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Tax Tips Part 2

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).

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.

Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa
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.