Financial Planning Archives - Page 4 of 5 - CPA Accountant and Tax Advisor- Coquitlam, Burnaby, Maple Ridge

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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Fitness tax credit

Tax on Income Splitting – “kiddie tax”

October 11, 2014

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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capital gain reserve

Capital Gain Reserve

Capital Gain Reserve Carry Forward

If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the proceeds from a capital asset disposition will not be received in cash in the year of […]

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Private Health Services Plan Premiums Deductibility

Deducting Private Health Insurance Payments

Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions;

   – your net income from self-employment for the current or previous year is more than […]

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