The ABCs of Taxes: How to Lower Your Tax Burden - Hiv27

Topics Covered : Taxes on Individuals and Corporations (Companies)

Target subcategories : Training not specific to the performance of work

Overall Objective

To be able to better understand our tax system in order to minimize our tax liability and take advantage of existing measures, while complying with current tax laws.

Specific Objectives

• Gain a solid understanding of the basics of our tax system (provincial and federal);
• Identify the factors that have a tax impact on individuals and businesses;
• Identify and apply the principles for reducing one's tax burden;
• Recognize the pitfalls to avoid in tax planning or tax avoidance.

CONTENTS

Introduction: Basic Principles of Provincial and Canadian Taxation, Common Misconceptions About Our Tax System, an Individual’s Taxable Income, Individual Tax Brackets, and Taxes for Small Businesses in Quebec and Canada.

To diminish: Choosing a business’s legal structure, maintaining rigorous accounting practices, tax deferral (RRSP), distributing income among multiple individuals, and salaries versus dividends.

Specific cases: Loss carryforwards, capital gains, eligible and ineligible expenses, popular tax deductions, depreciation and capital asset planning, automobiles and taxes, TFSAs, insurance, and estate tax planning, common mistakes and pitfalls to avoid.

Additional Information: Management of sales taxes (GST, QST) and payroll withholdings and contributions. Legal considerations (power of attorney in case of incapacity, power of attorney, signatures, wills, agreements between partners or shareholders).

Format: Virtual