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Tag: Tax Tips

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Key Insights

Changes to the New Trust Reporting Requirements

The hasty implementation of new reporting rules in 2023 was cause for much confusion and uncertainty among Canadian taxpayers. In recent months, the Ministry of Finance revisited the new trust reporting rules and introduced several key amendments. With broader exceptions and an expanded list of exempted trusts, these changes aim to provide greater clarity and limit the number of trusts subject to the new requirements. Learn more here.

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NVS Professional Corporation October 8, 2024
Clean economy investment tax credits Canada
Key Insights

Clean Economy Investment Tax Credits 2024

Can your business benefit from the new Clean Economy ITCs? To support Canada’s goal of achieving net-zero emissions by 2050, the government has identified six key areas that will receive major economic ITCs in 2024 and beyond. With the passing of Bills C-59 and C-69, the legislation for the first four ITCs has now received royal assent. These ITCs represent a significant opportunity for tax savings, with roughly $93 billion in federal incentives being made available by 2034-35. To learn more about the Clean Economy ITCs and what they mean for Canadian businesses, check out our Key Insights.

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NVS Professional Corporation September 18, 2024
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Accountancy

Death and Taxes – Estate Planning Canada

Whether you’re 30 or 70, estate planning should be a critical part of your long-term financial strategy. A well-structured estate plan ensures your loved ones receive the maximum benefits from your assets while minimizing their tax liabilities. The key is understanding how wealth is taxed upon death and using the various tools available to protect your estate. Comprehensive plans should employ a combination of strategies, from spousal rollover to the establishment of trusts. To learn more about developing a tax-efficient estate plan that preserves your legacy, read the full article now.

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NVS Professional Corporation August 29, 2024
NVS Blog Header 5 Tax Efficient Ways to Withdraw Money From Your Corporation
Advisory

5 Tax-Efficient Ways to Withdraw Money From Your Corporation

What is the most tax-efficient way to withdraw money from a corporation? It’s a straightforward question with a not-so-simple answer. From salary vs dividends to shareholder loans and capital dividend accounts, there are many ways to structure your withdrawals. Our latest article takes a look at some of the most commonly used methods and discusses the tax implications of each.

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NVS Professional Corporation June 21, 2024
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Advisory

SR&ED Tax Incentives – A Comprehensive Guide

The SR&ED program provides more than $3 billion in tax incentives to Canadian businesses annually. You don’t need to be a mega corporation with dedicated R&D facilities to apply. Innovating companies from any sector can carry out work that is eligible, with roughly 75% of the funds going to small businesses. Read our essential guide to learn more about these powerful tax incentives and how they can help your company drive growth and innovation.

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NVS Professional Corporation May 30, 2024
Tax

10 Common Tax Return Mistakes and How to Fix Them

Filing your tax return accurately and completely is crucial to avoiding penalties and potential CRA audits, while at the same time maximizing your tax savings. By being aware of the most common tax return mistakes and taking steps to fix them, you can save time, money, and future headaches! Read the full article to avoid these 10 tax pitfalls.

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NVS Professional Corporation April 4, 2024

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