Losing a loved one is hard, but navigating the tax filings afterwards can feel like an impossible task. Understanding the intricacies of tax obligations after a death is crucial, especially for families with family-owned enterprises. Here’s a guide to help…
Estate planning for family-owned enterprises is not just about wealth transfer; it's about securing your family's future and legacy. Estate planning is a critical component for families with family-owned enterprises. It involves more than just distributing assets; it ensures that…
The world of international taxation is complex, and one of the most intricate areas involves the residency status of trusts. A foreign trust can sometimes be deemed a resident of Canada, subjecting it to Canadian tax laws and obligations. Understanding…
When it comes to trusts, understanding the roles of income beneficiaries and capital beneficiaries is essential for effective estate planning and wealth management. These two types of beneficiaries have distinct rights and tax implications, which can significantly impact the distribution…
Determining the residency of a trust is a fundamental aspect of tax planning and compliance for family-owned enterprises in Canada. Trust residency dictates where the trust will be taxed, which has significant implications for the financial health and legal obligations…
Government Moves to Facilitate Homeowners Adding Rental Suites Putting home ownership back within reach and supporting Canadian homeowners The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced new measures in Budget 2024 to support Canadian homeowners in…
Supporting Affordable Housing: Apply Now for the GST/HST Rebate for Purpose-Built Rentals Supporting affordable housing: apply now for the GST/HST rebate for purpose-built rentals The Canada Revenue Agency (CRA) has announced a new initiative to support affordable housing across Canada…
In a recent video, Prime Minister Justin Trudeau announced a significant increase in capital gains taxes, touting it as a move that targets only the wealthiest Canadians and promises to generate $20 billion in new revenue. But is this really…
In the latest federal budget, Finance Minister Chrystia Freeland has stirred significant controversy with proposed changes to the capital gains tax rates. However, these changes are notably absent from the motion she tabled to introduce the federal budget in the…
Recent events have highlighted a significant issue in the Canadian tax system, which has caused confusion among the public due to inconsistent enforcement and communication by the government. A Tax Court of Canada case involving a Montreal tenant has brought…