Naming Your Executor: Friend or Pro?
February 2, 2023 Download this article as a PDF. 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. […]
Tax-Free First Home Savings Account
January 24, 2023 Download this article as a PDF. On November 3, 2022, the Department of Finance released updated draft legislative proposals outlining the First Home Savings Account (“FHSA”). The FHSA was first introduced in the 2022 Federal Budget to address the increasing difficulty Canadians are experiencing in buying a first home due to rising […]
Understanding the New Reporting Requirements for Trusts
Download this article as a PDF. Is your name on legal title for any assets that you don’t have a beneficial interest in (i.e., a Bare Trust)? Perhaps your name is legally on your parents’ home, or maybe your child’s banking or investment accounts? If this is the case, you may have a new reporting […]
Deadline Reminder: 2022 Prescribed Rate Loan Interest Payment
A prescribed rate loan strategy allows Canadians to legitimately loan capital and the income and gains earned from such into the hands of their spouse or common-law partner or an inter-vivos Trust and beneficiaries, who pay tax at lower marginal income tax rates.
Donating Shares: A Tax-Efficient Form of Philanthropy
When it comes to philanthropy, Canadians today are more intentional, want to see the impact of their gift, and are giving more.
Canadian Snowbirds and U.S. Taxes: Avoiding Turbulence
Download this article as a PDF. 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 […]
Earlier or Later? Deciding When to Start Canada Pension Plan Retirement Benefits
Many individuals approaching retirement wonder if there is an optimal age to begin taking their Canada Pension Plan retirement pension benefits (CPP). The question often arises because CPP is calculated based upon the age at which an individual starts to receive monthly payments.
Introducing the First Home Savings Account (FHSA)
On August 9, 2022, the Department of Finance released for public comment the draft legislative proposals outlining the First Home Savings Account (“FHSA”). The 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.
Maximizing Your RESP: Withdraw Wisely
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.