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…
In the realm of family-owned enterprises in Canada, recent developments surrounding the Canada Revenue Agency's (CRA) administration of the Department of Finance’s reporting rules for bare trusts have stirred significant concern and frustration among taxpayers and tax professionals alike. As…
The unveiling of the Canadian Housing Plan today, ahead of the Federal Budget, introduces substantial changes that will impact many sectors, including family-owned enterprises. A preliminary review indicates enhancements to the accelerated Capital Cost Allowance (CCA) for apartments, modifications to…
The Vital Role of Corporate Minute Books A corporate minute book is not just a regulatory requirement; it is the backbone of your corporate history and compliance. Governed by both provincial and federal business corporation acts, this repository includes all…
As a taxpayer domiciled within the jurisdiction of Canada, it is incumbent upon you to recognize that your statutory entitlements transcend merely the obligation to remit taxes. Instituted in the year 2007, the Taxpayer Bill of Rights serves to augment…
The Kruco case is a pivotal case in the determination of safe income available for a tax-free intercorporate dividend from a subsidiary to its parent company. The CRA’s inconsistent position on this has been interesting. I posed a question to…