It's up to us as business owners to reduce the amount we allow the tax man to take. The Income Tax Act sets out what your allowed to deduct. Using tax strategies is both smart and necessary. Otherwise, your allowing those dollars to slide right into the government coffers, and in my experience recovering those dollars is next to impossible. I'm grateful BP is having better luck recovering some of that oil.
Are you aware that you can write off 100% of your health care costs? I became aware recently and thought it was important to share it with you. Every thing you spend from premiums on health insurance, if you choose to pay into a policy, to all the out of pocket expenses you pay that are not covered. Any medical or dental cost that is considered health care, which covers practitioners and the products you purchase are deductible from you taxable income. You get to pay for your health care with Pre-Tax Dollars!
When Trudy Ames shared this with me I told her I do deduct my medical receipts. She woke me up to the facts. "I'm not talking here about medical tax credits that individuals get to tally up and deduct if they spent more than 3% of their net income and if they met that criteria, they get a whopping 15% credit Federally on the amount you paid over the 3% of your net income. Next we look at Provincially…
Trudy Ames shared with me she often hears Business Owners comment, "I give all those receipts to my accountant, I know they are being deducted". Her response to those comments, "Pull out those old tax records and have a look at the medical credit section. You'll be surprised what you really got in deductions."
A private Health Service Plan removes all that non-sense and gives you the tax savings you deserve. You get to deduct 100% of you medical and dental, off the top…. no minimum amount spent, no deducting the a percentage of your income first, and no 15% or 5.06% credit…. Simply, 100% expense from you business income.
Trudy Ames offers free consultations to help Business Owners understand these plans so you can see the savings to your personal pocket as well as your businesses tax savings. She will walk you through all you need to know and get you set up with your own Private Health Service Plan. http://collaborativebizsolutionscanada.com/
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Collaborative Business Solutions brings together Tax Strategies, Health Care, Labour Relations and Business Management with over 20 years experience. Empowering Business Owners to save more money, pay less taxes and feel good about the money they spend on their health care.