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Employee Gifts
With Christmas right around the corner, it seems appropriate to take a quick look at the taxation of employee gifts. Nobody is ever going to confuse Canada Revenue Agency (CRA) with Santa Clause, but...
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Professional Corporations – Why Incorporate?
In my last post, I discussed which professions can incorporate in British Columbia. But why would you want to incorporate your practice? Because the other doctors or dentists in your clinic have...
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Incorporation Benefit – Lower Income Tax Rates
As I noted previously, there are several benefits to incorporating your practice. One of the greatest advantages of a professional corporation is access to lower income tax rates. In Canada, we have a...
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Incorporation – Taxation of Salary and Dividends
In my last post, I discussed the lower tax rates on professional income earned in a corporation. In BC, any professional income that you earn personally in excess of $132,000 is taxed at 43.7%. In a...
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Incorporation Benefit – Income Splitting
In my ongoing series on professional incorporation, I’ve discussed what a professional corporation is (a distinct legal entity) and which professions allow incorporation (doctors, dentists, lawyers and...
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Income Splitting With A Professional Corporation Can Save You Thousands
Income splitting with wages can save you thousands of dollars. Income splitting with dividends from a professional corporation can save you tens, even hundreds, of thousands of dollars. My last post...
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Incorporation Benefit – Tax Deferral
Because a company is taxed at a much lower rate on business income than an individual, there is the potential for a large tax deferral. Consider a professional who earns $300,000, but only needs...
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Incorporating Your Startup
A corporation is the most common business structure in Canada. There are many benefits to incorporating your business, including income tax, legal and funding considerations. To fully understand the...
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