In June, the Canada Revenue Agency (CRA) announced that they will review six years of US real estate transactions to determine if any Canadian taxpayers missed reporting their ownership of real estate property or real estate transactions. Could this apply to you?
When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2020 filing year.
The Voluntary Disclosure Program (VDP) provides a second chance for Canadians to correct their previously filed tax returns. However, the program maintains a goal of fairness and is not meant to reward individuals or corporations who have willfully avoided paying their fair share of taxes.
It’s wonderful to be able to leave children an inheritance, but you want to make sure that the wealth you’ve worked so hard to build and set aside for their future is protected, regardless of where life takes them.
Before you rent or buy a vacation property from a non-resident, there are a few important tax implications that you should know.
A family investment trust might be right for you if you have a substantial amount of cash and investments that are not needed to fund your own lifestyle and retirement needs.
With the appreciation of the U.S. dollar and the price of U.S. real estate rising in recent years, more Canadians are looking to lock in their gain by selling their U.S. vacation property.
Prescribed rate loans can be an excellent financial planning tool and are one of the few income splitting strategies that remain for many Canadian families.
With COVID-19’s effect on market conditions, now could be a great time to review your investment portfolio to identify tax planning opportunities, such as tax loss selling.
Whether you’re leaving a little or a lot, the key to protecting your loved ones is simple: just start.
Adding your adult child as a joint owner to your property could have unintended tax and legal consequences.