COVID-19 | Family Trusts Important Changes
Often, for tax planning or other purposes trusts are created, for example, to own shares of private corporations. Until this year, these and other similar trusts were not required to file an annual trust tax return. As of 2021, all trusts, with a few exceptions, will be required to report the identity of all trustees, beneficiaries, and settlors of the trust.
How to Protect Yourself as the Liquidator of an Estate
Did you know that as the liquidator of an estate you have a certain amount of liability, such as legal possession of all the deceased’s property AND responsibility for the payment of all debts to the date of death, notably income tax? Once you have filed the final tax returns for the deceased what’s your […]
COVID-19 | Government Assistance: Know What You Owe – Update
Over the last several months many of us have received government aid, whether directly through CERB payments, forgivable loans, wage subsidies, rent subsidies and other payments. Are these payments taxable, and if so, how?
COVID-19 | Update: Home Office Expenses for 2020 Income Tax
Because of the COVID-19 crisis, both the federal and Quebec governments have put in place simplified procedures to be able to claim home office expenses.
Income Splitting for Tax Purposes
Over the last while the tax authorities have shut down many of the last “acceptable” income splitting plans.
One of the few remaining is perhaps the simplest, a loan from a spouse in a higher income tax bracket to his or her spouse who is in a lower income tax bracket.
Dealing With Tax Implications of Your Death
Although neither Canada nor Quebec impose an estate tax or succession duties, there are, unfortunately, income tax consequences upon death.
11 Situations When a Will Would be Handy
We have now reached the second decade of the twenty first century. In the last few years, we have seen many changes to the traditional family structure. Common law couples, same-sex couples, blended families and other options are much more common. Although Quebec law dictates how certain assets such as the family home must be […]
