6 Common Myths About the Canadian Tax System

6 Common Myths About the Canadian Tax System

No one is exempt from paying taxes in Canada! Surprisingly though, many Canadian citizens aren’t’ fully aware of how the tax system work – they have a general knowledge and know how much they are taxed – but they don’t really understand the details. Many people actually believe common myths that have been kept alive […]

How Does Estate Planning Reduce Probate and Taxes?

How Does Estate Planning Reduce Probate and Taxes?

Do you know what happens to your estate after you pass away? After death, your executor is responsible for securing all your assets, paying your debts, and applying for probate. Although there isn’t an estate tax in Canada, there are other fees that exist to process and probate your will. And like all other debts, […]

Salary vs. Dividends – Which is Right for You?

Salary vs. Dividends – Which is Right for You?

Many business owners are unsure of whether to opt for salary-based earnings or payments in dividends. There are various advantages and disadvantages between the two, and it is important to research whether or not one of these options is suitable for your business. By comparing salaries and dividends, we can clarify the differences between the […]

4 Small Business Owner Tax Tips

4 Small Business Owner Tax Tips

Being an entrepreneur is quite different from working for a large company in many ways. One particular way that stands out from the rest is the responsibility to maintain and file taxes. Unless you happen to own an accounting or auditing firm, there may be more questions than answers when it comes to how to […]

Avoiding Hidden Tax Liability for Your Heirs

Avoiding Hidden Tax Liability for Your Heirs

Let’s say you bought a cabin in the Rockies many moons ago for $80,000. The property has already tripled in value, and by the time you pass you expect it will be worth about $400,000. The capital gain on your cozy cabin is $320,000. With a marginal tax rate of 45%, a capital gains tax […]

*The opinions expressed are those of the author and not necessarily those of Assante Financial Management Ltd.