Income Splitting Pre Planning We are now firmly into the 2015 calendar year and with the New Year come new tax laws aimed at reducing your family’s tax burden (eg. recently announced family tax cuts) and changes to existing tax laws that reduce old benefits (eg. higher personal taxes on ineligible dividends). Ineligible Dividends Ineligible dividends are essentially the type
Penalties and interest charges are the most common tools the CRA uses to enforce compliance with the Canadian Income Tax Act. ‘Compliance’ refers to filing the tax and information returns in their entirety and on time. When a taxpayer (a person or a corporation) files late, there are late filing penalties on unpaid balances. There is another serious penalty in
Canadian corporations enjoy a 13.5% corporate tax rate on the first $500,000 of taxable income from active business due to the small business deduction. Therefore, it makes sense for a corporation to structure its business affairs in ways that can take full advantage of this favourable tax rate. The majority of Canadian businesses qualify for the above benefit. However, some
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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