The common small business practice of income sprinkling – distributing business income among the owner’s family members using dividends, with the aim of reducing the family’s overall tax – has been very much in the news lately. In an effort to curb what it views as overly aggressive tax planning, in July 2017 the federal […]
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by Simon Doyle and Melissa Shin Many business owners dream of passing their businesses on to their children. But thanks to a specific anti-avoidance tax rule, it’s often more profitable to sell to an outsider. The federal rule, in section 84.1 of the Income Tax Act, means that “when family goes to buy a business […]
Read More business planning, business tax, retirement planning, small business, taxesThis summary was written by Louis Sapi and Sonia Vaknin at HS & Partners LLP, 905-678-2740.
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On October 3, 2016, the Government announced administrative changes to Canada Revenue Agency’s reporting requirements for the sale of a Principal Residence. In the past when you sold your principal residence you did not have to report the sale on your income tax return and you did not have to pay tax on any gain […]
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CRA has announced that investment management fees on registered plans such as RRSPs, RRIFs and TFSAs can no longer be paid from outside the registered accounts. CRA now considers that paying fees on a registered account using unregistered money creates an “advantage” because it indirectly increases the value of the registered plan. This is a […]
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