Are you a few years behind in filing your corporate tax returns? It's time to catch up! Contact me to discuss your options.
- HST: The 5% GST and the 8% PST are being combined into a single tax called the HST. Starting July 1, 2010, consumers will pay 13% HST on all goods and services which previously only attracted a 5% GST rate. Some items that are exempt from the 8% PST portion are books, children's clothing and footwear, diapers, children's car seats, and feminine hygiene products. Here is a link to the Ontario Ministry of Revenue's page called: "What's Taxable Under the HST and What's Not". In addition, here is a link to the CRA's publication GST/HST Info Sheet - GI-056.
- Introduced in 2008, pension splitting is a major change to Canadian personal tax. Up to 50% of pension income from a higher income spouse, can be transferred to a lower income spouse. This can result in significant tax savings for the couple as a whole.
- Pay dividends to children over 18 from your corporation. Have your adult children subscribe to shares of your corporation at fair market value using their own money. You can then pay them dividends out of your corporation to those children. With tuition and no other employment income, those children can receive upto $50,000 without additional tax. Not a bad deal!
- Consider selling investments with accrued capital losses so that you can carryback those losses against previous or current capital gains.
- Beginning with year ends ending in 2008, small business corporations will enjoy even lower income tax rates on income eligible for the small business deduction. Stay tuned for updates in my tax tips section.
- The following expenses are deductible if they are paid before the end of the year: * moving expenses, *child care expenses, *safety deposit box fees, *charitable donations, *political contributions, *medical expenses, *alimony, *union and professional dues, *interest and carrying charges, *transit passes and fitness amounts for children.
- Corporate tax returns are due six months after your fiscal year end. For example, June 30, 2010 is the deadline for filing corporate income tax returns with a December 31, 2009 year end. Filing by this date will avoid late-filing penalties. Need help? .... give me a call or fill out my contact form.
Welcome to my site! I am a chartered accountant who believes that my clients deserve great service!
I provide accounting and tax services to small and mid-sized businesses, individuals, and entrepreneurs.
I serve the Toronto, Mississauga, and York Region areas including Thornhill, Richmond Hill, Concord, Markham, Newmarket and Aurora.
My services are knowledgeable, professional and affordable. (They're also friendly!)
If you are a business owner, entrepreneur or a self-employed individual who is...
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