T5013 Partnership Return: Who Files, When, and What the Boxes Mean
Who Has to File a T5013 Partnership Information Return There are two completely different people reading this page, so let us split them up right away. You are in a partnership and wondering whether you have to file. Short answer: you must file a T5013 partnership information return if, at any point in the fiscal […]
BC Training Tax Credit: What Employers Can Claim for Apprentices
What the BC Training Tax Credit Is Worth to an Employer If you employ apprentices in BC and you are not claiming the training tax credit, you are leaving real money on the table. Not a deduction. A refundable credit, which means BC sends you a cheque even if your corporation owes no tax at […]
T1 Adjustment: How to Fix a Tax Return You Already Filed
Three Ways to Change a Filed Return, and Which One to Use You filed, you got your notice of assessment, and then a T3 slip showed up in the mail. Or you realised you never claimed the tuition. Or your accountant spotted that you have been missing the medical expenses for three years running. Good […]
Probate Fees in BC: What You Pay and Six Legal Ways to Cut It
How Much Probate Costs in BC: The Current Fee Table If you are trying to work out what probate will cost your family in BC, here is the number you are looking for: roughly 1.4% of everything in the estate above $50,000, plus a $200 court filing fee. On a $1 million estate that is […]
Eligible vs Non Eligible Dividends: What the Gap Costs in BC
Eligible vs Non Eligible Dividends: The Difference in One Table If you own a corporation in BC and you pay yourself dividends, you have probably noticed two different lines on your T5 and wondered why one costs you so much more tax than the other. Here is the short version. Eligible dividends come out of […]
T3010 Charity Return: Filing It Right Without Risking Your Registration
What the T3010 Is and When It Is Due Every registered charity in Canada files a T3010 Registered Charity Information Return, and it is due six months after the end of your fiscal period. December 31 year end means June 30. March 31 year end means September 30. Two things make this return different from […]
RDTOH and Passive Investment Income in a CCPC, With Numbers
What RDTOH Is and Why Your Corporation Has One If your corporation holds investments, you have probably seen your accountant mention RDTOH and moved on. It is worth ten minutes, because it explains why your corporation pays a punishing rate on investment income and how you get most of it back. Refundable dividend tax on […]
Capital Dividend Account: How to Pay Yourself Tax Free Dividends
What a Capital Dividend Account Is, and Which Corporations Have One There is one way to take money out of your corporation without paying a cent of personal tax on it, and most owners either do not know it exists or find out about it years too late. It is called the capital dividend account. […]
Asset Sale vs Share Sale in Canada: Which Is Better When You Sell?
Asset Sale vs Share Sale: The Short Answer for Sellers and Buyers You have an offer for your business. Then the buyer’s lawyer says they want to buy the assets, not the shares, and your accountant goes quiet. That one word changes your after tax proceeds by a lot, sometimes by hundreds of thousands of […]
Cross Border Tax Accountant: When a Canadian Only CPA Isn’t Enough
Do You Need a Cross Border Tax Accountant? A Quick Checklist Most Canadian accountants are excellent at Canadian tax. The trouble starts when your situation touches the United States, because the two systems do not talk to each other and the penalties for missing a form are far larger than the tax itself. The pattern […]