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Deadline June 15, 2009
The Canada Revenue Agency deadline for Self-Employed persons to file their 2008 Personal Income Tax Return is June 15, 2009. There are only 42 days left so file now to avoid costly late filing penalties. Contact us now to arrange your free, no-obligation, strictly confidential consultation. Now more than ever you need to know that you are paying the least amount of tax.
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We will show you how your customized Business or Personal tax strategy will save you money. It’s not what you earn…it’s what you keep!!!
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INCORPORATING A COMPANY?
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A common tax and business planning strategy is to issue common shares of a family corporation to various family members to permit them to receive dividends and/or capital gains, and better split income amongst the family members to take advantage of lower tax brackets. Shares are typically issued for a low, nominal dollar amount, say $1 or $100.
It is vitally important to remember that, however low the share purchase price, Canada Revenue Agency can verify whether the family member actually paid for her shares with her own funds. If the funds were gifted to her, it is possible that the nasty Income Tax Act attribution rules will apply. For example, if Dad gave Mom funds for the new Company shares, this gives Canada Revenue Agency the ammunition it needs to “attribute” dividends or capital gains on Mom’s shares right back to Dad. The result is that Dad ends up having to pay all the tax that Mom should have paid on her own shares—except at his much higher tax rate!!!
Contact us now — we will help you incorporate your Company to take full advantage of tax saving opportunities and avoid costly mistakes |
TAX TIP Don’t leave your tax planning to chance. Contact us now for your free, no-obligation, strictly confidential consultation while there is still time
June 15, 2009 Filing Deadline
Be sure to file your Self-Employed Personal Income Tax Return by June 15, 2009 to avoid costly late filing penalties.
We Will Help You
Now more than ever you need our strategic tax consulting, comprehensive business advisory and financial planning services. We also use the most advanced state-of-the-art technology to minimize your income tax liabilities.
To arrange your personal and confidential consultation, call now 905-709-HELP or email hhcacpa@rogers.com
Sincerely,
Howard Halpern CA, CPA (USA), CFP, TEP
The material provided herein is believed to be accurate and reliable as of the date it is written.
Tax laws are complex and are subject to frequent change. Professional advice should always be sought before implementing any tax planning arrangements. We cannot accept any liability for the tax consequences that may result from acting based on the contents thereof. |
