Tips for Reducing the Tax Impact on Death
You may have been putting considerable energy into saving for retirement, but what about estate planning? If you want your assets to pass through as easily as possible to your beneficiaries, it’s worth speaking to an advisor and doing some planning early on.
“There are many things to consider during the planning process,” says […]
Taxation of investment income earned in a corporation
When there is surplus cash in your corporation, the first step is to determine if the business will need the funds in the near future. Perhaps your corporation will need the excess cash to make tax instalments or a major business acquisition. If you decide to invest the surplus cash in your corporation, […]
Key Highlights
- The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
- Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA).
- Certain exceptions apply allowing Non-Canadians to purchase […]
Amendment to Capital Gains Tax
The 2024 federal budget (Budget 2024) proposed to increase the capital gains inclusion rate for individuals, trusts, and corporations. Specifically, 66.7% of capital gains realized on or after June 25, 2024 would generally be included in income for tax purposes (this is up from 50%). To provide some relief, the budget proposed that capital gains […]
Canadian seniors may be eligible to claim various special deductions and tax credits that are not available to younger taxpayers.
Federal Home Accessibility Tax Credits
Qualifying individuals may claim up to $10,000 in eligible renovation costs to improve the accessibility within your home. Please refer to this CRA article
BC Home Renovation Tax Credit for Seniors and Individuals with Disabilities
The Home […]
New Disability Tax Credit Form
CRA has recently made changes to the Disability Tax Credit (DTC) application process. The key changes include:
- a significant revamp of Form T2201, Disability Tax Credit Certificate
- the launch of a new digital application that guides medical practitioners through the completion of Part B of Form T2201 and […]