Our tax tools
Optitax offers a wide range of tax tools that will save you time and money.
Vehicle Ownership: Personal vs Corporate ownership
The "Vehicle Ownership: Personal or Corporate" calculation allows determining the actual tax cost of a vehicle according to the following different scenarios:
- Purchase by the shareholder
- Purchase by the company
- Lease by the shareholder
- Lease by the company
The calculation also takes into account the vehicle's operating expenses. All scenarios are presented in the form of corporate costs incurred by the purchase or lease to ensure a fair basis for comparison.
You can thus compare all possible car ownership scenarios, compare them against each other, and determine the scenario that is most tax advantageous for your client.
Compensation: salary or dividends
The "Compensation: Salary vs Dividend" calculation allows determining the optimal proportion of dividends and salaries a company should pay to minimize the tax burden. This tool performs several simulations, including:
- Salary only
- Dividend only
- Combined salary and dividend
Furthermore, this tool allows for two different starting points:
- The entrepreneur's personal cost of living
- Corporate liquidity to be disbursed.
Tax Rollover
"Tax rollover" refers to the transfer of an asset to a Canadian corporation with the purpose of deferring its taxation. Optitax's Tax Rollover tool offers several advantages, such as:
- Accurate calculation of the tax consequences based on the transaction (internal or external rollover, application of section 84.1 of the Income Tax Act).
- Calculation of the tax attributes of the shares sold and received as consideration.
- Automatic calculation of the minimum agreed amount and/or the maximum consideration other than shares.
- Error detection, such as no issuance of shares as consideration or an agreed amount that falls outside the eligible limits.
- Automatic generation of rollover forms (T2057, TP-518).
Stocks Sale
The "Stock Sale" tool allows calculating the tax consequences of selling company shares, such as a capital gain or loss. Optitax's "Stock Sale" tool offers several advantages, such as:
- Comprehensive calculation of the tax consequences based on whether or not section 84.1 of the Income Tax Act applies to the transaction.
- Calculation of the tax attributes of the shares sold and received as consideration, if applicable.
- The tool also determines the deemed dividend amount when the conditions of section 84.1 of the Income Tax Act are met.
