Can you pay your kids? if so what are restrictions?
My wife has started a home based business in Ontario and has done rather well, we're running through a few tax scenarios and in an effort to reduce the taxable income we'd like to defer income to our children - I believe the max tax free income level
Yes, you can pay your kids. The restrictions are that you have to have actually paid them for work done for the business, and the amount has to be "reasonable" based on what they are being paid for what they did. For example, you can't pay
The initiatives also have common strategies that include: • Developing policies to promote saving and investment for education, home-ownership, small-business development and retirement. • Identifying ways to make tax-based savings incentives
The rent would be treated as business income. When the land is used for residential purposes, one can avail of the usual tax benefits associated with a home loan, that is, a deduction of Rs 1.5 lakh on the interest paid on the loan and repayment of up
Still, Brock and other progressives persist in their attempt to recycle their tax-and-spend strategies in order to revive the Rhode Island economy. As Brock expressed recently on Channel 10 News Conference, “[We can't] cut our way to prosperity.
