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The recent downturn in the economy has prompted many companies to impose
hiring freezes, making independent consultants fashionable and economical again for
Canadian employers who need highly skilled professionals to complete very specific tasks while
maintaining the flexibility to trim their payroll costs.
According to a KPMG study, up to 41 per cent of a company’s gross annual payroll [...]
Today’s small business environment is full of challenges and stress. Can you earn sufficient profit to meet your personal and business needs? Can you beat the competition, and grow or maintain your market share? What about income and sales taxes? Often it seems that entrepreneurs and the Canada Revenue Agency are like oil and water.
One [...]
Employees and Incorporated Business Owners
If you are an employee, or are the owner / operator of an incorporated business, there is a simple way to receive a tax-free allowance for the use of your vehicle. You are entitled to receive up to 42 cents per kilometre for the first 5,000 kilometres of business travel and [...]
The Income Tax Act (the “Act”) contains many anti-avoidance rules designed to address perceived abuses of the Act. One such set of rules addresses “corporate attribution”. If the rules apply, significant adverse tax consequences can occur.
What is Corporate Attribution?
The corporate attribution rules found in subsection 74.4(2) of the Act apply when an individual (the “transferor”) [...]
Spin-offs occur when one corporation (the parent) issues to its shareholders shares of a subsidiary corporation. This is usually done to help increase shareholder value.
For Canadian tax purposes, spin-offs of Canadian corporations usually take place on a tax-deferred basis. In the past, foreign spin-offs involving non-Canadian corporations were not treated as favorably. However, new legislation [...]
The Alternative Minimum Tax was brought into existence to guard against the occurrence of situations whereby high earning individuals might pay little or no tax due to the fact that a significant portion of their income is reduced by certain deductions or “tax preferences”, such as tax shelters, the untaxed portion of capital gains, etc.
The [...]
Considering Incorporation? Here are some guidelines as to when it might be in your best interest.
The business’ profits, when added to other sources of taxable income, take you well out of the lowest tax bracket. In other words, your annual taxable income, including that from your business should be well in excess of about $30,000 [...]
The following article explores the merits of incorporating a business and describes some basic corporate tax planning strategies.
Advantages of Incorporation
The advantages of incorporation for a small business owner usually fall into the following categories:
Tax deferral when business profits are retained within the corporation;
Tax savings after funds are distributed to the shareholder;
Advantages gained from separating the [...]
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Eligible Small Business Investment
To be eligible for the capital gains deferral, the small business investment must have the following characteristics:
The investment is in return for ordinary common shares issued to the investor;
At the time the shares are issued, the corporation qualifies as a Canadian-controlled private corporation. (See the article on Canadian-controlled private corporations elsewhere on [...]
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Regular corporate tax rates, running from between 44% and 46% depending upon province, are usually applied to income earned in an incorporated business. A manufacturing tax credit of seven per cent may apply to further reduce the tax rate.
However, where the corporation is a Canadian-controlled private corporation (CCPC), the first $200,000 of business income is [...]
My brother's estate is in Ontario. He died without a will. I am a joint trustee. His ...
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My mother passed away in april 2009. She left a will but nothing was left to "exec" as she ...
Dean,
Wow.. I'm sorry I struck a wrong cord with you. At the time I posted this comment about the AMP, ...
If my husband and I are in proposal when our mortgage is up for renewal, what will likely happen? Will ...
Hi, I was wondering where I could go to get E&O insuance as a newly graduated Home Inspetor? 
Matt, you might want to do your homework! With the exception of NB & PE, all provinces have regulations. Also ...
Dear D. Rosenberg:
My advice depends on how much you are withdrawing from savings each year. Also, ensure that when you ...
I am trying to locate the Estate Trustee for an author who died in 87 and his wife who died ... Dear Annie
To help me answer your question can you tell me which 'pension' you are referring to? Is it the ...
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