Archives

  1. December 2017
3-ways-incorporating-can-save-medical-professionals-huge-amounts-of-money

Lower Tax Rates Medical Professionals are in the highest income tax bracket, paying over 45%. By incorporating your medical business you can take advantage of a lower corporate tax rate of 15% Tax Free Dividends Annually, you and a spouse could be eligible for as much as $70,000 a year worth of tax free dividends from your corporation. Vehicle Expenses By utilizing proper record keeping, your corporation can be used to purchase au...

vacation-to-the-caribbean

Vacations are unforgettable no matter what. They have an endless amount of benefits as well. Studies show that going on a vacation once a year will improve your mental health, strengthen family ties, increase your confidence level and recapture your child hood. Not to mention the healing benefits of the sun which gives you the healing power of Vitamin D. To ensure that you can afford to go on the vacation you deserve you need to go to for your tax preparation and financial inquiries. Dean and A...

3-estate-planning-tips

  1. Assign: Estates dictate the distribution of your remaining assets upon your death. Thus, when planning your estate, make sure to carefully consider and assign who gets what to maximize the usefulness of the estate planning process.
  2. Insurance: While the state does tax estate money, they do not tax insurance money. Make sure you purchase insurance plans to offset the amounts your estate stands to lose in taxes to protect your loved ones from accumulating unnecessary debt.

to-incorporate-or-not

Whether you are a Professional (Medical, law, consultant, etc), franchisor, small business owner, trades person, restaurant owner, etc this is a common question that comes up again and again. The Basics 14% vs 53% tax rate Small business tax rates for the first $500,000 of net taxable business income in Ontario are currently 15%.  These rates will continue to decrease to 14% starting in 2018 and then 13% in 2019.  If we look at the sole proprietor they are facing a margin...

biggest-mistakes-made-by-incorporated-professionals-and-small-business-owners

Over the years in having clients come over with the files to our accounting firm I have noted the following area's where incorporated businesses make the biggest mistakes. Tax Preparer vs. Accountant Several small business and professional corporations have tax preparers and not accountants.  Tax preparers prepare the returns for filing based on the information provided by owners without any verification, planning and tax compliance assessments. Small business owners now mo...