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…
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…
Running a family-owned business in Canada comes with its unique set of challenges and rewards. Among the most critical—but often overlooked—aspects of managing such a business is understanding the various sales taxes that apply. Whether you’re selling custom furniture across…
The Scientific Research and Experimental Development (SRED) Tax Incentive Program is one of the most generous tax credits available in Canada, designed to support businesses that are pushing the boundaries of innovation. For family-owned enterprises, SRED can be a game-changer,…
If you’re running a family-owned business with ties beyond Canada’s borders, you’re likely juggling a lot—different currencies, international regulations, and taxes in multiple countries. What if there was a way to ensure you weren’t paying more tax than necessary on…
The Importance of Transfer Pricing for Canadian Family-Owned Enterprises In today’s interconnected world, many Canadian family-owned enterprises engage in cross-border transactions, whether by selling products to a subsidiary in another country or providing services to a related entity abroad. These…