Understanding the New Reporting Requirements for Trusts
Trusts with a December 31 year end will be required to comply with the new reporting requirements beginning with their 2023 T3 Return.
Calculating 2023 RRIF Minimum Withdrawals
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 2022, the following information outlines how their 2023 minimum withdrawal will be calculated.
Highlights from the 2022 Federal Fall Economic Statement
On November 3, 2022, Canada’s Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland delivered the 2022 Fall Economic Statement (FES 2022). FES 2022 highlighted key metrics of the Canadian economy and the government’s proposed new spending measures.
Donating Shares: A Tax-Efficient Form of Philanthropy
Download this article as a PDF. 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: When do they wish to give? Today, next year, or in their Will? How do they wish to […]
Canadian Snowbirds and U.S. Taxes: Avoiding Turbulence
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.
Aircraft, Vessels and Vehicles: The New Luxury Tax
Download this article as a PDF. First announced in the 2021 Federal Budget, the new luxury tax will apply to sales, leases, and imports in Canada of certain luxury recreational aircraft, vessels, and vehicles delivered on or after September 1, 2022. What is subject to the tax? The sale, lease or import of new vehicles, […]
Introducing the First Home Savings Account (FHSA)
Download this article as a PDF. 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 […]
Maximizing Your RESP: Withdraw Wisely
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. But when the […]
Understanding RRSP Contributions, Deductions and Over-Contributions
Download this article as a PDF. A Registered Retirement Savings Plan (“RRSP”) is commonly used to help Canadian individual taxpayers (“Canadians”) save for their retirement. As well, Canadians can access the Home Buyers Plan or Lifelong Learning Plan if they have sufficient contributions in their RRSP and the required conditions are met. The theory behind […]