As of January 01, 2019, the federal government implemented an expanded Tax on Splitting Income (TOSI), which had significant implications for small business owners and their families. Prior to 2019, they enjoyed certain tax benefits that were no longer available due to the new rules. To help you understand how these changes will affect you, […]
“Understanding Income Tax: How It Works and Ways to Minimize Your Tax Liability”
Income tax is a tax levied on an individual’s income by the government. It is a primary source of revenue for the government and is used to fund various public services such as healthcare, education, and infrastructure. In this article, we will discuss income tax in detail, including how it works, how to calculate it, […]