Revised measures to the treatment of income sprinkling are designed to ensure that they do not affect family members who make meaningful contributions to a family business. The measures include several automatic, bright-line tests.
The donation of life insurance policies and annuities to registered charities is a great way to benefit a favourite charity and for the donor to receive a taxable benefit from insurance coverage that is no longer needed.
Many incorporated companies are not keeping the Minute Book updated. This creates risk for your business, including increased taxes and CRA penalties! FBC is now offering a minute book service to ensure you stay compliant with CRA.
Canada has no gift tax; however, in some cases a gift can trigger tax rules that could increase your income taxes and prevent a win-win situation for both you and the recipient. Follow these tips to limit the tax burden for giver and receiver.