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.…
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…
tax planning
Automobile Taxable Benefits
Employee's benefit Report the value of the benefit including the GST/HST that applies in box 14, "Employment income," and in the "Other information" area enter code 34 at the bottom of the employee's T4…
capital gain reserve
Capital Gain Reserve
Capital Gain Reserve Carry Forward If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the…
Income Splitting with Minor Kids
Splitting Income with Minor Kids to Save Taxes One way to reduce your taxes is to split income with your family. This is one of the popular tax planning strategy.…
Keeping track of vacation property cost
When selling a vacation home, the gain on that property may be taxable in the future. It is important to keep track of the cost to acquire the property; the…