Year-End Personal Tax Tips for 2023
Tax planning is a year-round activity, however as 2023 comes to an end, there are several key opportunities to take advantage of available credits, deductions, and savings.
2023 Tax Resources
Download our 2023 tax reference cards and resources. Corporate Tax Rate Card. LIF and RLIF Minimum & Maximum Factors. Form T1135 – Foreign Income Verification
2023 Fall Economic Statement
From housing to the cost-of-living, what are the new strategies presented in the Fall Economic Statement? On November 21, 2023, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, delivered the 2023 Fall Economic Statement (FES 2023), a mid-fiscal year update that was narrower in focus than previous economic statements.
Financial Literacy and Children: Keep it Relatable at Every Age
How can we raise financially confident children and grandchildren in an increasingly complex world filled with distractions? Many of our clients, for example, are concerned that the next generation won’t possess the financial literacy needed to inherit family wealth.
2023 Personal Tax Planning Cards
Download our province and territory-specific 2023 Tax Planning Cards.
Alberta Tax Planning Card
British Columbia Tax Planning Card
Manitoba Tax Planning Card
Intergenerational Business Transfers: Where are we now?
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 to ensure that such sales to family are authentic
Alternative Minimum Tax – When Does It Apply, How, And For Whom?
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.
How Should I Compensate Myself: Salary Or Dividends?
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.
Reducing Household Taxes Through CPP Sharing
If you are collecting or have applied to collect your Canada Pension Plan retirement pension benefits (CPP) and have a spouse or common-law partner (CLP) in a lower tax bracket, you may want to consider sharing your CPP benefits with them. Let’s look at the “why, how, what and when” of CPP sharing.
Economic and Tax Highlights from the 2023 Federal Budget
Budget 2023 outlined the government’s 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.
