This Bill Could Affect Your Tax Filing! ##taxplanning #financialfreedom #wealthbuilding #realestateinvesting #cpa #taxes #accounting

Don’t Wait To File Your Tax Return! #taxseason #taxes #cpa #taxplanning #taxplanning #financialfreedom #wealthbuilding #realestateinvesting

Why do you need to file taxes every year? @hrblockcanada’s Yannick Lemay breaks it all down and tells us some of the benefits and credits you don't want to miss. #sponsored #hrblockcanada #taxexpert #cdntax #taxes #taxseason #incometax #finance #smallbusiness #bookkeeping #taxpreparer #entrepreneur #taxrefund #taxreturn #taxprofessional #gst #money #taxplanning #taxation #taxconsultant #taxpreparation #taxtips #taxtime #taxprep

Why ALL Rich People Buy Range Rovers 🚘💵 #rangerover #personalfinance #taxplanning #richpeopleproblems #rangerovers

Here are examples of a bare trust arrangement: - a child on title of a parent’s home (without the child having beneficial ownership) for probate or estate planning purposes only; - a parent on title of a child’s property (without the parent having beneficial ownership) to assist the child in obtaining a mortgage; - one spouse being on title of a house or asset although the other spouse is at least a partial beneficial owner; - a parent or grandparent holding an investment or bank account in trust for a child or grandchild; - a corporate bank account opened by the shareholders with the corporation being the beneficial owner of the funds; - a corporation being on title of an individual’s real estate, vehicle or other asset, and vice-versa; - assets registered to one corporation but beneficially owned by a related corporation - use of a nominee corporation for real estate development purposes; - a property management company holding operational bank accounts in trust for their clients, or individuals managing properties for other corporations holding bank accounts for those other corporations; - a lawyer’s specific trust account (while a lawyer’s general trust account would largely be carved out of the filing requirements, a specific trust account would not); and - a partner of a partnership holding a bank account or asset for the benefit of all the other partners of a partnership. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

TFSA va RRSP. Additional considerations: Additional Advantages of RRSP: 1. First-Time Home Buyers Plan: you can withdraw up to 35,000 to purchase your first home without immediate tax consequence 2. RRSP allows contributing to a spousal RRSP, potentially equalizing retirement income and reducing overall taxes. Additional Advantages of TFSA: 1. TFSA contribution room increases each year, irrespective of income. 2. TFSA withdrawals are added back to contribution room in the following year, allowing for strategic financial planning and re-investing. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Paying Kids from S-Corp #TaxPlanning #TaxTips #generationalwealth #realestate #BusinessGrowthHacks #StartupLife #InvestSmart #bonusdepreciation #TaxHacks

It's something that comes up every year - what happens if the CRA selects your tax return for an audit? @hrblockcanada’s Yannick Lemay breaks it down. #sponsored #hrblockcanada #taxexpert #cdntax #taxes #taxseason #incometax #finance #smallbusiness #bookkeeping #taxpreparer #entrepreneur #taxrefund #taxreturn #taxprofessional #gst #money #taxplanning #taxation #taxconsultant #taxpreparation #taxtips #taxtime #taxprep

This is why a holding company is so beneficial. Let me know if you want to learn about other benefits. #canadiantax #tax #taxtok #canada #big4 #pwc #deloitte #kpmg #ey #mnp #taxadvice #taxplanning #taxstructure

Most of us want to get the biggest refund when we file our taxes. @hrblockcanada tax expert Yannick Lemay has these tips to ensure you're taking advantage of all the benefits and credits available. #sponsored #hrblockcanada #taxexpert #cdntax #taxes #taxseason #incometax #finance #smallbusiness #bookkeeping #taxpreparer #entrepreneur #taxrefund #taxreturn #taxprofessional #gst #money #taxplanning #taxation #taxconsultant #taxpreparation #taxtips #taxtime #taxprep

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I dont know anything Canadian Edition. Had to speed up the video so it would be under 1 min 😀 #canadiantax #tax #taxtok #canada #idontownanything #taxstructure #taxstrategy #taxplanning #taxavlidance #taxevasion #cpa #big4

Sign up today and get 50% off your own, dedicated business tax expert to take taxes off your plate. Perfect for partnerships, S-corps, and multi-member LLCs. #onlinebusiness #entrepreneurlife #turbotax #turbotaxlivebusiness #taxtok #taxes #businesstaxes #llc #taxplanning #scorp

How to maximize this credit: If you have a spouse or a common-law partner, all medical expenses should be reported on the tax return of the person with the lower net income. This is because you must subtract the lesser of $2,635 or 3% of the net income, so it’s more beneficial if that net income is lower. For example, if one person has a net income of $100,000 and another has $50,000, you will only need to subtract $1,500 from medical expenses, instead of $2,635. Do not report medical expenses individually, as this would result in subtracting that amount (either $2,635 or 3% of net income) twice. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

