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What happens to a TFSA when a spouse dies?

Tuesday November 29, 2022

QUESTION: What happens to a TFSA when a spouse dies? ANSWER: In most provinces, including Ontario, there are two options if you want your spouse (or common-law partner) to inherit your tax-free savings account (TFSA): they can be named the Successor Holder, or [...]

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Capital gains and cottage ownership – what you need to know

Wednesday September 28, 2022

Fall can be a busy season for cottage buying and selling. Many cottagers put their properties on the market after enjoying one last summer, and many purchasers delay their search until the fall in hopes of getting a better deal. Whether you are [...]

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Lock in family income-splitting loans before prescribed interest rate increase

Tuesday May 24, 2022

There is a window closing June 30th on prescribed rate loan planning. On July 1, 2022, the CRA’s prescribed rate of 1% for family income-splitting loans will rise to 2%, and may continue to rise in the quarters and years ahead. But if [...]

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NEWS New Trust Reporting Requirements on Pause plus changes to the CEBA Loan Repayment Deadline

Friday January 14, 2022

New Trust Reporting Requirements on Pause The legislation to support the new T3 beneficial ownership disclosures that was proposed in the 2018 budget—and that was set to come into effect for trusts with December 31, 2021 year ends—is still pending, as it has [...]

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Family Trusts and Private Family Businesses – Some Pros and Cons

Monday June 28, 2021

Family trusts have traditionally been a popular and powerful tool in tax, financial and succession planning, especially for private family businesses. Over the past few years however, there have been some significant changes to tax legislation that have caused some entrepreneurs to question [...]

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Are You Holding Surplus Cash In Your Canadian Private Corporation?

Tuesday March 23, 2021

As an owner-manager, how do you determine if you are holding surplus cash in your Canadian private corporation? And what should you do with it if you are? How much after-tax cash should your company keep in reserve? This is a question posed [...]

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Do you own U.S. real estate or hold a large U.S. stock portfolio? If so, your estate may be subject to U.S. estate tax.

Wednesday February 26, 2020

Many Canadian citizens are unaware that their U.S. situs assets may be subject to U.S estate tax—even stocks in U.S. corporations held within a Canadian RRSP. In some circumstances, Canadian estate executors need to file a U.S. Tax Return (Form 706NA) and the [...]

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