Tax saving tips - Articles about personal and business taxes

Personal Tax Planning

The Family Tax Cut

The government is proposing a new Family Tax Cut, a non-refundable tax credit worth up to $2,000 for couples with children under the age of 18.

The Family Tax Cut would allow a spouse to, in effect, transfer up to $50,000 of taxable income to […]

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Shareholder-Employee Loan or Benefit

Where the shareholder is also an employee, following types of loans are not taxable and excluded from income:
– a loan to employee who is not a specified employee of the lender
– where the purpose of the loan is to buy a principal residence
– where the purpose of the […]

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tax planning

Meals and Entertainment Cost 100% Dedcution

October 19, 2014
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Usually deduction of meals and beverages cost is limited to 50%. This general rules also applies to the cost of meals and entertainment for employees. However there are few exceptions to this general rule as follows:

Employment at Remote Work Sites

The 50% limitation does not […]

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Fitness tax credit

Tax on Income Splitting – “kiddie tax”

October 11, 2014
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Income splitting is the process of shifting income within a family to take advantage of the lower tax brackets, deductions and credits available to each family member. Anti-avoidance legislation was introduced in 2000 to prevent income splitting with minor kids. It is known as “kiddie tax.” The […]

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