With income splitting couples were able to use tax planning methods such as issuing dividends to related family members in order to reduce their own taxes payable. For example if a Doctor creates a corp with their family and they make $500,000 for the year, under the old tax laws they were able to split this with their family by issuing dividends and were able to utilize their families and pay 25k in taxes for the 100k per person instead of paying taxes of 230,500 as an individual (@ tax rate of 53% in 2018). This was only for adults over 18 but now the rules have changed. Please consult us on how you can save taxes and get a better refund for your personal and corp taxes.
Sources: https://www.bdo.ca/en-ca/insights/tax/tax-articles/new-tosi-income-splitting-rules-impact/
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Interesting article about how Crypocurrency will be treated like a commodity and taxpayers will need to pay taxes on this moving forward. Help us help you with personal and corp taxes at SAZ Accounting.
Sources: www.theglobeandmail.com/globe-investor/personal-finance/taxes/some-basic-answers-to-the-tax-implications-of-cryptocurrencies/article37749902/ |
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