Use Capital Losses

You can use your 2018 capital losses to reduce your current year’s income taxes by applying such losses against your 2018 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital┬áloss on an identical asset that you reacquired 30 days before or after the sale date.

If capital Read More

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By |December 5th, 2018|SmallBiz Builder|

Capital Gains Exemption Deduction

The lifetime capital gains exemption deduction, if you dispose of shares
in a qualified small business corporation, is $848,252, or $1,000,000 for
a qualified farm property or qualified fishing property. If you have
already claimed the $100,000 personal capital gain exemption (ended in
1994) then this reduces the available lifetime capital gains exemption.
You must also verify whether you have Read More

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By |December 4th, 2018|Small Business Tips|

Contribute to your RRSP

The most popular tax tool available to taxpayers is investing in a registered retirement saving plan (RRSP).

Contributions to RRSP’s are tax deductible and the income earned within the plan grows tax deferred until retirement. You can claim a contribution of up to 18% of 2017 earned income to a maximum of $26,230. Earned income is Read More

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By |December 3rd, 2018|SmallBiz Builder, Tax Tips|