Early 2019 Tax Tips
The article covers some common tax planning strategies that you may want to consider early in the new year.
Tax-Free Savings Account (TFSA)
The TFSA is a flexible savings vehicle. Contact us to discuss how the TFSA can help you reach you financial goals.
2018 Tax Preparation reminders
With the 2018 personal income tax return filing deadline fast approaching, this is a great time to see if you're taking advantage of all the tax benefits you may be entitled to. You may want to consider the information outlined in the article when preparing your 2018 personal income tax return. Please note that any reference to a spouse in this article also includes a common-law partner.
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Charitable Donations through your Corporations
To encourage charitable giving, the government provides a corporation with a tax deduction when the corporation makes a donation to a registered charity. The deduction reduces the corporation's taxable income which will reduce the corporation's taxes. This article provides an overview of how your private corporation can qualify for the donation tax deduction and the tax benefits of donating publically traded securities in-kind.
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Tax Planning Strategies for High Income Earners
Depending on your province of residence, you may be subject to tax at a rate of 50% or higher when your income exceeds $200,000. This article highlights a non-exhaustive list of tax minimization strategies to consider with your professional advisor.
Tax Strategies: Investment Holding Companies
On July 18, 2017 the federal government released a consultation paper proposing a number of strategies which target private corporations with regards to income splitting, multiplication of the lifetime capital gains exemption, holding a passive investment portfolio inside a private corporation and converting a private corporation's regular income to capital gains.
The strategies discussed in this article may be affected by the proposed measures in the consultation paper and the accompanying proposed legislation. If you are an owner of a private corporation you should consider the potential impact of the proposed measures and discuss the implications with your Advisor.
2019 Handy Financial Planning Facts
The article summarizes some common financial planning-related information for topics such as:
- U.S. Limits
- Government Links