– ITA s.70(5), s.159, s.164(6) | CRA Estate Guidance | T4012 When someone dies, the tax clock does not stop. In fact, it accelerates. The final return is often the largest tax return the individual will ever file. It can…
ITA s.70(5), s.70(6), s.146(8.8) | CRA Estate Guidance | T4012 The year your spouse dies is not an ordinary tax year. It is emotionally overwhelming. It is administratively complex. And under the Income Tax Act, it is legally distinct. For…
ITA s.180.2, s.60.03 | CRA Guide T4012 You worked for decades. You qualified for Old Age Security. Then you received a notice that part of it must be repaid. That is the OAS recovery tax — commonly called the “OAS…
ITA s.146, s.146.3, s.60.03 | CRA Guide T4012 | Form T1032 You stopped working. The paycheques ended. The retirement income began. Many Canadians assume retirement simplifies tax. In reality, your first year retired is one of the most structurally important…
ITA s.56(1)(b), s.60(b), s.118(1)(b) | CRA Guide T4012 Separation is emotional. Divorce is complex. But for tax purposes, the change in your relationship status is immediate — and statutory. The day you separate, your filing position changes. Your benefits change…
ITA s.122.6, s.150 | CRA Form RC66 You had a child. Your family grew. So did your financial responsibilities. The Canada Child Benefit (CCB) is often the most significant tax-free cash flow young families receive. But CCB is not automatic…
ITA s.118(1)(a), s.118(1)(b), s.118.2 | CRA Guide T4012 You got married. Or you became common-law. Congratulations. But from a tax perspective, your relationship status is not symbolic — it is statutory. The day your status changes, your tax profile changes…
– ITA s.118.5, s.118.8, s.62 | CRA Guide T4040 | Schedule 11 University changes your schedule. It should not derail your tax position. For students — and their parents — the tax return is not just compliance. It determines: Tuition…
ITA s.150, s.152, s.162 | CRA Guide T4012 You earned your first paycheque. Or you arrived in Canada. Or you turned 18 and someone said, “You need to file taxes.” Filing your first tax return is not complicated — but…
ITA s.70(5), s.84(2), s.164(6), s.88(1) When a business owner dies, the tax does not wait. Under Canadian tax law, death triggers a deemed disposition of shares at fair market value under ITA s.70(5). For a successful family enterprise, that can…