Small Business Deduction Multiplier

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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 ...

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FDSC is a Temporary Credit

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Starting in the 2013 taxation year, CRA introduced a temporary non-refundable FDSC to supplement the regular charitable donation tax credit (“CDTC”) for individuals. The new credit effectively adds 25% to the rates used in the calculation of the CDTC for up to $1,000 of monetary donations. As a ...

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Dealing With CRA

There may have been a time when CRA auditors priority was enforcing tax law, that time seems to have passed. CRA systematically seems more focused on extorting funds from taxpayers. In one recent case, the taxpayer went to court on whether or not his truck was an “automobile” for the purposes ...

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