Financial Plans
A financial plan should be the cornerstone of any family’s wealth management strategy and should detail their investment, business, retirement and estate goals and objectives. It should include realistic tax and cost of living assumptions and most importantly, it should be able to tell with reasonable confidence whether the plan is achievable through most economic scenarios. The reality is most...
Learn More...
Spousal Prescribed Rate Loan
With interest rates close to all time lows, astute investors are focusing on spousal prescribed rate loans as a way to reduce their taxes by income splitting. Income splitting is a strategy used to transfer income from a high-income spouse to a lower income spouse in order to reduce the overall tax burden of the family. Unfortunately, the “attribution rules” in the Tax Act make this difficult as...
Learn More...
Personal Charitable Fund
In this article we will discuss how to set up a simple and tax effective charitable giving fund account with as little as $2,000 in after tax dollars and increase tax credits.
...
Learn More...
Transition To HST
With the Ontario Harmonized Sales Tax ("HST") of 13% coming into effect on July 1, 2010, many owners of small to mid-sized businesses are particularly concerned about this tax change and how it will impact them. ...
Learn More...
HST For Businesses
The Harmonized Sales Tax ("HST") will take effect in Ontario on July 1, 2010 replacing the existing 8% provincial Retail Sales Tax ("RST") and combining it with the 5% federal Goods and Services Tax ("GST"). ...
Learn More...
HST For Businesses Selling Goods
Harmonized Sales Tax ("HST") will apply to prepayments made after May 1, 2010 for goods or services that would be provided on or after July 1, 2010. Any HST paid in the period by a business selling taxable supplies will be available as an input tax credit ("ITC"). ...
Learn More...
