http://www.mnp.ca/media-centre/blog/tags/incomeIncome Blog Post RSS FeedCopyright 2012MNP All rights reserved.Whenever I sit down with a client to discuss their business structures, a major concern that always pops up is post-retirement cash flow. Quite often our discussions will lead to the topic of individual pension plans.http://www.mnp.ca/en/media-centre/blog/2009/8/4/the-individual-pension-plan-part-i/Tue, 04 Aug 2009 00:00:00 GMTThe IPP has many practical applications to reward key personnel and shareholder-managers.http://www.mnp.ca/en/media-centre/blog/2009/8/10/the-individual-pension-plan-part-ii/Mon, 10 Aug 2009 00:00:00 GMTMany people wonder when it’s the right time to incorporate their farm partnership. The reason to incorporate a farm can be different for each farm family; however one of the primary reasons is often to gain access to the small business deduction available in the corporation.http://www.mnp.ca/en/media-centre/blog/2009/9/28/incorporating-your-farm-partnership/Mon, 28 Sep 2009 00:00:00 GMTLet’s face it – no one really likes to trigger losses, but the silver lining of triggering a loss is that losses can actually help your tax situation.http://www.mnp.ca/en/media-centre/blog/2009/11/16/tips-and-traps-regarding-capital-losses/Mon, 16 Nov 2009 00:00:00 GMTSpousal loans are a great way to implement income splitting between two spouses, where one spouse is in a higher tax bracket than the other spouse. Generally, spouses are not able to split income to reduce their tax bill unless specifically allowed under the Income Tax Act.http://www.mnp.ca/en/media-centre/blog/2010/3/18/income-splitting-with-spousal-loans/Thu, 18 Mar 2010 00:00:00 GMTGiven the significant increases in land and quota values over the last number of years, it is becoming increasingly difficult to transfer the family farm at fair market value. This tax-deferred rollover can be an invaluable tool in succession planning and benefit future generations.http://www.mnp.ca/en/media-centre/blog/2011/1/26/transitioning-the-family-farm/Wed, 26 Jan 2011 00:00:00 GMTFor employers in Northern Canada, there is an opportunity to help employees with the travel component of their Northern Residents Deduction.http://www.mnp.ca/en/media-centre/blog/2011/2/17/maximizing-the-northern-residents-deduction/Thu, 17 Feb 2011 00:00:00 GMTFederal Minister of Finance James M. Flaherty delivered the Conservative government’s Federal Budget on Tuesday, March 22, 2011.http://www.mnp.ca/en/media-centre/blog/2011/3/22/federal-budget-announcement-2011/Tue, 22 Mar 2011 00:00:00 GMTFinance Minister Ken Krawetz presented Saskatchewan’s 2011 Provincial Budget on March 23, 2011.http://www.mnp.ca/en/media-centre/blog/2011/3/23/saskatchewan-budget-announcement-2011/Wed, 23 Mar 2011 00:00:00 GMTA trust can be a valuable tool for a family to use as part of an estate plan or for income splitting purposes. CRA is aware of these uses and seems to be focusing its audit efforts on the income splitting objectives.http://www.mnp.ca/en/media-centre/blog/2011/4/19/can-your-trust-survive-an-audit-by-the-canada-revenue-agency/Tue, 19 Apr 2011 00:00:00 GMTCanadian corporations have different tax rates depending on their size, their income, and the type of income earned. In Canada, we have a general theory that it should not matter how the income is earned, it should be subject to the same amount of tax once it has been received by the shareholder, regardless if it was earned in a company or not.http://www.mnp.ca/en/media-centre/blog/2011/5/12/salary-vs-dividends-a-brief-overview/Thu, 12 May 2011 00:00:00 GMTAn individual has $750,000 of capital gain deduction that can be used to offset capital gains realized on certain qualifying property, including land that is qualified farm property. The Income Tax Act has requirements that must be met for farmland to be considered qualified farm property.http://www.mnp.ca/en/media-centre/blog/2011/5/19/does-my-land-qualify/Thu, 19 May 2011 00:00:00 GMTMaximizing RRSP or IPP contributions has long been considered an obvious investment axiom. However, you have to be wary of the rules of thumb, and in the case of the choice of investing through an RRSP or IPP vs investing corporately there are many variables that can impact on reaching the right decision.http://www.mnp.ca/en/media-centre/blog/2011/10/8/rrsps-much-ado-about-nothing/Sat, 08 Oct 2011 00:00:00 GMT