Tag Archives: tax

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