Monthly Tax Information

tax tips

Penalties – Given the mindset of CRA and the time of year, a quick review Failure to file an Information Return – $ 25/day, minimum $ 100 and maximum $ 2,500.  Historically, I had not seen this for late filed returns. However, I think it is becoming common practice – especially on ...

Read MoreRead More

Small Business Deduction Multiplier

small business deduction image

A common tax planning objective is to multiply the Small Business Deduction (“SBD”) in a family held business group. Since the SBD allows the first $500,000 of active business income to benefit from a preferred tax rate of 15.5%, multiple SBD’s can result is a significant income tax saving! CRA ...

Read MoreRead More
Load MoreLoad More