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Donating Personally or Under your Corporation. Do you wonder which is better option. A business owner of a corporation has the option to donate under their p...ersonal or their corporation, but this is not the case for the sole proprietorship. Donation tax credit for individuals: Donation is a non refundable tax credit which means that will reduce your tax bill but will not result to a refund. Calculated as follows: 15% of the first $200 donation 29% on the amount over $200 Or 33% if your tax bracket is more than 33% up to 75% of an individual’s net income can be claimed as donations, except in the year of death or the year preceding death, when 100% of net income can be claimed as donations. Tax deduction for corporation: Donation from the corporation is consider a deduction as any other expense, which help reduce net income for accounting purpose which the tax calculated on it. This donation would directly reduce the corporation’s taxes the same 75% limitation applies; however, the donation is claimed as a tax deduction against the corporation’s taxable income. Both individual and corporation have the option to carryforward the donation for 5 years, and claim it when needed. Tips: If your personal tax bracket is high, so you should choose to donate personally. However, if your expenses are low in the corporation and you make high revenue, then you better choose donating from the corporation. This can be done through tax planning. For help please don't hesitate to contact me at [email protected] Happy to help! Dina DNS Accounting &Taxation Services

Do you know that you can withdraw dividends from your corporation tax free in your personal tax. - If you sold capital property from your corporation it is ta...xed at 50% under your corporation. - The other half under your company, will be exempt and will be under a record called Capital Dividend account. -This can be withdrawn from the company and will be reported under your personal tax but zero tax in your personal tax. DNS Accounting &Taxation Services See more

Have you recently received Inheritances money, property or investments from non-resident relatives overseas or Canadians? Do you know these are not taxable inc...ome to the Canadian resident beneficiaries. However, as Canadian residents are subject to Canadian taxation on their worldwide income, any future income to be generated from the inheritance will be subject to taxation in Canada even if invested outside Canada. P. S. Some cases need to be reported but still not taxed. For more information to your case, please email me at [email protected] Happy to help!

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Do you have a corporation, with nil activity, Do you know that you still have to renew it annually, and then send a nil tax return which are two different t...hings. CRA still expects a tax return from companies with zero income, or zero corporate tax return in a short form. First step, is not for CRA and nothing to do with tax. You have to confirm that your business is active by filing your annual return by renew it online or in the registery. If you fail to renew your business for two years, maybe dissolved automatically https://documentcloud.adobe.com/link/review https://www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs08732.html Second is submitting a nil tax return. The deadline is 6 months after your fiscal year end. Where do you file your nil tax return? Either: 1- Online filling 2- or mail a paper filling to Alberta, Manitoba, Northwest Territories, London, Saskatoon, Thunder Bay, and Windsor Winnipeg Tax Centre 66 Stapon Road Winnipeg MB R3C 3M2 Toronto Centre, Toronto East, Toronto North, Toronto West, and Sudbury (Sudbury/Nickel Belt only*) Sudbury Tax Centre Post Office Box 20000, Station A Sudbury ON P3A 5C1 British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec, Nunavut, Yukon, Belleville, Hamilton, Kingston, Kitchener/Waterloo, Ottawa, Peterborough, Regina, St. Catharines, and Sudbury (North-Eastern Ontario only**) Prince Edward Island Tax Centre 275 Pope Road Summerside PE C1N 6A2 Happy to Help! Dina DNS Accounting &Taxation Services

Do you have service dog to assist you in coping with some impairments Do you know, that you can claim Service Animals as an other Medical Expense. In your per...sonal tax, you are eligible to claim: 1- the actual cost of the animal 2- Food, and Veterinarian bills 3- Reasonable travel expense to training school. Happy to help! DNS Accounting &Taxation Services

COVID-19 benefits and services For more information, please type your question in the comment below and we will be to assist you. https://www.canada.ca//ben/covid19-emergency-benefits.html

RRSP or TFSA. Do you want to know how to decide between the two for tax decision. Type your name in the comment below and I will respond to you. Happy to help!

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*COMING SOON* CEBA support is being expanded from $40K to $60K. This expansion will be available to all eligible previous and new CEBA applicants. Stay tuned to the CEBA website for more details, including launch details in the coming weeks. https://ceba-cuec.ca/