Estate Freeze as an Estate Planning Tool
An estate freeze is one of the more common estate planning tax strategies. When an individual shareholder holds shares of a private corporation, a ‘freeze” can be used to lock in the current value of the individual’s estate, which ultimately defers tax when the shares of the company pass to the next generation.
Employers, It’s Time to Review Your Payroll
As we approach the end of another calendar year, businesses must be prepared to analyze the payroll information that has been recorded to date in their system and determine its accuracy. What does this mean for you?
Estates and Trusts: Making it Easier for Your Succession
We often think about our legacy and what we will leave our loved ones when we are gone, but we don’t often consider who will pick up the pieces or the work that will be involved. There are several things that can be done in order to simplify the process for those tasked with managing your estate.
Ties to the U.S.: You May Need an ITIN Number
Are you a non-U.S. citizen or green card holder who is required to file a U.S. tax return or has investments in U.S. real property or a U.S. partnership? If so, you may need to apply for a U.S. Individual Taxpayer Identification Number (“ITIN”). An ITIN is a tax ID number that is issued by […]
Pay Attention When Paying Your Taxes Online Through Your Bank
Over the last few months many of us have had to change the way we do things as a side effect of the current COVID-19 pandemic. Included in these changes is the way we pay our income taxes: as many of us have switched to online payments instead or writing cheques or going to the […]
Investment Real Estate: transferring real estate to a corporation
Real estate owners often ask themselves if they should own investment real estate personally or through a corporation. There are certain tax consequences and factors to consider in transferring real estate to a corporation. Do you know which? Holding real estate property personally or in a corporation? Deciding to hold a real property in a […]
Contributing to an RESP for the Future Education of Your Children
An RESP is a savings plan which allows you to save up money for you children’s future post-secondary education.
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.
New Measure to Cool Real Estate Market
In the 2021 federal budget, the Minister of Finance announced a new tax law will be coming in effect on January 1, 2022, regarding vacant residential properties owned by foreigners.
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 […]
