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 […]
Learn About the Interim Canada Dental Benefit The Canadian government has brought in the interim Canada Dental Benefit. This helps lower dental costs for eligible families earning less than $90,000 annually. It applies if the child receiving dental care is under 12 years old and doesn’t have access to a private dental plan. Children eligible […]
Guide to Payroll Tax Deductions and Remittances Any employer, including non-residents, are required to withhold amounts of the income tax liability of an employee in Canada even if they will be exempted in other forms such as tax treaties. If an employer doesn’t want to withhold the payroll tax amounts, they would have to apply […]
How the Canadian Luxury Items Tax Affects You There is a new tax called the Luxury Items Tax that came into effect on September 1, 2022. This luxury tax applies to the sale or import of certain vehicles, aircraft, and vessels. Vehicles and aircraft priced or valued over $100,000 along with vessels over $250,000 will […]