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tax strategy

  1. Home Buyers Plan Repayment Question

    Hello, I have a question about my wives Home Buyers Plan (HBP) for her 2019 taxes. She has an outstanding balance of roughly $10K to the HBP, and about 10 years to repay it. We are now a single income family, her income is $0. Are there any tax strategies to get around her HBP repayments now...
  2. Tax on split Income and dividend vs salary

    Hello Forum Members I am new to this forum and would like to share my article on Dividends vs Salary If you have set up your small business as a corporation, you have a choice as to how to pay yourself. Usually Owner-managers want to withdraw cash from their corporations throughout the year and...
  3. How to decide tax year for new corporation in Quebec

    Hello, I incorporated my company in Canada at Federal level and also registered it with Quebec government, because the company operates in Quebec. I did it in September 2016. As per the accountant I consultated casually at the time, I'm free to decide what's my fiscal year and file my tax...
  4. Which method yields lowest taxes for 2 partners?

    I have a friend who wants to help me with my contracts. We live in BC and are trying to setup a configuration that works best when it comes to taxes. What we have in front of us are the following options: Each of us forms a Sole Proprietorship and get paid directly by clients Each of us forms...
  5. Using investment property equity for retirement income?

    General Personal Finance Talk
    Hello, Quick question for anyone willing to take a look... Let's say Im retired, I have investment savings and a rental property. Can I use the equity in my investment property to draw as retirement monthly income? Let's say I put a HELOC on it - Is the tax deductible in this case? Thanks, G