Horizon CPA
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Phone: +1 403-877-8935
Website: www.cpahorizon.ca
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We are accountants who focus heavily on tax and business advisory to save your hard earned dollars.
In this article I discuss income splitting, or income sprinkling as it is commonly referred to. The rules changed in 2018 on who is eligible to receive split income from a business. Income sprinkling was a huge tax advantage for owners of corporations and professional businesses that is now gone. Tl;dr: You (or your spouse) must be actively involved in the business in order to receive split income at the normal tax rates. If you are not actively involved in the business, the Tax on Split Income (TOSI) rules apply and you will pay the highest tax rate for all income received from the business. Generally, you must work in the business for 20 hours a week on average throughout the year. https://www.cpahorizon.ca/post/_tosi
Happy Halloween Everyone!
We understand there are many things to think about when starting a business. Incorporating, marketing, insurance and payroll to name a few. We help you by incorporating and set up tax accounts, but our goal is to also point you in the right direction on everything else. http://www.cpahorizon.ca/
Curious about the deductions available to you for working from home in 2020? This article discusses the deductions available to employees in the 2020 tax year. I discuss some of the COVID related changes the CRA is reviewing with respect to employment expenses. I also provides guidance for employers on the need for preparing the T2200 in the 2020 tax year. ... https://www.cpahorizon.ca//work-from-home-tax-implications
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