tax planning
Eligible and Non-eligible Dividends
Eligible dividends An eligible dividend is any taxable dividend paid to a resident of Canada by a Canadian corporation that is designated by that corporation to be an eligible dividend.…
Employment Expenses
If your employer requires you to pay expenses to earn employment income, under certain conditions, you may be eligible to deduct employment expenses. Allowable employment expenses will be reported on…
Motor Vehicle Tax Deductions for Businesses
Motor vehicle tax deduction for business purposes can be claimed to minimize the taxes. However, there are certain conditions imposed by the CRA to claim these automobile expenses. In this…
Taxable Benefits – Work Clothing
Uniforms are not a taxable benefit if the purpose is to protect the employee from the job hazards or are distinctive uniform such as identifying the employer. If it does…
2020 TFSA Limit
For 2020 TFSA annual limit is $6,000. Someone who never contributed to TFSA and is eligible the total contribution limit room is $69,500. Return on the investment inside the TFSA…
BC Wage Increase Analysis
BC Wage Increase Analysis The impact on small business profitability BC Wage Increase Analysis The purpose of BC wage increase is to make housing more affordable in BC for those…
BC Employer Health Tax
What is BC employer health tax? The employer health tax is an annual tax on certain business in B.C. remuneration paid to employees and former employees in a calendar year…
BC Minimum Wage Increase June 2020
On June 1, 2020, Province of BC increased the minimum wage to $14.60. The hourly minimum wage is the same for adults and young people. Some professions have a separate…
Pension Income Splitting
What is pension income splitting? A tax payer can be able to elect jointly with his/her spouse or common-law partner to split eligible pension income as long as meet all…