Archives

  1. Blog
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...

unfiled-returns-back-taxes-canada-and-us

Our Accountant firm in Mississauga and Toronto specializes also in filing multiple years of taxes both with CRA and the IRS

Employed

If you were employed and have lost T4 and RRSP slips there is no problem. We can easily retrieve them from the CRA. The important thing is that you file immediately especially if you owe money or are entitled to certain benefits.

Arbitrary Assessments

CRA can assess years of unfiled taxes and even commence legal action against your ass...

incorporating-for-medical-professionals

Lower Tax Rates

Medical Professionals are in the highest income tax bracket, paying over 53% marginal tax rate in Ontario. By incorporating your medical business you can manage and defer taxes for a lower corporate tax rate of 13.5%

Tax Free Dividends

Annually, you could receive up to 50,000 a year worth of tax free dividends from your corporation.

Shareholder Loans

All loans for shareholders must be returned by the end of the following fiscal year. So i...

death-and-estate-taxes

Will

A will should be in place with an executor assigned for the estate. If a will is not in place a lawyer and accountant should be immediately consulted.

Estate Trust Number

Upon death an application to CRA for a estate trust number should be done by the accountant with a copy of the registered will to establish the executor of the estate.

Death Return

If the death occurred between January 1 and October 31 inclusive, the due date for the final return i...

cra-calling-cra-audits

Increasingly CRA is auditing many firms in the area's of: 1. Payroll: Maintaining payroll records are essential. Filing the appropriate slips whether they are T5, T4, T4A, etc are critical. Any paid over $500 should be issued a T4 or T4A slip depending on the nature of the work and arrangements. Our clients get this service as part of their package so if the CRA calls an Audit we are ready without any costs to the existing clients provided we did the bookkeeping. 2...