Introduction: Navigating Review Engagements for Family-Owned Enterprises In the realm of financial oversight for family-owned enterprises, understanding and navigating Review Engagements is paramount. A Review Engagement serves as a critical examination process, offering a moderate level of assurance that an…
For individuals accustomed to higher earnings transitioning into retirement, the Old Age Security (OAS) pension may introduce an unexpected element to financial planning: the recovery tax. Here's how it plays out and strategies for managing it as you start receiving…
In this blog post, we explore the foundational aspects of Old Age Security (OAS) and Guaranteed Income Supplement (GIS) programs, and how trust income can impact these benefits for your elderly parents. Although we often get seniors who are disappointed…
The Canada Pension Plan (CPP) stands as a pillar of retirement security in Canada, offering a foundation upon which individuals can build a stable retirement income. For owners of family-owned enterprises, understanding and maximizing CPP benefits is not just a…
In the intricate process of estate planning and will preparation, the expertise of an accountant is invaluable. While the solicitor's role is integral, encompassing the validation of the will, ensuring legal compliance, and safeguarding against undue influence, an accountant's contribution…
As a Trust and Estate Practitioner (TEP), I frequently encounter inquiries regarding the necessity of drafting a will. The absence of a will upon an individual's death results in what is legally known as intestacy. This situation not only complicates…
In the complex landscape of wealth transfer and inheritance planning, legal and ethical considerations intertwine, especially within the Canadian context. As a tax advisor and trust and estate practitioner, understanding the multifaceted nature of these processes is crucial. Canadian law,…
The Canada Carbon Rebate: A Closer Look at Wealth Redistribution Under the Guise of Environmental Policy Government announces Canada Carbon Rebate amounts for 2024-25 2024-02-14 In the latest turn of fiscal policy, the federal government's announcement of the Canada Carbon…
Canada Revenue Agency’s Disability Advisory Committee Submits 26 Recommendations in its fourth annual report While the Canada Revenue Agency (CRA) casts its Disability Tax Credit (DTC) efforts in a favorable light in its latest press release, the 2023 annual report…
The Underused Housing Tax (UHT), as enacted by the current government, exemplifies a misguided approach to addressing foreign property investment, wielding a sledgehammer where a scalpel would have sufficed. Ostensibly aimed at foreign owners of underused or vacant residential properties,…