Shareholder-Employee Loan or Benefit
Where the shareholder is also an employee, following types of loans are not taxable and excluded from income: - a loan to employee who is not a specified employee of…
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…
Private Health Services Plan Premiums Deductibility
Deducting Private Health Insurance Payments Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions; …
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.…
Tax Liabilities of New Immigrants in Canada
Are you a newcomer to Canada? You become a resident of Canada for income tax purposes when you establish significant residential ties in Canada. You usually establish these ties on the date you arrive…