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.
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?
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.
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.
Although neither Canada nor Quebec impose an estate tax or succession duties, there are, unfortunately, income tax consequences upon death.
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