Once your business is incorporated, it is considered a separate person for tax purposes. There are tax and legal advantages to operating your business under the legal structure of a corporation as opposed to a sole proprietor or a partnership. Sole proprietor’s and partners report their net income on their personal tax returns while a corporation files a separate and different tax return.
We can help you navigate decision making regarding owner/manager remuneration (should I pay myself dividends or a salary or both?); income splitting with family members; maximizing legitimate tax deductible expenses and more. Contact us for more information.
Why use a professional for preparation of my personal tax return? While the CRA will likely know your income from filed T-slips, they do not know your deductions and are not responsible for optimizing your tax savings/minimizing your tax liability. Sometimes reducing or deferring your income tax liability requires a few years advance planning.
Tax laws change every year with government budget changes. We attend tax update courses annually in addition to researching tax issues as they arise in an effort to keep on top of constantly changing tax law.
Contact us today to learn more about how we can help you maximize your tax savings.
Losing a loved one through death is often overwhelming for those left with the responsibilities to settle the estate. We can work with you on estate and financial planning to implement a plan to lessen the tax burden on passing, so that assets accumulated over the deceased’s life are maintained for their loved ones. We also work with legal counsel of the deceased to file the necessary tax returns.