CRA expected to announce prescribed rate increase
The Honeymoon is Over for Canadian Couples – Part Deux: CRA Expected to Announce Prescribed Rate Increase The last time I wrote about this subject it was 2013, fast forward to present day and here I am three kids later, and having survived a global pandemic…so much has changed but the window of opportunity to income […]
BENEFICIARY DESIGNATIONS – ENSURING YOUR WEALTH GOES WHERE YOU WANT
Two recent Ontario Court Decisions have Potentially Significant Impact on Beneficiary Designations We work hard throughout our lives. This hard work may enable us to purchase a home, perhaps enjoy a few vacations, and save excess funds which we hope to transfer to those we love upon our passing. Normally, this wealth transfer upon death […]
Successfully Passing on the Family Cottage
For many Canadian families, cottages are a second home which hold unique emotional value for the family, reflecting special moments and memories together. However, when the time comes to pass on the family cottage to the next generation, challenges and conflicts may arise if the family has not put a plan in place. While many […]
Corporate-Owned Life Insurance: Here’s What You Have to Consider
In a previous article, we discussed Corporate-Owned Life Insurance (“COLI”) and how it can benefit your business and enhance your estate. Overall, life insurance, particularly in the corporate sense, is a valuable asset and in the right circumstances, there are many benefits to owning it. Some of the key benefits to COLI include the following: Growing wealth […]
Bill 245 – Significant Changes to Ontario’s Estate Laws
Family, Estate and Succession laws are changing with the Royal Assent of Bill 245, Accelerating Access to Justice Act, 2021 on April 19, 2021. These changes are made to modernize the legal system in Ontario. The passing of Bill 245 has significant implications to estate planning for Ontario residents. For individuals who may be […]
Pre-Budget Tax and Estate Planning – What Should I Be Considering?
Download PDF On March 8, 2021, the Federal Liberal Government announced that they are ruling out releasing the Federal Budget this month but plan to table the Budget at some point in Spring. This means that it will be more than two years since the Federal Government tabled its last Budget on March 19, 2019 […]
WFH and COVID-19: Deducting Home Office Expenses as an Employee
Download this article as a PDF. COVID-19 has forced many employees to work from home (WFH) for the first time in their careers. It is estimated almost five million Canadians transitioned from working at an office to their home at the outbreak of COVID-19, joining approximately 1.8 million employees who already were working exclusively from […]
5 Common Mistakes to Avoid When Drafting a Shareholders’ Agreement
If you own shares in a private corporation you should be no stranger to a Unanimous Shareholders’ Agreement(“USA”). The USA document, which outlines how the company should be operated and the rights and responsibilities of the shareholders, is integral in protecting your rights as a stakeholder in the business. A well-drafted USA should thoughtfully contemplate various […]
What’s in Your Capital Dividend Account and Why Should You Care?
So you run your own business, things have been going well, but the more your business grows, the more complex your tax issues become. One often misunderstood tax concept is the Capital Dividend Account, or “CDA” for short. Capital dividends are simply a form of dividend, which can be paid out to Canadian-resident shareholders on a tax-free […]
Charitable Giving with Life Insurance and Tax Savings
We are living in momentous times today. While the world is complex and ever-evolving, we know that one thing remains the same – helping those in need continues to be a priority for many Canadians. Canadians often donate to charitable causes to affirm their values, or they may have a personal connection with a specific […]