The Biden Tax Plan: Implications for Individuals It is safe to say that the 2020 Presidential Election was on personality and relatively light on policy details. But with the January 20th inauguration approaching quickly, here is an overview of what we know about the tax plan that will likely come into play in the first…
Will they Implement a Canadian Wealth or Estate Tax? Question My wife and I have been reading lately about all this talk related to a possible wealth or estate tax on Canadians. We have significant investment accounts in both Canada and the US. Do you think Canada will actually implement a wealth tax anytime soon?…
2019 Federal Budget introduces Advanced Life Deferred Annuities availability for RRIFs We will have more info as these rules get rolled out, however it looks like the 2019 Federal Budget introduced measures that will allow individuals to stretch their RRIF accounts even further into retirement. By allowing Canadians to invest in Advanced Life Deferred Annuities…
Starting a Business in Vancouver, Need Some Advice on an Appropriate Structure Question Hi Phil I’m starting an application and gaming company with 2 close friends of mine in Vancouver. We’ve been told on multiple occasions that going into business with friends is a big mistake. But after looks of discussions we’ve all decided to…
Is your corporation at risk of being deemed a personal services business (PSB) by the CRA? If your corporation is deemed to be a personal services business (PSB) your corporation is no longer eligible for the small business deduction (SBD) and its income is taxed at full corporate tax rates. For 2016 the B.C. corporate…
Family Income Splitting for Doctors – A Significant Income Tax Saving Strategy Our physician clients are some of the higher paid professionals in BC. Some making well over $500,000 per year. At these income levels average tax rates can be over 40%. For those that plan properly significant tax savings can be obtained by allocating…