Workspace in Home Claims
If you worked from home in 2021 due to COVID, you should be prepared to prove your Workspace in Home claim.
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Withdrawing from Family RESP’s
If you have an RESP, here are some possibilities and strategies to limit the taxes.
Holding Digital Assets in RRSP’s
Holding digital assets in an RRSP may open you up to higher taxes. If interested in holding digital assets in a tax-sheltered savings account such as an RRSP, make sure that item is a qualified investment.
Life Insurance Policies
Holding a life insurance policy in a corporation can be a useful tool to assist with continuity upon death of an owner-manager. The use of insurance tracking shares can mitigate increases in capital gains upon death when using such policies.
Director Liability
If you intend to resign as a director, ensure that the resignation of yourself as a director is received by the corporation.
Providing Supplies to your Contractors
Improper bookkeeping may open you up to an audit not just on the errors but ALL expenses. Providing supplies to independent contractors is a dangerously thin line. Make sure you’re on the right side.
Salaries to Family Members
Oftentimes, family members of the owner of a business will work for the business. However, these arrangements can be somewhat informal, and amounts paid may be denied as a business expense if the work performed and amounts paid to the worker are not properly documented.
Enhancing the Value of Owner Managed Business
Starting the discussion on how to maintain and enhance the value of an owner-managed business should be commenced many years before the anticipated sale or transition.
CRA or Scammer? Who is Calling You?
Follow these instructions if you suspect a call is from a fraudster or scammer. Give us a call if you are uncertain how to respond to a call from CRA, whether or not it sounds legitimate.
Wills and Beneficiary Designations
Ensure to review wills and beneficiary designations when major life events or changes in the family occur. Death or critical illness/injury can arrive unexpectedly, limiting the possibility of estate planning updates that can compound the emotional strife of loved ones after an individual’s passing.