by James Gustafson | Oct 27, 2010 | Incorporation, Taxation, Uncategorized
With current low corporate tax rates some professionals are opting to forego taking money out of their company to place into an RRSP and are instead leaving the money in the company to invest, saving within the company and then using dividends from the company as a...
by James Gustafson | Aug 23, 2010 | Incorporation, Taxation, Uncategorized
Greater Cash Flows to Buy Assets or pay debt Currently, a Canadian owned small private company in BC pays significantly lower taxes then an individual operating a non-incorporated business. This fact is useful if you intend to buy business assets or need cash to pay...
by James Gustafson | Aug 22, 2010 | Accounting, Incorporation, Taxation, Uncategorized
Buying a business can be an exciting time. You’ve found something you believe will be a good investment and generate positive cash flow for years to come. Before signing on that dotted line, however, have you considered these factors: Why is the vendor...
by James Gustafson | Aug 16, 2010 | Taxation
As a Canadian taxpayer we are all aware we should be taxed on our “income”. But do we know exactly what income is? A closer review of the Income Tax Act will tell you that this term is not clearly defined. However, the legislation clearly tells us how to...
by James Gustafson | Aug 9, 2010 | Taxation, Uncategorized
This blog will consider some common estate planning scenarios as food for thought. Every person’s wishes and situation are different, and there are many estate planning alternatives to be considered to achieve an individuals goals. Here are a few to consider:...
by James Gustafson | Aug 4, 2010 | Taxation
The Voluntary Disclosure Program is run by CRA to allow taxpayers to report additional unreported income from prior years or to correct overstated expenses. Examples of this may include unreported cash tips for service workers, foreign pension income or other...
by James Gustafson | Jul 7, 2010 | Incorporation, Taxation, Uncategorized
This blog will discuss some of the typical decision making processes that you should consider when discussing with your accountant the most efficient form of receiving income from your company. Each situation will, of course be unique, and even the same individual may...
by James Gustafson | Jun 29, 2010 | Uncategorized
As a chartered accountant in Victoria, this is one of the most common questions that I hear. The simple answer is yes, tax returns may be amended up to 10 years after they were filed. This may be done for personal or corporate tax returns. Why would you want to...
by James Gustafson | Jun 25, 2010 | Uncategorized
As a business owner with a successful company have you ever wondered if you might benefit from a holding company? The answer may well be yes. Simply put a holding company is a company established to “hold” the shares (or other significant assets such as...
by James Gustafson | Jun 17, 2010 | Taxation
A big issue with the new Tax free savings accounts (TFSA) was revealed this week when the Canada Revenue Agency announced that it had issued more than 70,000 letters to taxpayers for penalties related primarily to over-contributions to TFSA accounts. Many people...
