As December 31st is quickly approaching, now is the time to look at tax plans that needs to be implemented prior to year-end. The following is a list of tax tips for you to keep in mind.
Standard financial and tax planning advice for the past several decades for business owners has included the use of incorporation to both insulate Canadians from business risk and liability and for asset building and income cash flow planning.
With a few weeks to go before the year-end, you may wish to think about some moves you can take now to save you some taxes for 2016.
Along with the usual advice to do any tax loss selling before December 23rd on any equity investments to offset any capital gains earned in other investments during 2016, there are a few new tax planning strategies that you can take advantage of.
The recent Federal Budget included measures to close a favorable tax rule for investors in investment accounts or through corporations, trusts and holding companies, who have proposed rules to curb the tax advantages of “corporate class” mutual fund shares.
