Testimonials

Mark Peros

“I contacted Williamson Accounting because they were recommended for their expertise in bookkeeping and accounting services. They resolved issues that I had with past GST/HST filing and as a result we obtained a sizeable refund! The things I appreciated were their knowledge and experience; professionalism and their ability to keep us posted throughout the process. I would highly recommend Williamson Accounting to anyone in the market ranging from small business bookkeeping to complex tax audit issues with the Canada Revenue Agency.”


Mark Peros, President, Peros Inc. and CMFR Canada

 

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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.

The question of whether premiums paid for life insurance can be deducted from income often arises in tax-planning exercises.

The rule is that life insurance premiums are considered to be capital outlays and not an expense incurred for the purpose of producing income from a business or property. Therefore  a deduction is usually disallowed.

There is no better time than at the start of the year to take actions that will minimize your tax bill. Here is a  few ideas to consider: 

Maximize contributions to your Registered Retirement Savings Plan (RRSP):

The contribution cap for 2009 is $21,000. And don’t forget, you still have until March 2 to max out your 2008 contribution room of $20,000. The sooner you contribute, the sooner the money starts growing  tax-free until you start to withdraw. Consider adding contributions to the usual monthly household payments you make. In return for your contributions you get a tax credit.

Tax-Free Savings Account (TFSA):

The 2008 federal budget introduced a new Tax-Free Savings Account (TFSA) which, beginning in 2009, will allow Canadians who are 18 and older to save up to $5,000 per year in the TFSA investment vehicle. Unlike a registered retirement savings plan (RRSP), investors will not be able to deduct contributions to a TFSA for tax purposes; however, investment income, including capital gains earned within the TFSA will not be subject to tax, even when the funds are ultimately withdrawn.

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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
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Quotable

Franklin D. Rooosevelt

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

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