Any Canadian Controlled Private Corporation (“CCPC”) in Canada that earns investment income (also referred to as passive income e.g., capital gains, dividends, etc.) is subject to certain tax regulations that will be discussed below: The refundable portion of Part I…
Imagine securing your family's financial future with a tool so powerful, yet often underestimated. Permanent life insurance isn't just about covering the "what ifs"; it's about embracing the "what can be." For family-owned enterprises in Canada, it's not only a…
The Canadian Federal Government's Budget 2024 has introduced sweeping revisions to the capital gains tax regime, signaling a profound shift in the fiscal environment for investors and family-owned businesses throughout the nation. These modifications, set to recalibrate the tax landscape,…
For families with family-owned enterprises in Canada, understanding the intricacies of trust management and compliance with taxation laws is crucial. With the recent changes in the T3 Trust Reporting requirements, specifically the inclusion of Schedule 15, it is essential for…
The Federal Budget 2024 has just been released, introducing several new measures that will undoubtedly impact the fiscal landscape for family-owned businesses across Canada. As a tax professional deeply rooted in financial principles, I recognize the importance of cautious and…
One intent behind the preparation of a will should be to ease the administration of your estate. Your solicitor should have a clear understanding of your obligations because in addition to creditors for debts of the deceased and the estate,…
The CRA has admitted to a glaring mistake involving erroneous late filing penalties on trusts—an error that should never have occurred and one that will impact the trust in communications received from their office. Buried in their release on new…
The formalities of creating a valid trust and a valid will should not be underestimated. Often the statute of frauds or wills legislation applies where the formalities are not met. Courts of Equity generally look to a person’s intentions rather…
Navigating New Home Ownership Incentives in Canada Putting home ownership back within reach and supporting Canadian homeowners In a recent press release from the Department of Finance Canada, significant enhancements to the Home Buyers’ Plan and the Canadian Mortgage Charter…
Streamlining Access to CRA Services: A Look at the New Document Verification Option The CRA is making it easier to access its digital services The Canada Revenue Agency's New Identity Verification Process On April 11, 2024, the CRA announced a…