Year End Tax Planning for Self Employed Individuals

As a self employed individual, setting aside money for taxes and contributing to the Canada Pension Plan (CPP) becomes your responsibility. Self-employed individuals are considered their own employer and the employee, so you also have to contribute to CPP at double the rate. It is up to you to track business and personal expenses, income, invoices, and receipts. This can all be stressful, especially trying to figure it out on your own.  What is year end tax planning? Year-end tax [...]

4 Proven Ways to Do Year End Tax Planning for Parents, Spouses and Caregivers

It's the end of the year already which means the last opportunity for year end tax planning for parents, spouses, and caregivers. Raising a family and providing for a household can be expensive, but there are also many benefits and deductions available to lower the tax you owe once it is tax season. As a parent, spouse, or caregiver, there are circumstances in which unexpected and unavoidable expenses came up. Taking note of the flow of your finance will keep [...]

5 Tips to Help Business Owners with Year End Tax Planning

With the holiday season fast approaching, year end tax planning may not be the first thing on any business owner's list but once the holidays end, tax season will creep up sooner than you think. Being prepared for tax season will help limit any unexpected costs when you complete your tax returns. Businesses commonly use the end of the year to re-evaluate their goals and finances. As a business owner, it is important to plan the moves you make throughout [...]

3 Year End Tax Planning Strategies for Investors

The end of the year is a common time for businesses, investors, and individuals to contemplate their goals and reevaluate their finances. As an investor, it is also important to conduct tax planning to plan the moves you make throughout the year. It is common to review what went well and areas to improve at the year-end to position yourself better financially. Due to this, many investors take part in tax planning at the year-end to prepare for the next [...]

Should I lease or buy a car?

After becoming a licensed driver, the dream for many is to own their own car, their dream car. In an ideal world, we’d buy it with cash, but purchasing a car outright is not feasible for everyone, even for those who can afford it. If you are planning on purchasing a vehicle and debating between buying and leasing, here are some advantages and disadvantages to help with your decision. Advocates for leasing love the ability to get a new car [...]

What is a Personal Service Corporation?

Tax advantages are one of the primary reasons individuals incorporate their business, but if the CRA classifies your business as a "Personal Service Corporation" it may set you back. In a previous article, we outlined the benefits and drawbacks of incorporating your small business. Incorporating your business not only saves money during tax season but also protects your personal assets and reduces your liability. However, as a one-person company, the ramifications of incorporating are huge. A Personal Service Corporation tax [...]

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