We typically separate tax planning into two stages, prior to establishment and after establishment of the company. Before setting up a company, it is advisable to prepare a business plan and then discuss with a professional on whether it is necessary to set up a company at this stage. According Read more…
Most taxpayers with wage income in Canada do not need to pay personal income tax in advance because their employer deducts enough tax at source to cover the amount of tax due to them each payroll period. However, those who have taxable income from sources outside of their regular employment, Read more…
Do you own a corporation in Canada? Do you understand the corporate tax instalment policy? This article will provide you with information about corporate income tax instalments to help you avoid unnecessary interest and penalties. What is the Corporate Tax Instalment Policy Generally speaking, companies must pay their taxes in Read more…
Many people don’t know whether to choose a Registered Retirement Savings Plan (RRSP), a Tax-Free Savings Account (TFSA), or a combination of both to save for the future. In fact, choosing between a TFSA and an RRSP is easier than you think. TFSA makes sense for almost everyone, but RRSP Read more…
Income tax rates or brackets in Canada depend on your gross income and how much is considered as taxable income. Canadian income tax is calculated on a cumulative basis which means the higher your income, the higher your tax rate. In 2022, Canada’s federal tax bracket will increase by 2.4% Read more…