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Tag: Tax Tips

Accountant holding hands with clients supporting paper cut out of family representing estate planning
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
Business managers innovating and discussing new ideas in background with lightbulb drawing in foreground
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
Tax 2024 displayed in wooden blocks on top of tax forms surrounded by coins on a desk
Tax

Canadian Tax Changes 2024 – Part Two

The 2023 Budget and the Fall Economic Statement included a host of legislative and regulatory changes. In Part Two of our tax changes series, we take a look at the big developments set to shake up the Canadian tax landscape in 2024, from new trust reporting rules to long-awaited adjustments to the Alternative Minimum Tax and the elimination of short-term rental deductions.

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NVS Professional Corporation March 21, 2024
Businessman toppling tower of wooden block spelling the word Taxes
Tax

Canadian Tax Changes 2024 – Part One

2023 was a big one for the Canadian tax landscape, with the CRA and Ministry of Finance pushing forward on extensive legislative and administrative changes.

In Part One of our 2024 Tax Changes series, we dive into the key details of federal tax brackets, RRSP and TFSA limits, CPP enhancement, and EI premiums.

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NVS Professional Corporation March 18, 2024

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