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Tax & Financial Tips

Top 5 Year-End Business Tax Strategies

 

To get the most benefit from tax planning strategies, you should begin now before the end of the year. This will help put your business in a better position to minimize income tax for 2019 and future years.

Here are 5 important strategies to bear in mind when planning the taxes for your corporation.

If you feel that you may benefit from any of these strategies, please contact us now as we would be very happy to assist you with your business year-end planning.

1. Pay Your Family Correctly

As a business owner, you probably already know the value and importance of properly paying your […]

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Tax Tips for Students

 

With costs going up to attend post-secondary institutions, it is more important than ever for students to understand how they can maximize their funds during the student years. One potential avenue? Saving money on income taxes!

Tuition tax credit

The biggest credit in terms of dollar value is typically the tuition tax. Students are eligible to claim a federal non-refundable tax credit equal to 15% of eligible tuition fees. These credits can turn into massive carryforward amounts that can result in large refunds when the student graduates and starts working.

The tuition tax credit is granted to students who attend a qualifying educational […]

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Only 4 Months Left to Plan

 

We hope you had a safe and enjoyable summer.  The 2019 calendar year is quickly coming to a close.  September is here, the summer has come to an end and the leaves will soon change colour.  Change is inevitable, just like the weather. The best part about change is that it presents wonderful opportunities, just like the creative tax and financial planning services we offer our valued clients.

Did you know that we can usually identify significant cash savings for you and your family just by reviewing your income tax returns, even if they were not prepared by our firm?  Please contact […]

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Sharing Economy: Uber & Airbnb

 

What You Need to Know

The sharing economy, also known as collaborative consumption or peer-to-peer-based sharing, has exploded over the last few years. It is a concept that highlights the ability — and perhaps the preference — of individuals to rent or borrow goods rather than buy and own them.

Not surprisingly, people want a piece of this. And so does the taxman — whether you are driving for Uber or renting out your house on the weekends.

Businesses in the sharing economy, like Uber, Lyft and Airbnb, connect individuals or businesses that are looking for a particular product or service to those that have […]

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Important 2019 Tax Changes

 

On March 19, 2019 the new Federal Budget proposed a variety of tax and non-tax financial measures. There were no changes to personal tax rates, corporate tax rates or the inclusion rate on taxable capital gains. Briefly, here are some of the proposed new Personal Tax and Business Tax changes:

Personal Tax Changes

Interest rates on Canada Student Loans will be lowered for 2019-20
Maximum Home Buyers’ Plan (HBP) withdrawal will increase from $25,000 to $35,000
Parties to a relationship breakdown will have access to the HBP to acquire a new residence
Enhancing access to Shared Equity Mortgages will be pursued, including the “First-time Home […]

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Only 33 Days Left For You To Pay

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There are only 33 days left for you to pay your 2018 personal tax.  April 30th is your tax payment deadline.  The time to reduce your tax bill is now. Be sure to file your 2018 personal income tax return now to avoid costly penalties.
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Enjoy all of the Tax Tips below! It’s not what you earn…it’s what you keep!
 
Since 1987, HALPERN Chartered Professional Accounting Firm has specialized in tax, accounting and consulting services for businesses and individuals throughout the GTA Greater Toronto Area. Our goal is to help you handle the entire financial side of your business so that you can focus on growing your company and enjoying life.
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Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.  […]

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Only 58 Days Left to Save

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You only have 58 days left to save on your 2018 personal income tax by contacting us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.  To obtain your free 2018 TAX RETURN ORGANIZER™ please contact us. Now more than ever you need to know that you are paying the least amount of tax.
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TAX TIP    Regarding Canadian tax evasion cases, the courts have convicted hundreds of taxpayers, which involved 245 years in jail, $134 million in federal tax evaded, and $37 million in fines. We recommend you not ignore any outstanding tax filing obligations. And certainly never disregard any correspondence you receive from Canada Revenue Agency as that will create bigger future problems. Indeed it is never too late to […]

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How To Save 2018 Income Tax

 

We are proud to present our updated annual 2018 TAX RETURN ORGANIZER™, your indispensable reference guide to help you save money by reducing the amount you pay in income taxes. Click here to read and print it.

TAX TIP         If you are an employee, you should try to receive a per-kilometre automobile allowance from your employer each month because this amount would then not be taxable to you. Therefore it should not be included on your annual salary T4 tax slip, provided it is a reasonable amount. However, if you are an employee receiving a flat monthly amount, that would be taxable to you because it […]

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Cash Savings Techniques

 

Happy 2019!  We wish you and your family Health and Prosperity in this New Year!  You can’t predict the future.  But we’ll help you plan for it.  For over 30 years we’ve been helping businesses and individuals save money and prevent costly mistakes.  HALPERN Chartered Professional Accounting Firm combines the technical knowledge of Chartered Professional Accountant and entrepreneurial mindset of Strategic Business Advisor.

Business owners and individuals complain but often do nothing to improve their financial situation.  Face this New Year with confidence using our customized strategy and knowing that we are here to help you weather all changes and to […]

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Year-End Tax Planning Tips

 

Now is the time to take advantage of final 2018 year-end tax saving opportunities. Ideally, tax planning should be a year-round affair since many tax strategies require foresight to be effective. The good news: there are still opportunities to reduce your 2018 tax liability, particularly if you act before the end of this calendar year.

Rapidly changing tax laws mean regular business and personal tax planning and financial advice is absolutely essential for all businesses and individuals, including corporate executives and professionals.

Don’t leave your tax planning to chance!   We will show you how a personal customized tax strategy will save you […]

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