income tax planning

Income Tax Planning Tips

Welcome to Income Tax Planning Tips… This site is dedicated to providing tax solutions for anything related to taxes from tax audit information to employer tax id numbers!

Canadian RRSPs
Registered Retirement Savings Plans (RRSP) are a great way to help you lower the taxes you have to pay. So why don’t Canadian taxpayers take full advantage of RRSP’s? Well it may be because the tax treatment of RRSP’s is confusing to many Canadians. However, when you demystify the Canadian tax law written in the income tax act and translate it in simple to understand terms, it seems many Canadian’s may be missing out on thousands of dollars in tax savings.

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RRSP Deduction Limit
As you probably already know Canadian RRSPs are a great way to lower the taxes you have to pay. My clients often ask me, “How much of net income should be put in retirement savings”? My answer is usually the same, as much as you can afford. Why? Because I believe one of the greatest ways to accumulate wealth occurs when you remove tax effects and allow for compounding interest and capital growth to accelerate tax free. With this philosophy the question of how much of net income should be put into RRSPs often changes and becomes How much can I put into my RRSPs?

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Divorce and Taxes
Tax tips for married people and business owners are often well known but what about tax tips for people going through a divorce? If you are going through a divorce it is very likely that you have a number of things on your mind, the least of which is probably taxes. However, that may be extremely dangerous for your financial future. It’s evident that your divorce will shake up your financial situation and when analyzing financial changes any accountant would suggest considering tax effects. So what do you need to know about your taxes if you are going through a divorce? To start you need a basic understanding of current tax laws including current alimony tax liability laws.

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Alimony Tax Liability Laws
Current alimony tax liability laws make life confusing for many as almost one half of marriages end in divorce. This event can affect you emotionally and financially. Going through a divorce is financially taxing enough that additional tax burdens are hopefully avoidable. So how can you avoid taxes when you go through a divorce?

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What is an Employer Tax ID number, who needs an EIN and how do you get one?
Employer tax id numbers or Federal Tax Identification Numbers are used to number and track businesses in the United States. All businesses operating in the United States generally need an Employer Tax ID number.

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Fidelity Consulting Group profile
Fidelity Consulting Group, Inc. is a Winnipeg based business advisory company that specializes in preparing grant documentation, including scientific research and experimental development (SRED) documentation. Our business is designed to allow your business to obtain federal funding currently in place for innovative small and medium sized businesses.

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What is SRED?
Every year in Canada over 2 billion dollars of funding goes to small and medium sized manufactures through a little known program known as the SR&ED program. Your competitors might be the ones capitalizing on the program, and your company may also be eligible for work you have performed already or work you plan to perform. It is estimated that there is almost $2.5 billion dollars in funding that has qualified but goes unclaimed because companies are not aware of the program, not able to complete the submission accurately or on time, or are not aware that the type of work they are doing does actually qualify.

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Are accountants exempt from overtime pay
What is the biggest secret of your Big four tax accountant or CPA service? Ask a new hire and they can fill you in on the extensive amount of unpaid overtime hours they are expected to work...

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