Political donations are, first and foremost, to demonstrate support for the party or candidate of your choice, but the tax benefits are perhaps more than most Canadians realize. They may be either Federal or Provincial/Territorial, each with varying levels...
Income splitting strategies are always top of mind in order to minimize taxes, especially with many options being eliminated and/or reduced significantly by CRA in recent years. That said, CRA recently updated their prescribed loan rate for family members...
The accounting firm Bennett Jones has written up an insightful update below on how to effectively income split with family members in order to reduce your overall household tax load. If you wish to learn more and discuss how this might be applicable to...
We continue to receive information and amendments on federal government aid packages available for small and medium-sized businesses affected by the COVID-19 situation. This includes both wage subsidies and credit through the Canada Emergency Business...
Here is a summary of all the direct individual and business stimulus measures being implemented through the Federal $82 billion economic stimulus package made necessary by COVID-19’s impact on Canada and the global economy. There are measures that impact...
Dealing with the passing of loved ones is never an easy situation, nor is dealing with the implications of wealth and estate transfers, and the resulting taxes. However, there are sometimes unadvertised loopholes that can significantly reduce tax liabilities...
Canada Child Benefit - More Bang for the Buck Than You May Realize The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. To determine the amount of...
It’s not often that we’re given a new strategy to add to our retirement planning toolkit. But the recent Federal budget introduced the option of an ALDA (Advanced Life Deferred Annuity). This is the largest shift in the Canadian retirement landscape in...
Federal Changes to Stock Option Taxation Forging Ahead The Federal Government had tabled changes to stock option taxation in our recent budget, but have since confirmed that they are coming as of 2020. Specifically, these are proposed changes to employee...
For all registered plans i.e. RRSP’s, TFSA’s and RRIF’s, the application form provides the option of designating a specific beneficiary, and in some cases a successor annuitant. You also have the option of merely designating your estate and providing...