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How To Pay Yourself From Your Corporation: Dividends Versus Salary
Congrats! You’ve made the move from sole proprietor to CEO of your very own corporation. Or perhaps you started out your small business incorporated, to begin with. Either way, here you are — with a company of your very own. You no longer have to rely on a biweekly...
How to Financially Structure Your Business and Build Personal Wealth
After working 60 - 70 hours a week for years, you were finally able to pay yourself a decent salary and leave a healthy portion of profit in the business for reinvestment. It’s an exciting new level for your business! You bootstrapped the startup with your personal...
What the Heck is Tax Planning?
As much as we're sure you love the CRA, we know you love money in your pocket more. That’s where tax planning comes in. Tax planning is pretty much exactly what it sounds — it’s how accountants arrange your business and personal matters to reduce and defer your...
Why Portfolio Turnover Is Important From a Tax Perspective
We're back with more tips on investing in stocks in a taxable account. This week, Fab explains what portfolio turnover is and why it's important from a tax perspective. Watch this week's Weekly Tax Planning Tip video to check it out... Transcript:Hey...
How To Compensate Your Investment Advisor
In this week's Weekly Tax Planning Tip video, Fabio explains why it's smarter from a tax perspective, all things being equal, to compensate your advisor via fees. Check out the video to learn why... Transcript:Hey everybody, Fabio Campanella here from...
The Rules of Replacement
Replacement rules... what are they and when do they apply? Clients come to us misinformed on this topic all the time so we're clearing it up for you in this week's Weekly Tax Planning Tip Video. Enjoy... Transcript: Hey there, today we're going to talk about the...
Holding Companies: What Are They and When Should You Use Them?
In this week’s Weekly Tax Planning Tip video, JP breaks down the benefits of using a holding company - when we use them and why. If you’re looking to safeguard the assets of your operating company, you’ll want to check this out… Transcript: Hey there. So today I want...
Important Tax Return Due Dates for Self-Employed Canadians
The tax deadline is fast approaching for Canadians but good news if you're self-employed - you've still got time! That's right, in this week's Weekly Tax Planning Tip video Fab breaks down the due dates for self-employed Canadian's tax returns. Check it...
Understanding The HST Quick Method and How It Could Mean Automatic Tax Savings
Something we look at all the time for our clients and for those coming on with us is the HST Quick Method and the potential for automatic tax savings. In this week's Weekly Tax Planning Tip video we explain exactly how it can work for your small...
2 Triggers to Stay Clear of That Could Prompt a CRA Tax Audit
Audit. This is probably one of the most feared words in a small business owner’s vocabulary. A Canada Revenue Agency (CRA) audit can be one of the most stressful, frustrating, and costly things a small business can ever deal with. But what triggers an audit? The truth...
Private Investments: How You Can Spot The Potential Investment Scam
In this week's Weekly Tax Planning Tip video we're sharing 3 tips to spot potential investment scams if you're considering private investments.You can also check out the Financial Post article we wrote on this if you want to dive in further. Click here to...
Trying To Decide If You Should Incorporate Your Business?
We get asked all the time whether or not we think people should incorporate. We look at it two simple ways and in this week's Weekly Tax Planning Tip we share our thoughts with you. Check it out... Transcript: Hi there. It's John Paul McDonald from Campanella McDonald...
Toronto Housing Affordability: What does it mean to the Real Estate Investors?
By Fabio Campanella CPA, CA, CFP, CIMAccording to Bloomberg (original source: Demographia) Toronto is creeping up there in terms of housing affordability.While we’re not anywhere near Hong Kong or Vancouver at the moment we are actually on par with London....
Part 3: How to build a personal financial plan
By Fabio Campanella CPA, CA, CFP, CIM Any business worth its weight in salt has a plan. But what about your personal affairs? In a surprising poll conducted by CIBC in 2017 46% of respondents stated that they do not have a financial plan in place for...
Part 2: How to build a personal financial plan
By Fabio Campanella CPA, CA, CFP, CIM Any business worth its weight in salt has a plan. But what about your personal affairs? In a surprising poll conducted by CIBC in 2017 46% of respondents stated that they do not have a financial plan in place for...
Part 1: How to build a personal financial plan
By Fabio Campanella CPA, CA, CFP, CIM Any business worth its weight in salt has a plan. But what about your personal affairs? In a surprising poll conducted by CIBC in 2017 46% of respondents stated that they do not have a financial plan in place for...
Deducting Auto Expenses for the Real-Estate Investor
By Fabio Campanella CPA, CA, CFP, CIM Real-estate investors are some of our favourite clients. In fact, we deal with hundreds of real estate investors on an annual basis ranging from novice investors to seasoned pros. One of the common questions we get relates to the...
Deducting auto expenses for businesses
By Fabio Campanella CPA, CA, CFP, CIM Like anything with the Canada Revenue Agency, the application of the rules related to deducting auto expenses are anything but straight forward. This article will be of interest to anyone who is self-employed and operating either...
How are property fix and flips taxed?
By Fabio Campanella CPA, CA, CFP, CIM Property Fix and Flips: What You Need to Know So, you’ve purchased a property, renovated it, and flipped it for a profit. How do you report this on your tax return? Well, it depends… The housing market in Canada, particularly in...
Financial Tips For Real Estate Investors
By Fabio Campanella CPA, CA, CFP, CIM Way back in 2011 I wrote a column for the Toronto Star print edition (CLICK HERE for the full article). In it, I gave my top 5 financial recommendations for novice real estate investors. Even now, these are the same top...
Yes, Your Bitcoin Profits are Taxable
So you’ve gone ahead and made some money trading Bitcoin (lucky you, most of my friends lost a ton). But now what? Do you report this on your tax return? And if so, how? Bitcoin, and any other digital currency (DC) for that matter, can be a tricky subject when it...
Deducting Life Insurance Premiums in a Corporation
For various reasons a small business owner or incorporated professional may wish to enter into a life insurance contract via their corporation. But, are the premiums deductible for tax purposes? This depends, there are generally two scenarios in which premiums may be...