Our Tax practice is focused on finding opportunities and leveraging them to clients' advantage. We can craft the right strategy for you. We can minimize your tax burden while at the same time map out flexible solutions that can adapt to the needs of your growing business. Through tailored tax planning advice, the practice helps clients gain a competitive advantage.
 
In today's changing economy, effective tax advice and planning can give your business a competitive advantage. Senac offers a full range of business and personal Tax services designed to offer client-focused value. Industry experience allows us to identify tax issues specific to certain sectors in our economy.

Rapidly changing tax legislation means that effective personal and corporate tax advice is essential for high net worth individuals, owner-managers of businesses and corporate directors and executives. Senac offers a full range of tax compliance and advisory services.

All businesses, large and small, are faced with the issue of operational taxes. How much you pay can be greatly influenced by your tax planning strategies. At Senac, we're familiar with a number of methods of increasing your bottom-line while lowering your pay-out of capital taxes, and payroll taxes. Let us show you how to save your money.

Indirect Tax Services

We offers a full range of compliance and advisory services covering all types of federal and provincial sales taxes (GST, PST, etc.) and other provincial and local taxes.

 SRED

Many companies fail to claim the scientific research and educational development available to them through the federal and provincial government. For clients who qualify, we assess their business and assist in the application process for a reimbursement from the government.

Innovation is the driving force behind the success of many businesses. The federal government and many of the provincial governments provide tax incentives to encourage individuals and companies to conduct research and development that will lead to new, improved, or technologically advanced products or processes. The Scientific Research and Experimental Development (SR&ED) program is the largest single source of federal government support for industrial research and development.

SR&ED incentives take the form of tax credits, and accelerated or additional tax deductions for expenditures made on research and development. Canadian businesses of all sizes, in all sectors are eligible to receive SR&ED tax credits. The incentives range from 20% of the expenditure, to almost 50% in favorable circumstances. SR&ED expenditures can include wages, materials, machinery, equipment, overheads, and SR&ED contracts.

Tax Tips

The following are possible tax tips to consider before filing your income tax returns. Consult your Senac tax advisor.

Use of Company Car

An employee using company car for personal use claims a taxable benefit. A standby charge applies for each month the automobile is available for personal use.

Tip. The full operating benefit for personal use of an automobile applies if the employer pays the operating expenses. Therefore, it may benefit you to fully reimburse your employer.

Family Employees

Salaries to your spouse or children are deductible if the amount is reasonable and paid to your children or spouse for work done with respect to your business and is what you would pay someone else to do the work. Keep receipts signed by your children or spouse if you pay by cash.

Tip. Remember to pay family members for their work done in your business. Consult your Senac tax advisor.

RRSP

Registered Retirement Savings Plans are registered plans which you contribute savings or investments for future use. When you make an RRSP contribution, the contribution amount reduces your taxable income and saves you taxes.

Tip. Don’t wait until deadline to contribute to you RRSP. You start earning interest income at the time you invest. Consider making your contributions early.

Education Withdrawal from RRSP

Effective January 1, 1999, under certain conditions, you can withdraw up to $10,000 in a single year to support full time training or higher education. The beneficiary of the amount withdrawn must be the recipient or the recipient spouse.

Tip. Courses must be taken on a full time basis unless the recipient is disabled in which case the course can be either full time or part time education.

Management Companies

A management company provides services or products to a professional at a markup. (Canada Custom and Revenue Agency consider 15 percent to be reasonable)

Tip. If you are self-employed or a business owner, consider establishing a management service corporation to provide clerical and other service to your business. Have the corporation owned by a low income individual. (i.e. Child or wife) Consult your local tax advisor.

Child Support Payment

Under new legislation brought into force May 1, 1997 child support arrangements and orders made that day or later, or if made before May 1, 1997, are changed on or after May 1, 1997, are no longer deductible by the payer and taxed in the hands of the recipient.

Tip. Consider the tax implications for yourself before amending an agreement or order made prior to May 1, 1997. Consult your Senac tax advisor.