Prepare for the RRSP Deadline in this Tax Season Throughout the year, you may have been contributing to your RRSP. To get the deduction for the 2022 tax year, the contributions must be done before the RRSP deadline of March 1, 2023. Ensure the contributions meet your registered retirement savings plan (RRSP) deduction limit which […]
Category Archives: Business
Property Transfer Tax Rates & Rules in BC Once you’ve purchased or gained interest in property registered at the Land Title Office in British Columbia, a property transfer tax return must be filed. This involves paying the property transfer tax unless there is an exemption you qualify for. The property transfer tax is based on […]
Eligible Medical Expenses for Tax Returns That time of the year is coming up again and this is the best opportunity to get ready to file your tax return. Start collecting all the proof of any medical expenses you’ve incurred that haven’t been claimed. They must be paid for in any 12-month period ending in […]
Canadian Income Splitting Rules and Information Income splitting refers to splitting the income received from a corporation among family members. This was used to reduce tax owed if those family members were taxed at a lower rate than the primary individual. The government put measures in place to limit this activity such as the “kiddie […]
The Management Salary Deadline is Almost Here! It’s that time of the year where business owners need to finalize how they’ll be paid and can be done in a few different ways. Management salary is one way to do so and involves paying remittance on the salary paid. The deadline for paying management salaries is […]