Case Summary of Kruco TCC and FCA
It used to be simple to move a dividend from a subsidiary to its parent corporation. If the parent owned more than 10% of the shares, this would have no tax implication and no Part IV tax. However, the simple…
Obtaining the Grant of Probate
Obtaining a grant of probate may be a necessary part of administering the will of an estate. The authority of the executor (“Personal Representative” in Alberta) appointed under a will arises immediately upon the death of the testator. However, in…
Administration of Property Held for Others Under Statutory Authority
As your parents and grandparents age, you may find yourself in a position where you need to assist them with the management of their financial affairs. Taking on this responsibility requires an understanding of what is or may become involved…
Deducting Meals and Lodging Related to Employment
If you incur costs related to employment such as overtime meals, travel to locations different from your employer’s place of business and incur expenses during travel for work – these costs may be deductible. To claim these deductions, your employer…
Tax Rates in Ontario
The 2022 combined personal federal and Ontario tax rates had tax increases in the $155,625 through $220,000 tax brackets in comparison to the prior year due to federal tax increases, while more income qualified at the bottom two tax brackets. …
Tax Rates in British Columbia
The 2022 combined personal federal and British Columbia tax rates had tax increases in the $155,625 through $221,708 tax brackets in comparison to the prior year due to federal tax rate increases, while more income qualified at the bottom two…
Tax Rates in Alberta
The 2022 combined personal federal and Alberta tax rates had tax increases in the $155,625 through $221,708 tax brackets in comparison to the prior year due to federal tax rate increases, while more income qualified at the bottom two tax…
Income Splitting with the Prescribed Rate of Interest
Remember the January 30th Deadline to Pay Interest The prescribed rate of interest is often used within tax planning and income splitting and can be a good tax savings strategy that can last several years. While providing your spouse funds…
Executor of the Will Must Plan the Tax
The executor of an estate has a duty to obtain tax advice that goes beyond the simple preparation of tax returns. The failure to engage this advice will leave the executor open to liabilities claimed by the estate and its…
Form PD27 – Mandatory Subsidy Reporting Requirements for Employers
Keep an eye out for letters from the CRA regarding your 2020 payroll filings. If the PD27 filed for 2020 does not include details of the 10% Temporary Wage Subsidy (TWS), a revised PD27 with those details will need to…