Learning Grotto

Tax-Free First Home Savings Account

2024 Personal Tax Planning Card (Ontario) 2024 Corporate Tax Reference Card 2024 Personal & Corporate Tax Integration Reference Card (Ontario) The New Rules for Trust Reporting: Four Unexpected Scenarios

Budget 2023 outlined plans to build a stronger, more sustainable and secure Canadian economy against a backdrop of slower global growth, elevated global interest rates, and high inflation.

An RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common-law partner can contribute — subject to their respective deduction limits.

The RRSP deduction limit outlines how much an individual can contribute Groupand deduct for personal tax purposes (plus the cumulative $2,000 overcontribution allowance). RRSP contributions are the amounts individuals have deposited into their RRSPs and which may be deducted for income tax purposes.

For many Canadians who are not otherwise U.S. persons (“Canadian”), owning property in the U.S. may represent an investment opportunity, a home away from home and an escape from the colder winter months.

A key element of estate planning is choosing an executor, someone you trust to carry out the instructions in your will. To ensure that the administration of your estate is completed efficiently and economically, it’s important to carefully evaluate your needs and choose your executor wisely.

As more of our lives are conducted online, new wealth and estate planning considerations related to the treatment of digital assets continue to develop.

When it comes to philanthropy, Canadians today are more intentional, want to see the impact of their gift, and are giving more. With intentional philanthropy, clients should address the following questions:

Canadian residents who routinely fly south to escape the cold winters at home may not be aware that they could face U.S. tax consequences. This article looks at how spending extended periods in the U.S. can subject Canadians who are not otherwise U.S. taxpayers (i.e. U.S. citizens or green card holders) to U.S. taxes and how they can limit their exposure to such.

Many individuals approaching retirement wonder if there is an optimal age to begin taking their Canada Pension Plan retirement pension benefits (CPP)

It’s easy to put off retirement planning, but sometimes retirement just happens unexpectedly. It always has a way of arriving sooner than expected. When should