   GGFL NEWSLETTER - SUMMER 2007Multiplying the Small Business Deduction for Individuals in PartnershipsOver time, individuals who operated businesses together have tried to benefit from the use of the Small Business Deduction (SBD). Sometimes, the benefit was achieved by: incorporating the group of individuals; incorporating segments of the business if the individuals (professionals) could not incorporate; or individuals setting up professional corporations which operated in partnership structures or as independent companies with a group sharing the expenses. GET THE FULL STORYDonating Your Tax Problems AwayMost of you will remember a time when you were asked to support a cause, and your first question was, "Do I get a tax receipt?" The credit you receive when you file your tax return is a non-refunable tax credit, and when your total donations are greater than $200 in a tax year, the credit is calculated at the highest personal tax rate (46.41% in Ontario), even if you are not in the highest tax bracket. GET THE FULL STORYSpousal RRSPs are Still a Good Tax-Planning ToolOn June 22, 2007, the Government gave final approval to the Bill that enables taxpayers to income-split pensions commencing in 2007. Under these new rules, a pensioner can allocate up to 50% of annual pension income to a spouse (or common-law partner) and have that income taxed at presumably a lower marginal tax rate in the hands of the spouse. GET THE FULL STORYPaying the CRA Electronically vs. Old-Fashioned ChequesIn 2006, the Canada Revenue Agency (CRA) offices stopped date-stamping your cheques when they received them; so, it is your word over the CRAs if they misplace your cheque. Paying the CRA late can range from regular interest charges to penalties of up to 20%. GET THE FULL STORYView our Past Issues |
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