Taxes in Canada 2020
While complicated and hard to navigate, tax system in Canada offers various benefits and opportunities for business owners. In this video, I will overview the general characteristics of the tax system and show you where to pay your attention and how to get prepared for the effective tax planning.
As a main point of advice – always plan your taxes and seek solutions at the beginning of your business year, not at its end when most opportunities are no longer available.
1:11 Personal Tax vs. Business Tax
1:34 Federal Tax + Provincial Tax
2:04 Tax Credits and Subsidies
2:19 Always plan your Taxes at the Beginning of a year.
2:40 Personal tax is Progressive
2:52 50%!!! of TAX
3:52 Corporate Tax is a Linear Tax
4:06 Basic Corporate Tax = 31%
4:26 CCPC = 13% Corporate Tax
5:35 SR&ED – Tax Credit
6:53 Dividends / Salary – Different Tax Results
8:06 Retain the Earnings in the Company – deferred tax.
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All information provided in this video is for informational and reference purpose only. Nothing contained herein shall be considered as a legal advice or instructions to be acted upon. CBES – Canadian Business and Enterprise Services does not offer legal advice online or on its YouTube channel. Please consult a professional before you act in reliance on the information contained in our videos.
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