Music new tax rules for small businesses in Canada 2018. Hi, my name is Alan Maddon, a Chartered Accountant. The Federal Government of Canada recently announced major changes to small business taxation. If you own an incorporated small business, then this video is meant for you. In this video, I will review these new tax changes and explain how they may impact you. Number one, increase in dividend tax. The government will increase the tax on dividends paid to family members that are shareholders of a small business corporation, effective January 1st, 2018. For example, assume that Mrs. Nancy Johnson and Mr. Kevin Johnson are shareholders in a medical professional corporation. Nancy is the sole doctor and works in the corporation, while her husband is a non-active shareholder. Every year, the corporation pays Nancy and Kevin a dividend of $100,000 each in respect of their shareholders. Under the previous rules, Nancy and Kevin each paid tax at regular tax rates on the dividends they received in the year. Under the new rules, the dividends paid to Kevin are taxed at the highest marginal rate. This is because Kevin does not work in the medical practice and he has not made any major financial investment in the practice. As a result of the new rules, Kevin's personal tax will increase from $14,986 to $45,300 on $100,000 of dividend income. As you can see, the government does not want you to save tax anymore by paying dividends to family members. Number two, family trusts. With the new rules, the government has stopped the practice of multiplying the lifetime capital gains exemption with multiple family members through the use of a family trust. The new rules are effective January 1st, 2018. Under the old tax regime, beneficiaries of a trust that own shares of a...
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Canada taxes Form: What You Should Know
This guide, the forms you need and other information is also available online. Nov 30, 2024 — The Canada Revenue Agency (CRA) has released the new Personal Income Tax forms for Canada. You can use the CRA website to access: Single or joint federal and provincial tax returns. Forms, guides and publications. Nov 30, 2024 — In order to help you with your personal income tax information, the Canada Revenue Agency (CRA) (taxes.GC.ca) has published the new Personal Income Tax form(s) for Ontario from Feb 1 to Dec 31. The guide you need and other information may also be available online. You can also view the forms that you've filed online since January 1 in the 'My tax profile.' Taxpayer Identification Number (TIN). Nov 30, 2024 — The Canada Revenue Agency (CRA) has released the new Personal Income Tax forms for Canada. You can use the CRA website to access: Single or joint federal and provincial tax returns. Forms, guides and publications. Find out what's changed and to download the new forms. Oct 2, 2024 — You can get a single Canada Revenue Agency (CRA) combined provincial and federal annual tax return for your 2014, 2024 and 2024 income tax filing. You can get a combined return by filing a combined 2024 return or 2024 return. If you want to file a combined 2024 returns, you may need to get a 2024 T4 slip (Form T4G) from your employer. Nov 14, 2024 — This guide is available on your local CRA website. It contains information, forms and publications that will guide you through the filing of a Canadian tax return for the taxation year to fall 2019. Oct 15, 2024 — The Canada Revenue Agency (CRA) (t1.gc.ca/filer) has made changes to its annual Income Tax and Benefit Return and Form RC40-R — Taxpayer Identification Number (TIN). Nov 14, 2024 — This guide is available on your local CRA website. It contains information, forms and publications that will guide you through the filing of a Canadian tax return for the taxation year to fall 2019. Oct 15, 2024 — The Canada Revenue Agency (CRA) (t1.gc.ca/efile) has made changes to its annual Income Tax and Benefit Return and Form RC40-R — Taxpayer Identification Number (TIN).
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