Tax & Financial Tips

Year-End Tax Planning Tips


Take advantage of 2015 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 2015 tax liability, particularly if you act before the end of the calendar year.

Rapidly changing tax laws mean periodic business and personal tax planning and financial advice is absolutely essential for all business owners, individuals, 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 money.

TAX TIP      In a marriage […]

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Tax Changes in New Liberal Government


With the election of the Liberal party on October 19th, Canada’s tax landscape is about to change.  It is as yet unknown which policies will be adopted and when. The Liberal platform has called for a new tax bracket to apply to income in excess of $200,000. In addition, Trudeau promised to eliminate the income-splitting program, the Family Tax Cut, through which a higher-earning spouse can transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. This saved many of our clients $2,000 on their 2014 personal tax returns. Trudeau also said he would roll […]

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How to Trigger a Tax Loss


You may have an investment in some shares or debt which have become worthless, but you can’t sell them because the security is no longer listed on a stock market.  There is a section of the Income Tax Act that allows you to claim a capital loss on these shares or debt even though you cannot sell them.  This section also applies to debt owed by a corporation to you.  Therefore, you could potentially receive a large tax refund by triggering a tax loss without having to incur any cost at all.

This is a popular tax strategy.  For example, if […]

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Tax Planning Ideas


The recent completion of your 2014 personal income tax return presents a good opportunity to review and consider a number of tax planning ideas to save you money. Effective tax planning is a primary ingredient of good financial planning and it is important to consider a wealth of tips and techniques to help you plan for a prosperous future.

For example, you may save significantly more tax by structuring your investments to make your interest expense deductible. If you own a business, consider the potential tax benefits of incorporating. Or if you have a corporation now, you should calculate your optimum […]

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How to Protect Your Assets


We live in a litigious world.  Litigation has become commonplace in resolving disputes of all kinds.  As Business and Tax Advisor, we provide solutions to our clients to ensure their business assets are protected from potential creditors.

Taken to an extreme, you can creditor proof yourself to a point where you cannot even borrow cash for your business!

Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™.  Now more than ever you need to protect your assets from third party creditors.

Thus, one must be practical when designing a creditor proofing plan, which may include the following:

Transferring Assets Out of Your […]

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Top 4 Tax Tips – Workers


Are You Independent Contractor or Employee?

Attention Business Owners: You must file your 2014 Self-Employed Income Tax Return by June 15, 2015!  There are only 46 days left, so file now to avoid costly late filing penalties.

TAX TIP         As Independent Contractor, remember that CRA Canada Revenue Agency will usually request a copy of your written contract so be sure it is correctly prepared.  Just one small word makes all the difference!  Employees have ‘contracts of service’ which are subject to the employer’s control.  However, independent contractors work under a ‘contract for services’ allowing freedom within which to operate.  For professional […]

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Canada Revenue Agency

Only 31 Days Left to Save You Money

There are only 31 days left to save you money. April 30th is your tax payment deadline. The time to reduce your tax bill is now! Be sure to file your 2014 Individual Income Tax Return now to avoid penalties.

Contact us now to arrange your free, no-obligation, strictly confidential FinancialCHECKUP™ Now more than ever you need to know that you are paying the least amount of tax.

TAX TIP Canada Revenue Agency (CRA) has increased the number of tax audits, especially for small businesses, to detect unreported income which can result in criminal prosecution or […]

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How To Save 2014 Tax


We are proud to present our updated annual 2014 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.

Select ‘Mail’ at the bottom-right corner of this post to automatically forward this to your friends, business associates or loved ones.

Contact us now for your free, no-obligation, strictly confidential FinancialCHECKUP™ or call 905-709-HELP.

TAX TIP     If you have a business it is an important strategy to see how you can bring your family into the business and how you can leverage your family […]

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