2023 Personal Tax Planning Cards
July 28, 2023 Download our province and territory-specific 2023 Personal Tax Planning Cards below. Alberta Tax Planning Card British Columbia Tax Planning Card Manitoba Tax Planning Card New Brunswick Tax Planning Card Newfoundland and Labrador Tax Planning Card Northwest Territories Tax Planning Card Nova Scotia Tax Planning Card Nunavut Tax Planning Card Ontario Tax Planning […]
Making the Most of Canadian Registered Accounts: A Quick Reference Guide
July 26, 2023 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 […]
Intergenerational Business Transfers: Where are we now?
July 26, 2023 Download this article as a PDF. The transfer of family businesses to the next generation has long been a contentious tax issue. Owners rightfully expect the same tax benefits when selling their businesses to their children or other relatives as if they had sold to a third-party purchaser. Fiscal policy, meanwhile, aims […]
The Ins and Outs of RDSPs
July 13, 2023 Download this article as a PDF. A Registered Disability Savings Plan (RDSP) is a tax-sheltered savings vehicle designed to help families ensure the long-term financial security of a loved one affected by disability. There are several key benefits: • Assets within an RDSP do not affect the beneficiary’s eligibility to receive government […]
Tax-Free First Home Savings Account
June 12, 2023 Download this article as a PDF. The First Home Savings Account (“FHSA”) was introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising real estate values. The FHSA is intended to help Canadians save and fulfill their dreams of home […]
Alternative Minimum Tax – When Does It Apply, How, And For Whom?
May 18, 2023 Download this article as a PDF. BACKGROUND The Alternative Minimum Tax (AMT)1 is a second, alternate tax liability calculation that Canadian individuals and trusts must consider annually in parallel with their normal tax liability. First introduced in 1986, AMT was implemented to promote and maintain fairness within Canada’s income tax regime. Simply, if […]
Life After Work: Thriving in Retirement
May 8, 2023 Download this article as a PDF. Retirement is often portrayed in popular culture as an idyllic and rewarding time for relaxation, leisure activities and enjoying the company of family and friends. And while this dream comes true for some, research indicates that many people find the reality far less appealing – even […]
Maximizing Your RESP: Withdraw Wisely
May 8, 2023 Download this article as a PDF. A Registered Education Savings Plan (RESP) is a Canadian registered investment account that promotes saving to support a beneficiary’s post-secondary education. Anyone — parents, family and friends — can open a RESP as a “subscriber” for the benefit of a child. Invested contributions grow tax free. […]
How Should I Compensate Myself: Salary Or Dividends?
Download this article as a PDF. KEY POINTS Everyone’s situation is unique. Tax is important, but incorporated business owners and professionals should also consider retirement planning, lifestyle and corporate cash flow needs when deciding to take compensation as salary, dividends, or a combination of the two It can be complicated. Canada’s tax system is designed […]
Planning for Families Affected by Disabilities
More than one-fifth of Canadians over the age of 18 are living with disabilities,1 often with special needs which can entail significant costs. There is a vast network of supports, programs and tax rules designed to assist Canadians and ease the financial burden that can sometimes accompany a disability, but the opportunities available and how […]