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Fairness and Equity Among Family Members
If you’re like many business owners, your business plays a large role in supporting your family’s lifestyle. As you plan for your business’ future, you may run into questions about how to treat family members fairly in your plans. This is especially crucial if you have children who work in the business and children who do not work in the business. As you address this issue, you may realize that what you consider fair is quite different from what your children and family consider fair.
Business valuations can guide you toward several answers about the future of your business. Perhaps most importantly, they can tell you where you are financially, which can guide you toward what you must do to get to where you want to be. Read the article to learn more about the importance of business valuation.
Coming Clean With the Tax Authorities - the Voluntary Disclosure Program
The Canadian tax system is a “self-assessing system” which relies heavily on the voluntary co-operation of taxpayers. Several years ago the CRA instituted a program intended to encourage non-compliant taxpayers to come forward and put their tax affairs in order. Read the article to learn more about the Voluntary Disclosures Program.
Claiming a Tax Credit for Out-of-Pocket Medical Costs
In many instances a federal and provincial tax credit can be claimed to help offset uninsured medical costs but the rules on determining what expenses qualify for the credit and how and when to claim it can be complex. Read the article to learn more.
Shared-Custody Parents and the Canada Child Benefit
When parents divorce, a shared-custody arrangement is common but sometimes the tax complications of the arrangement are ignored. Parents who share custody must usually share or divide the tax deductions and benefits in respect to their children. One benefit that is affected is the Canada Child Benefit. Read the article to learn more.
Welcome to The Virtus Monthly, a series of articles that will inform and address all things connected to create a successful financial future including optimizing value in your business, building business continuity, developing next level management and maximizing your future exit plan. Sign up to receive articles straight to your inbox.