by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
This article provides an overview of various planning matters related to the use of a personal trust in the ownership of a business that is a qualified small business corporation for the purposes of the Income Tax Act. Some popular benefits of a personal...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Most business owners are well aware of the significant income tax savings that can be achieved from having business profits taxed inside a corporation rather than at the personal level. The 2008 corporate tax rate on business income earned inside a corporation...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
The Goods and Service Tax (“GST”) has been in existence in Canada since 1991. Generally the adherence to the GST rules included in the Excise Tax Act (“ETA”) are reasonably straight forward where the proper bookkeeping systems have been established to capture...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Why Incorporate? There are a number of significant advantages to incorporating a business, rather than operating as a sole proprietor or a partnership. 1. Opportunities to Save and Defer Tax The corporation and the individual are two separate taxpayers and are taxed...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
A health and welfare trust is an arrangement that allows employers to fund a trust for the provision of certain health and welfare benefits (such as health coverage) for employees (and shareholders) on a tax-deductible basis. A payment by the health and welfare trust...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
If you “do work” for a company, are you an employee or an independent contractor? And why does it matter? For tax purposes, it matters a lot. Generally, being an independent contractor is much preferable from a tax point of view. If your relationship...
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