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Check out our Tax Tips with The Mad Accountant
TTT: Paying Your Kids
Small businesses are excellent ways to write off various expenses so you don't have to pay taxes on them. One very popular method of doing this is by hiring your kids to work for your business. This is great for you and for them, and can be very lucrative for everyone involved. BUT, just because they are your kids does NOT mean you and they are exempt from tax and labour laws!
TTT: Capital Gains Rising
The current federal government has introduced a new, much higher Capital Gains tax system that they say is meant to target the wealthy. While it may impact them, it could also impact a lot of other people, too. It takes effect next month; are you ready?
TTT: Mortgage Expenses
How much room do you have in your monthly budget? Do you think you could handle a 50% increase in your mortgage payment? You know, if that $1,600 monthly expense turned into $2,400? This is a reality that many people will be facing this year as their mortgages come up for renewal. Are you ready?