Starting university is an exciting time for students but can be a stressful one for their parents. While it’s natural for parents to be concerned about where their kids will live or what they’ll eat if they’re studying away from home, the biggest worry may be around how to pay for tuition and accommodation.
Creating a will means making big decisions that will impact your family for years after you’ve gone. While divvying up assets, assigning care for dependants and tax planning will take up most of your will-creating conversation, you’ll also have to consider who should be the executor of your will (or the liquidator in Quebec).
The 2024 federal budget proposed an increase in the capital gains inclusion rate for corporations, trusts and individuals from one-half (50%) to two-thirds (66.67%). This change comes into effect for capital gains realized after June 24, 2024, so some taxpayers may want to consider whether it’s beneficial to trigger unrealized capital gains before June 25, 2024.
The 2024 federal budget tabled by Finance Minister Chrystia Freeland on April 16 contained several proposals that will impact the financial, tax and estate plans of Canadians. The following is a summary of the most relevant budget proposals that may impact Canadians.
As you begin to get ready to prepare your 2023 tax return, we want to ensure you’re aware of important upcoming dates and deadlines so you have everything you need to file your return with minimal hassle.
It’s tax season, a time when many people’s thoughts turn towards their tax refund and what they’ll do with it. Should you put it towards your mortgage, add it to your RRSP or make a TFSA contribution? While many financial institutions often recommend one of those options, we might suggest a different one: don’t get a tax refund at all.
Many of us understand the value of the Registered Retirement Savings Plan (RRSP): almost six million Canadians make RRSP contributions every year.1 Most of us also know about the tax benefits of RRSP contributions and that it’s an extremely versatile and effective retirement planning tool.
As we wave goodbye to 2023, we can also expect to bid adieu to some of the key events of the year that made it especially challenging for the markets. The central bank interest rate rises, which brought about a mini banking collapse early in the year, appear to have come to an end, while inflation is moving toward target levels.
Most people think of life insurance as a necessary expense. It’s something that you almost begrudgingly pay for, in the hope that you’ll never need it, but with the expectation that it will protect your family’s finances, should the worst happen.
If you die without leaving a will, it could become a major headache for your family members and loved ones. With no will, the government will decide on who gets your money and assets, and every province and territory have their own distinct intestate rules regarding who will benefit from your estate.
And are you one of the 32,000 Canadians who’ll have to pay it? Many Canadians haven’t heard of the alternative minimum tax (AMT), which isn’t surprising when you discover that only a small percentage of Canadians typically pay AMT annually. The AMT came into the news recently when the federal government announced significant changes to it in the 2023 budget (which will come into effect in 2024). Let’s take a look at what the alternative minimum tax is, how it works, who it might affect and the impact of those changes.
If you owned a residential property in Canada on December 31, 2022, you might have to pay an Underused Housing Tax (UHT) if it was vacant or underused. Even if you’re not subject to tax, you may be required to file an Underused Housing Tax return to claim an exemption.