when it comes to gifting your employees. If you don’t, it could result in greater headaches come tax season and unintended tax consequences for your employees.
The new year is only a couple months away and with it comes changes that could have a large impact on businesses and individuals across the country. One of the biggest changes is the change to the Canada Pension Plan (CPP) and contributions.
As of 2019, Canadian Controlled Private Corporations (CCPC) who were previously entitled to the Small Business Deduction may be subject to a claw-back that reduces their deduction, if it doesn’t eliminate it completely.
If you are a small business owner, you have a lot of responsibilities – one of which is planning for the tax season so that you can optimize your after-tax position and have more money to put back into your business.
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