Professionals

The most significant tax advantages available to Professionals are generally the corporate tax rate advantage and the income splitting advantage. There are additional possible tax advantages, such as creating an individual pension plan, tax deferral (to next year) by bonus accruals, use of non-calendar year end, no GST payable on dividends and no requirement for dividend recipients to perform reasonable i.e. any services.

How can we be of help:

• Understanding the dynamics of your business.
• Get the benefits of existing taxation laws- For example, physicians are allowed to split income with other family members, such as a spouse, parents, children and trusts for minor children.
• Claim home office costs for business use
• Deduct other self-employed business expenses
• Additional possible tax advantages, such as creating an individual pension plan, tax deferral (to next year) by bonus accruals, use of non-calendar year end, no GST payable on dividends and no requirement for dividend recipients to perform reasonable i.e. any services.