Split partnership taxes?
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Split partnership taxes?

This topic contains 1 reply, has 1 voice, and was last updated by Avatar of Robert Robert 6 years, 8 months ago.

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  • #5055
    Avatar of Robert
    Robert
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    We have a question from a client:
     
    We have a partnership and taxes are hard for us. How do we split things up so its fair? There are special advantages from being a corporation – but we are a partnership. Can we be a corporation? Is it a good idea?

    #5056
    Avatar of Robert
    Robert
    Member

    You should obtain the services of a Chartered Accountant. Consult with one immediately before you get yourself into difficulty with Canada Revenue Agency. He/she can provide answers to all of your questions as there are no clear cut simple responses that I can provide to you in a few short sentences. Note that income taxes are hard for everyone, both in terms of compliance with our relatively complex tax system and also in paying the statutory required balances owing. You may be surprised at how low your overall tax liability is after consulting with a Chartered Accountant. Barry J. Watson CA. Direct Line 604-714-1999

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