Family trusts have undergone massive amounts of changes in the past few years. The government has been targeting family trusts as they view the tax attributes as unfair, however, there are still numerous benefits of family trusts aside from the tax attributes. Our tax group is well versed in the constant changes in reporting requirements, trustee requirements and disclosures to assist in all aspects of family trusts.
Read MoreWhen preparing to file business taxes, it’s essential to have all your financial records and documentation organized to avoid any complications or penalties. In this blog we’ll outline some of the most important things you need to have prepared ahead of the deadline, for both incorporated and unincorporated businesses.
Read MoreThis Tax Minute is devoted to reminding our clients what circumstances might trigger the PSB provisions and the effects if those provisions are triggered.
Read MoreOn June 9, 2022 Bill C-8 received Royal Assent making the Underused Housing Tax Act (“UHTA”) law, requiring certain owners of residential property in Canada to file returns annually.
Read MoreA prescribed rate loan is a loan made from a higher income earning spouse to a lower income earning spouse, adult family member, minor child or family trust at the “prescribed rate of interest”. The use of such a loan can transfer income from a higher income earner to a lower income earner, tax the income at lower tax rates and reduce the family’s overall tax burden.
Read MoreIn the past, bare trusts typically did not have any reporting requirements and were disregarded for income tax purposes. The draft legislation, if passed as drafted, imposes new reporting requirements on bare trusts requiring them to file income tax returns.
Read MoreA tax write-off is a business expense approved by the Canada Revenue Agency (CRA) that ultimately lowers your taxable income. In other words, it’s a tax deduction. Here are a few overlooked write-offs for businesses.
Read MoreWhen you’re focused on businesses successes and challenges, taxes can easily slip your memory. It’s easy to forget to stay organized and prepared for the tax year-end, especially for small businesses without an established payroll department. We complied the top do’s and don’ts to help you prep for your business’ filing. DO: Keep track of […]
Read MoreA new year means new tax information! The Canada Revenue Agency (CRA) can make adjustments to how you file, so it’s important to stay top-of-mind of any changes to make sure you’re filing your taxes properly and getting the best return! Here are some general changes across Canada: As a general statement, anyone making over […]
Read MoreYou’ve heard the term before — credit scores. It makes some people break into a sweat, nervous about their financial standing. But what exactly is a credit score and how does it impact you?
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