Video: Timing Your CPP Benefits – To Defer, or Not to Defer
To Defer or Not to Defer: Realizing Capital Gains
The proposed* increases to the capital gains inclusion rate have prompted some investors to ask the tax-planning question: To defer, or not to defer? Tax deferral is commonly viewed as a way for investors to create greater future returns, since funds that might otherwise go to paying tax can remain invested for longer-term growth. Yet, […]
Reminders for Tax Season
It is personal income tax season once again. Given increasing interest rates, don’t overlook the importance of filing your taxes and paying balances and instalments on time, as interest assessed on insufficient payments can be significant. Tax Filing Deadlines – The general deadline to file your 2023 personal income tax and benefit return is […]
Investing Within Your Corporation
For business owners or incorporated practitioners that generate surplus funds not required to meet personal lifestyle needs or the needs of the business or practice, the question becomes how to maximize the value of these funds? As personal marginal tax rates can be significant, does it make sense to simply invest the surplus funds within […]
No Drama: Plan for a Smooth Family Business Succession
Succession planning is vital to ensuring the orderly transition of a family business from one generation to the next. Yet family business owners tend to avoid this complex and emotional exercise for many reasons: their identity is too closely tied to the business, they are too busy with day-to-day operations, or they worry that the […]
Calculating 2024 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 2023, the following information outlines how their 2024 minimum withdrawal will be calculated. All RRIF withdrawals are reported as pension income on a T4RIF slip. Here are some […]
Understanding Trust (and Bare Trustee) Reporting Changes
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 […]
The New Rules for Trust Reporting: Four Unexpected Scenarios
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 […]
Are You Overlooking The Tax-Free Opportunity?
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 […]