A number of Canadians will be filing a tax return for the first time this year. @hrblockcanada’s Yannick Lemay breaks down why it's important to file and when you should start. #sponsored #hrblockcanada #taxexpert #cdntax #taxes #taxseason #incometax #finance #smallbusiness #bookkeeping #taxpreparer #entrepreneur #taxrefund #taxreturn #taxprofessional #gst #money #taxplanning #taxation #taxconsultant #taxpreparation #taxtips #taxtime #taxprep

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The reason he didn't want to keep cash in the corporation was to protect it from lawsuits. By setting up a holding corporation and moving the cash there, we were able to achieve the same goal without triggering personal taxes. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

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Salary vs Dividends - Canadian Edition Other considerations: 1. When you pay yourself a salary, you will also have to contribute to CPP, which is about 11.90% combined for both the employer and the employee. This additional cost will result in a lower after-tax cash amount compared to receiving dividends. 2. Paying yourself a salary will create RRSP contribution room, which is an excellent registered account for your retirement. 3. This is a bit more complex, but if a corporation has a Refundable Tax On Hand balance, paying a dividend may result in a dividend refund to the corporation, reducing overall costs when a dividend is paid. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Bonus Tips: To maximize the benefit of the RRSP, you can contribute during the periods when you're in a higher tax bracket and make withdrawals when you are in a lower tax bracket. Even if your investment income is zero, you will still benefit from the difference in marginal tax rates. Also, the RRSP offers a range of benefits, including the First Home Buyers Plan (HBP). This program allows you to withdraw up to $35,000 tax-free to purchase a first home. The amount withdrawn under the HBP must be repaid to the RRSP within a 15-year period, effectively allowing individuals to loan money to themselves interest-free to finance a first home purchase. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

One of the reasons why you should consider incorporating your business. By paying less taxes, your business is left with more cash which can be reinvested back into the business to generate even more income. #canadiantax #taxstrategy #taxtok #taxloophole #taxevasion #taxplanning #accounting #big4

Trust structure - Canadian edition. Summary: 1. Leveraging the trust structure, the lifetime capital gains exemptions allow individuals to pay $0 tax on the first $1,016,836 of capital gains when selling shares in a qualified small business corporation. This exemption can be multiplied, thanks to the trust 2. The trust facilitates tax-free transfer of shares to beneficiaries, such as family members, providing significant tax advantages. 3. Through the trust, corporations can pay tax-free dividends to the wealth corporation, allowing for efficient wealth accumulation for retirement planning #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Bonus Fact: Important: If each partner holds exactly 50% of the operating corporation, neither has control, allowing the operating entity to has its own $500,000 small business deduction. In this scenario, all three corporations — each partner's holding corporation and the operating corporation — can claim their own $500,000 small business deduction, totaling $1,500,000 combined. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Ingin tau tax planning? Yuk join webinarnya dengan klik link di bio! #fyp #pajak #taxplanning #tax #pajakindonesia #cuan #strategibisnis #tipsbisnis #perpajakan

Bonus: if a corporation receives a capital dividend or a dividend from a contected corporation, it wont have to pay taxes. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

When a shareholder takes out a loan from a corporation, that loan is included in the shareholder's income unless the balance is repaid within one year after the year in which the debt was incurred. If the debt is not repaid within one year, and, as a result, the debt is included in the shareholder's personal income, then there is no imputed interest on the loan. If the debt is repaid within one year, then the debt is not included in the shareholder's personal income, but there is an imputed interest on the loan. Here is an example: Scenario 1: Sam is 100% shareholder of Opco. Sam borrows $100,000 during Opco’s December 31, 2023 tax year. If Sam does not repay the loan to Opco by December 31, 2024: - he entire $100,000 will be included in his 2023 income; and - Sam will need to amend his 2023 personal tax return to include the $100,000 shareholder loan. There is no imputed interest on the loan. Scenario 2: Sam is a 100% shareholder of Opco. Sam borrows $100,000 during Opco’s December 31, 2023 tax year. Opco declares a dividend to Sam of $100,000 on December 31, 2024, and offsets it against the shareholder loan. Sam will not need to include $100,000 in his 2023 personal tax return. Sam will have a taxable benefit equal to $100,000 x [the prescribed interest rate / 365 x # days the loan was outstanding] #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

Bonus: capital gains and dividends are eventually taxed as regular income. #canadiantax #rrsp #tfsa #tax #taxtok #canada #cpa #fhsa #big4 #pwc #deloitte #kpmg #ey #mnp #taxplanning #taxstrategy

How much tax do we have to pay on capital gains? In Canada, we have an inclusion rate of 50%, meaning that 50% of capital gains are included in income and are subject to tax. It was not always 50%; in the past, it was 66% and even 75%. Therefore, even though we currently benefit from the 50% rate, the government can increase it at any time. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness

#TaxPlanning #of #costsegregationstudy #TaxTips #WealthBuilding #generationalwealth #realestate #SmallBusinessTips

This why I have to pay 40% tax and this what I am going ti do about it. #Canadiantax #tax #taxtok #canada #taxstrategy #taxplanning #taxadvice #cpa #big4 #pwc #deloitte #kpmg #ey #mnp #tfsa #rrsp #fhsa #business #entrepreneur #smallbusiness