C. Lough-Li Professional Corporation provides corporate and business income tax services in Calgary. Contact our corporate, business tax accountants.
Our firm focuses on minimizing your corporate tax liability and structuring your organization in a tax effective way, that optimizes your business goals. If you are a sole proprietorship or partnership, you may want to look into the advantages of incorporating. If you are already incorporated you may require a restructuring to meet your business objectives and minimize your tax, or maximize your opportunity for tax deferral. Our starting point is looking at the business structure, but the opportunities are endless within your business structure to minimize your tax.
Some of the opportunities that may be available to you are:
- Setting up the best compensation plan for the shareholders of the company involving discussions around salary vs. dividends, or other forms of compensation.
- Setting up a holding company which own 100% of the shares of your operating company. This again can optimize your business goals and the funds paid out of the corporation to you personally.
- For those taxpayers who have professional corporations and cannot set up holding companies, consider issuing shares to family members. This could possibly result in considerable tax savings.
- Ensure that all deductions that are available to you are taken ie. Possible planning opportunities for taxpayers that use a home office, use a personal vehicle, or ensuring the optimal tax savings is reached by changing ownership of a vehicle, so that it is owned by the company.
- Does your company have income splitting opportunities where family members can work within the company and put income into the hands of lower marginal income taxpayers.
- Possibly you have losses within certain companies in a corporate structure and you need assistance in utilizing these losses against income in one of the other companies within the corporate structure.
- The most tax effective way to purchase another business or to sell your business. Should you sell the shares of your company or the assets.
- Do you have opportunities within your corporation to pay out tax-free dividends (capital dividends) or to obtain refunds through the refundable tax system.
These are just some of the common areas that can bring about tax savings and optimize your business objectives, but we can be of value to you in many other areas of minimizing tax, dealing with Canada Revenue Agency over an income tax assessment, waiver of interest and penalties assessed by Canada Revenue Agency or just doing proactive tax planning so that you are always ahead of the game and know what your tax liability is expected to be.