Income Splitting for Families Announced by Federal Government

The Conservative government announced an income-splitting tax break for parents last Thursday.The measure will allow the higher-earning parent of children up to 18 years of age to transfer as much as $50,000 of income to the lower-earning spouse for tax purposes.

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Over 30 Years of History at Softron Tax

Back in the dawn of time known as 1981, Jake Anand started a company called Softron, specializing in computer hardware. This was a cutting-edge business at the time. But as anyone who has been in that business knows all too well, the profit margins on computer hardware were and are razor-thin. If you keep inventory, you’re almost assured to lose money on the sale of that inventory as new product comes out and drives the price down.

So Softron was moving along, surviving if not particularly soaring. With this in mind, Jake made the fateful decision to supplement the hardware income by doing tax preparation. A seed planted that would end up bearing ripe fruit. (more…)