We solve serious CRA tax problems

Tax Tips Part 2

Written by Sam Faris

Published on November 21, 2019

Last updated December 5, 2023

Table of Contents

    Tax on Split Income

    Owner-managers often try to split income with children to lower their tax liability. This is not always effective. Split income will include income earned through a trust or partnership that is derived from a business or a rental property of the trust or partnership, if a person related to the minor is actively engaged in the business or partnership.

    Medical Expense Tax Credit

    Taxpayer can claim amounts paid for the design of an individualized therapy plan for an individual eligible for the Disability Tax Credit.

    Donation Of Ecologically Sensitive Land

    The CFWD has increased from 5 to 10 years.

    Search and Rescue Volunteer’s Credit

    The Rescue Volunteer’s credit is a non-refundable credit worth $450 (15% of $3,000).

    About the Author

    Picture of Sam Faris

    Sam Faris

    CPA, CGA, LPA, CPA (C.O.) (Expired), FACCA (U.K.)

    Sam Faris, President of Faris CPA, is a Licensed Public Accountant in Ontario, with affiliations to CPA Ontario, CPA USA, and FACCA U.K. Since 2003, he's excelled in resolving CRA disputes and tax audits. His firm offers diverse services, from bookkeeping to corporate tax planning, serving a wide client base. Renowned for his formidable track record against the CRA, Sam is a committed advocate and expert in tax resolution.

    Learn more about Sam Faris
    pro-tip

    Pro Tip

    ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

    The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

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