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5 Best Tax Tips by a Toronto Chartered Accountant:

1. Paying Dividends – Tax Tip

Dividends have a lower tax rate than salary. For example, the highest personal income tax rate in Toronto, Ontario is 46.4% for salary and only 31% for dividends.

In fact, the first $38,000 of dividends are tax free in Toronto, Ontario, providing that you have no other source of income.

Therefore, it’s more advantageous for your corporation to pay you dividends instead of salary.

You should consult your Chartered Accountant in Toronto first, before you implement this strategy.

2. Income Splitting – Tax Tip

If your spouse is involved in your business, you could pay him/her a reasonable salary for the work that he/she has performed. If you are in a high tax bracket, and your spouse is in a lower tax bracket, then your overall tax burden will be less by paying your spouse a salary.

3. Home Office – Tax Tip

As a sole proprietor that has a home based office, you can write-off a portion of the costs of running your home. These costs include utilities, property taxes, mortgage interest and maintenance. The portion that you can write-off is the based on the proportion of the size of your home office of total the total size of your home. For example, if your home office comprises 10% of the total space in your home, then you can write-off 10% of the costs for running your home.

Before undertaking this strategy, you should speak with your Toronto Chartered Accountant first.

4. Shareholder loans – Tax Tip

If your corporation has a debt that it owes to you, you can have your corporation repay that debt to you on a tax free basis. Shareholder loans often arise from the initial capital invested by the business owner or because of expenses paid on behalf of the corporation by the business owner.

If your Chartered Accountant in Toronto hasn’t told you about shareholder loans, then you should definitely ask why.

5. Tax-Free Automobile Allowance – Tax Tip

If you have a corporately owned automobile, consider having your corporation pay you a tax-free automobile allowance for the KM’s that you drive for business purposes.

In Toronto, Ontario, you can receive a tax-free automobile allowance of 52 cents per KM for the first 5,000 KM and 46 cents thereafter. In addition, the automobile allowance paid to you is tax deductible by your corporation.

There are many home insurance products available, and it is important to consider your needs before just going for the cheapest possible deal.

Almost all mortgage providers will insist that you have buildings insurance to cover the cost of rebuilding your home in case of disaster. This is so that they are able to recover the asset which is your home if for some reason you cannot pay the mortgage.

Your buildings insurance should ideally cover the cost of alternative accommodation if for some reason your home is made uninhabitable. You should also be very careful to double check that the policy fully covers the cost of rebuilding rather than just giving you the market value of your property.

Contents and Buildings insurance will both normally cover you for damage or destruction of your property by flood, storms, fire, theft and vandalism, but higher levels of cover are available if you feel that it is necessary, for example accidental damage. If you have children in the home this can be very useful and well worth the extra premium.

Medical Billing Consultants provide cost-effective solutions and valuable Medicare Billing Services to the healthcare community. They help to maintain Computerized Medical Records by assisting with data entry, code auditing, claims processing, follow-up, and multi-specialty billing. With the rapid advancements in technology and computerization most of the work related to data and information is getting automated.

The increasing reach of globalization in all spheres of life has resulted in tremendous growth in the Medical Billing Consulting industry. Computerized Medical Records have helped to eliminate the chances of errors effectively and created a mode of automated data management. Today, there are various types of Medicare Billing Services available to meet the varied needs of health centers.

The Medical Billing Consultants today not only need to be proficient in the record keeping but also need to have proper knowledge of medicine, medical science, and medical practices related to it. You can find a large number of Medical Billing Consultants offering Affordable Medical Billing Services, but it is advisable to select an experienced and renowned Medical Billing Consultant as maintaining medical records is a very critical any kind of terminological lacunae or lexical gaps can result in grievous consequences.