Category Archives: Tax Planning

When Is Your 2023 Tax Return Due?

 

When are your 2023 taxes due?      Personal Taxes (Individuals), Businesses and Corporations all have different due dates.  Let’s talk about the different tax deadlines for personal returns, small businesses, and corporations.

 

When are 2023 taxes due for Individuals? – In Canada, the personal tax deadline is April 30 of each year.  We are an …

What is CPP2 and how will it affect my taxes?

CPP2 affect my taxes

Have you heard about the recent introduction of the Canada Pension Plan 2 (CPP2)? If you haven’t, it’s time to pay attention. Did you asked yourself, how will the CPP2 affect my taxes? The CPP rates have been revised and an additional rate has been introduced, which means your contributions and benefits may be affected. …

When are your taxes due

taxes due dates

With the end of the Financial Year getting closer and closer, we elaborated a recap of when are your taxes due so you don’t miss any deadline!

Different dates apply for each category

Personal Taxes – In Canada, the deadline to file your personal tax return is April 30 of each year.  In 2023, April

How to pay less personal taxes

how to pay less tax

Are you ready to start to pay less personal taxes? Here’s a summarized guide on how to achieve that.

Maximize your deductions: CRA specifically allows certain deductions to reduce your taxable income and help you pay less tax. The most popular deductions are:

  • RRSP and pension contributions
  • Childcare expenses
  • Moving expenses
  • Spousal support payments
  • Employment

How Do I Save Money for Taxes?

save money for taxes

You may wonder, how do successful businesses like yours save money for taxes? Your business is off to a great year and you know you’re going to owe some taxes at year-end. Now is the time to consider putting some money away to pay your tax obligations.

Different methods to save for taxes

First thing …

When do I pay myself a bonus from my medical practice?

medical practice bonus

Your medical practice is doing well. You’ve worked hard to prioritize patient care while still bringing in a profit, and now you have a surplus of cash that you don’t need to cover day to day operations. While this is exciting, deciding exactly what’s best to do with that extra income can feel paralyzing. 

To

Should I pay myself a bonus at the end of the year?

should I pay myself a bonus

Your company is doing well. You’ve seen a boost in profits, have made key strategic decisions, and now you have a surplus of cash that you don’t need to cover day to day operations. While this is exciting, deciding exactly what’s best to do with that extra income can feel paralyzing. One of your first

Incorporation vs Sole Proprietor – which is right?

Incorporation vs Sole Proprietor

Incorporation vs Sole Proprietor – have you been struggling with the decision on which type of company is right for your company? Check out our attached guide to some of the nuances between Corporations and Sole Proprietors.

Organization differences between Incorporation vs Sole Proprietor

A sole proprietor is the simplest business organization. You can still …