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Evolving Tax Rules – Real Estate Industry

1- Am I considering all deductible expenses when preparing tax returns ? Commission Rebates Car expenses Work-space-in-the-home expenses Meals and entertainment Advertising expenses Office expenses and supplies Tuition courses (tax credit or tax expense) Membership fee (brokerage fee) 2 –What…

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Consider Incorporation

Advantages of Incorporation 1- Limited Liability With a corporation, individual shareholders are not responsible for corporate debts or other liabilities. Shareholder can only lose the value of their investments. Without corporation, a sole proprietorship and partnerships put all personal assets…

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 Tax Table 2020 (For tax filing in 2021)

_   Tax Table 2020  - for tax filing in 2021 (Ontario Residents) Taxable Income (greater than)Federal TaxOntario TaxTotal TaxEffective RateMarginal Rate FederalMarginal Rate OntarioMarginal Rate Total $$$$%%%% 10000000001.11.1 11000011110.105.15.1 12000061610.505.15.1 1300001121120.911.65.116.6 140001161622782.015.05.120.1 150002662134793.215.05.120.1 160004162636794.215.05.120.1 170005663148805.215.05.120.1 1800071636410806.015.05.120.1 1900086641512816.715.05.120.1 20000101646514817.415.05.120.1 21000116651616828.015.05.120.1...
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RRSP – Should I Maximize?

  Common Perspective: Common perspective is: Maximize RRSP! When it comes to savings for retirement, nothing can beat RRSP!   Reality: Always consider below before investing in RRSP:   Current income level and expected tax bracket upon retirement. RRSP is...
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