Dealing with the tax obligations of a loved one who has passed away can feel overwhelming, but it’s a crucial step in settling their affairs. Filing the final tax return for a deceased person ensures that their financial obligations are…
Adding an adult child to the title of a parent’s home is often done for estate planning purposes, such as avoiding probate fees. However, this step brings important tax implications, particularly regarding the Principal Residence Exemption (PRE), potential capital gains…
The upcoming inter-generational wealth transfer, often called "The Great Wealth Transfer," is set to be one of the most transformative financial events in Canadian history. Imagine trillions of dollars changing hands, reshaping the futures of countless families and impacting the…
Trusts are incredibly powerful tools for managing, protecting, and distributing assets. They offer unmatched flexibility in financial planning and are particularly beneficial for families with complex wealth or long-term financial objectives. Whether you’re looking to safeguard your assets, provide for…
Section 107 of the Income Tax Act is a crucial provision for trustees managing personal trusts, especially in family-owned enterprises. It allows for tax-deferred rollovers of capital property from a trust to its beneficiaries. This means that capital assets such…
Trusts are a cornerstone of wealth management and succession planning for family-owned enterprises in Canada. By using trusts, families can protect their assets, ensure the smooth transfer of wealth between generations, and manage their financial future with greater control. However,…
7.3 Billion Investment by Canada in Grants and Interest Free Loans for Students https://www.canada.ca/en/department-finance/news/2024/09/government-of-canada-helping-students-return-to-school-with-73-billion-in-grants-and-interest-free-loans.html The Department of Finance Canada recently announced a $7.3 billion investment in grants and interest-free loans aimed at supporting students returning to school for the 2024…
Enhancing Tax Literacy for Teachers and Parents – Join the Movement https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/teachers-parents-join-movement-enhance-tax-literacy.html What the CRA Said On September 5, 2024, the Canada Revenue Agency (CRA) launched a new initiative to promote tax literacy among students, teachers, and parents. Tax literacy…
As Saskatchewan gears up for its next provincial election on October 26, 2024, tax policy has emerged as a central issue in the campaign. Both the governing Saskatchewan Party, led by Premier Scott Moe, and the opposition, represented by the…
Tax in the News: Key Developments in Trust Reporting In a significant update for families managing bare trusts, the Canada Revenue Agency (CRA) has clarified that bare trusts will be exempt from the new trust filing requirements set to take…