Tag Archives: how-to

Why you NEED to tell your accountant before you take money out of your corporation

right way to take money out of your business

There is a right way and a wrong way to take money out of your business.

The “wrong way” is to simply withdraw cash from your business bank account. It’s not wrong because it’s punishable by the Gods or the law enforcers, but it can result in a punishingly high tax bill. It can also …

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 …