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Corporate-owned life insurance can be a useful planning tool, but it is not a guaranteed way to take money out of your corporation tax-free. Here is what to check before you sign.

For most owner-managed corporations, the fiscal year-end is the single most important date on the tax calendar. Not the filing deadline. Not April 30. The year-end itself. Why? Because almost every meaningful tax-planning decision has to be made before the books close. Once your year-end passes, your accountant can only report what happened. Before it passes, we can still change what happens. If your corporation has a December 31 year-end, you have weeks, not months. Here is

Every owner-manager asks the same question: what is the best way to pay myself? The honest answer is that there is no single right answer. But there is a right time to answer it, and that is before your corporation's year-end. Once the fiscal year closes, many of the most useful options are gone. Here is why. The bonus that has to be declared in time One of the most effective planning tools is the year-end bonus. Your corporation can deduct a bonus in the current year even if

Most business owners know their corporation has to file a tax return. Fewer know that the return is not the first deadline, and that the costs of missing deadlines add up quickly. The deadlines that follow your year-end For a corporation with a December 31 year-end, the key dates look like this: End of February: any balance of corporate income tax owing is generally due two months after year-end. Many small Canadian-controlled private corporations claiming the small business