Introduction 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 obligation with the Canada Revenue […]

New Enhanced Trust Reporting Rules The new enhanced trust reporting rules (“new trust rules”) may catch certain Canadian trusts or informal trust arrangements considered Bare Trusts, that previously did not have to file an annual Trust Income and Tax Information Return (“T3 Return”). The new trust rules will force the filing of annual T3 Returns […]

What is a Registered Retirement Savings Plan (RRSP)? A RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common law partner can contribute – subject to their respective deduction limits. At the very least, an RRSP is an income tax deferral […]

Common Questions Every year clients look at the RRSP Deduction Limit Statement on their Notice of Assessment and ask similar questions: Is there a difference between a RRSP contribution and a RRSP deduction? I have RRSP deduction room and unused contributions – what does this mean? My unused contribution room for the year is negative […]

There are few “gifts” that the government gives us, and the Tax-Free Savings Account (TFSA) is one of them. The opportunity to invest and grow funds on tax-free basis over a lifetime should not be overlooked. Yet, the latest statistics reveal that many high-net-worth (HNW) individuals are not taking full advantage. The 2024 TFSA statistics […]

For high-net-worth (HNW) investors, life insurance may provide benefits beyond protection, including helping to support the education costs of a child or grandchild. With the ever-growing cost of post-secondary education, many HNW investors are looking for different ways to help support the next generation. For those who have fully contributed to registered accounts (RESPs, TFSAs, […]

With the arrival of cooler and shorter days, it is a reminder that there are only a few months remaining in the calendar year. Are there actions that you can take before year end to impact your financial position? Here is a checklist of ideas:    Realize capital losses to offset capital gains. For tax […]