A strong year at work, a large bonus, or a well-timed sale of investments can push taxable income past $258,482, where every extra dollar lands in the top federal bracket. Once provincial tax is added, more than half of each additional dollar goes to tax in Ontario...
Leaving an inheritance in Canada does not trigger a government inheritance tax bill. It can still trigger a large one, just under a different name, and it lands on the deceased rather than the beneficiary. Deemed disposition treats everything they owned as sold at...
Incorporating a business does not, by itself, save any tax. The savings come from how the corporation is actually run afterward, and specifically from three decisions that interact with each other on every return, and that sit at the center of tax planning strategies...
A retirement savings plan built for accumulation does not automatically work for withdrawal. The rules that governed decades of contributing to an RRSP flip once income starts coming out, and the accounts, pensions, and government benefits a retiree draws from all...
Everyone wants to pay less tax, but very few decisions actually move the number. The ones that do share a common trait: they have to be made during the year, before it closes, not discovered at filing time. What follows are the strategies that reliably work in Canada,...
