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.
To assist families and businesses in recovering from the damages caused by emergencies both this year and in future years, the Province is developing a recovery plan and working to deliver support as and where they are needed.
Canada Finance Minister Bill Morneau’s fall economic makes consequential adjustments to the dividend tax credit rate and enhances the Canada Child Benefit, in addition to confirming the recent updates around the July 19 consultation paper on small business corporation tax loopholes.