Testimonials

Puneet Jain

I started investing in real estate a few years ago when I started educating myself. One of the key ingredients of success in this business is to have a strong team. I was looking for an accountant on my team with industry knowledge that can help me to stay organized and profitable.

Williamson Accounting has been a great support and has been providing me very personable and professional service with my current holdings. Their quick response and valuable advice has been of great benefit to my real estate business.

I look forward to continue to work with Williamson Accounting on my upcoming purchases.

Puneet Jain, Owner, Connect It

 

 

Newsletter Sign-up

Receive current Business News and Tips

Newsletter Sign-up

Williamson Accounting Inc. helping your small business to reduce taxes and simplify accounting in the Greater Toronto Area (GTA) and across Canada.

For a free initial conversation about your business, call (416) 444-8747 or Contact us.

MP900411810 Hire the Kids
The summer school break will start soon
, and it could be to your advantage to hire your kids. It’s a win-win... They get life and work experience -- as well as a salary -- and you get tax and other financial benefits.

 

Among the benefits of putting your children to work for the summer -- or part time during the school
year -- are:

  • Lowering taxes by redistributing business income;
  • Teaching your kids how to handle and manage their money; and
  • Working together toward paying the costs of higher education and avoiding heavy student debt loads.

The strategy that accomplishes all of this is income splitting – transferring assets from a high earner (you) to lower earners (the children). You not only shift income from your business tax return to theirs, your organization gets business deductions for the salaries they earn.

Added Sweetener: If your kids are using their salaries to pay for college or university, their tuition and other tax credits will help offset any taxable earnings. If they don't use all their credits, they can transfer them to you or their spouses. Or they can carry them forward indefinitely to use when they are working full time, earning more money and confronting larger tax bills.

Income splitting works with any business organization. It doesn't matter whether you operate as a sole proprietor, a corporation or a spousal partnership. All three business forms can pay wages to children.

However, there are some catches:

  • The children must actually put in time doing legitimate work; and
  • You must pay them a reasonable salary for their duties.

For more information, consult with your accountant. Income splitting can be complex and some techniques may be restricted by corporate attribution rules.

Visit Us

We are located near Sheppard Ave. and the 401/ 404 Hwy corridor at 203- 211 Consumer Road 
Toronto, ON M2J 4G8
Tel: 416-444-8747
This email address is being protected from spambots. You need JavaScript enabled to view it.

Quotable

Franklin D. Rooosevelt

"In the truest sense, freedom cannot be bestowed; it must be achieved"

All Rights Reserved 2017. Williamson Accounting Inc.