No Drama: Plan for a Smooth Family Business Succession
Download this PDF here. Succession planning is vital to ensuring the orderly transition of a family business from one generation to the next. Yet family business owners tend to avoid this complex and emotional exercise for many reasons: their identity is too closely tied to the business, they are too busy with day-to-day operations, or […]
Making the Most of Canadian Registered Accounts: A Quick Reference Guide
Download this article as a PDF. Canadians have access to a plethora of tax-preferred vehicles for saving and investing, each of which provides unique planning opportunities and trade-offs, as well as their own rules and conditions that must be followed. With so many options, determining the best use for each type of account as part […]
Foreign Spin-offs
Download this PDF here. Many Canadian shareholder investors (“investor”) own foreign securities. Occasionally a foreign corporation (“original corporation”) will spin-off a subsidiary or business line to its shareholders, so the subsidiary becomes a separate, publicly traded corporation (“spin-off corporation”). In this situation, the investor now owns two separate foreign securities. By default, the receipt of […]
The Canada Pension Plan (CPP) – What’s new for 2024?
Download this PDF here. Most Canadians are familiar with CPP, which provides retirement, disability, survivor, and death benefits for individuals that have been employed in Canada.1 CPP is funded by mandatory annual contributions by employees, employers and self-employed individuals based on their CPP pensionable earnings, which typically include salary, wages or other remuneration, commissions, bonuses, […]
Investing in a Corporation
Download this PDF here. For business owners or incorporated practitioners that generate surplus funds not required to meet personal lifestyle needs or the needs of the business or practice, the question becomes how to maximize the value of these funds? As personal marginal tax rates can be significant, does it make sense to simply invest […]
Personal and Corporate Tax Integration Reference Card 2024
Download our province and territory-specific 2024 Personal and Corporate Tax Integration Reference Card below. Alberta – Tax Integration Reference Card British Columbia – Tax Integration Reference Card Manitoba – Tax Integration Reference Card New Brunswick – Tax Integration Reference Card Newfoundland and Labrador – Tax Integration Reference Card Northwest Territories – Tax Integration Reference Card. […]
What is an RRSP?
Click here to download the PDF. What is a Registered Retirement Savings Plan (RRSP)? 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. At the very least, an RRSP […]
Understanding the RRSP Deduction Limit Statement
Click here to download the PDF. Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: • Is there a difference between a RRSP contribution and a RRSP deduction? • I have RRSP deduction room and unused contributions — what does this mean? • My unused […]
Calculating 2024 RRIF Minimum Withdrawals
Download this article as a PDF. For clients who have rolled their Registered Retirement Savings Plan (“RRSP”) over to a Registered Retirement Income Fund (“RRIF”) or who have an existing RRIF account in 2023, the following information outlines how their 2024 minimum withdrawal will be calculated. All RRIF withdrawals are reported as pension income on […]
The New Rules for Trust Reporting: Four Unexpected Scenarios
January 16, 2024 Download this PDF here. The new enhanced trust reporting rules (“new trust rules”) may catch certain Canadian trusts or informal trust arrangements considered Bare Trusts, that previously did not have to file an annual Trust Income and Tax Information Return (“T3 Return”). The new trust rules will force the filing of annual […]