
What Happens to Your TFSA Upon Death
When an individual passes away the value of the TFSA is not taxed, however there are possible implications as the Estate is being settled depending on the province of residence.
Note: Programs application is still possible up to 180 days after end of any given claiming period.
1. Canada Recovery Hiring Program (CRHP) extension: This program is introduced to compensate eligible entities for extra costs incurred for increased wages or hours worked or hiring more staff. It is NOT possible to claim both the CRHP and the CEWS for the same claiming period. Subsidy available provided that the eligible entity has a revenue decline over 0. The program has been extended to May 7, 2022, under the current rules. Note that the subsidy rate for the period ending November 2021 to May 7, 2022 will be increased to 50%.
4. Local Lockdown Program: This program is introduced to provide support to organizations subject to a public health order regardless of the sector. The subsidy rate will be the same as for the THRP. Under this program, an organization would not need to demonstrate a 12-month revenue decline but rather only a current-month decline.
Only for periods 24 and 25, the Government is softening the eligibility criterias to include entities where one or more of its locations are subject to a public health order that has the effect of reducing the entity’s capacity at the location by 50% or more and the activities restricted by the public health order accounts for at 50% of the entity’s total qualifying revenues during the prior reference period.
a. Employment Insurance (EI): with enhanced benefits for 1 year from September 27, 2020:
b. Canada Recovery Benefit (CRB): available online October 12, 2020
c. Canada Recovery Caregiving Benefit (CRCB)
d. Canada Recovery Sickness Benefit (CRSB)
When an individual passes away the value of the TFSA is not taxed, however there are possible implications as the Estate is being settled depending on the province of residence.
Contrary to rampant rumors before the Federal 2022 budget, capital gain tax rates remain unchanged as does the principal residence exemption. The following are our top 5 highlights, and one honourable mention.
One of the most important steps in starting a business is registration for GST, QST and deductions at source accounts. Failure to do can result in substantial penalties which can easily be avoided if the proper paperwork is done on a timely basis.
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