When Business and Personal Collide

Business owners have different needs; it’s just that simple. You have the business to contend with, you have personal goals, you have a family, and all of that adds up to a lot of moving pieces.

So, here’s something to keep any eye on when it comes to tax…

On the business front, there have been tax changes in effect since 2019. These rules look back to the investment earnings in the previous year, and today is the perfect time to look at opportunities to reduce excessive investment earnings and preserve your corporation’s low business income tax rate.

On the personal side of things, it’s that time of year when you have to account to the Canada Revenue Agency (CRA) for your 2020 earnings. While you’re gathering and organizing your necessary tax slips and receipts, there may be changes that you could make in 2021. If you wait, you lose a half-year of planning and opportunities until after you receive your Notice of Assessment for the year later this summer.

Ready when you are.

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