Planning your estate matters is first and foremost about having a will. But it can also be much more. A well-thought-out estate plan ensures that your family is cared for should something happen to you, and that your money goes where you want it to. It’s an important pillar of managing your wealth. Individual requirements Read more about A simple guide to estate planning[…]
This attached presentation will give you quick answers to many questions relating to 2016 personal tax return and corporate tax planning. We list major changes to attached presentation, including income tax changes that have been announced but have not become law at this time. Click to view 2016pdates – 2016 Tax Updates – Rajesh Arora, CPA, Read more about 2016 – Income Tax Update, Rajesh Arora, CPA, CGA[…]
Earlier this week, Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. Read More…. Read more about How principal-residence tax changes will affect every Canadian homeowner[…]
Jointly held property can also be held in two different ways: as joint tenants or as tenants in common. Joint tenancy invokes the right of survivorship, so that on the death of one of the owners, the ownership of an asset passes in equal shares to the surviving owners. Tenants in common, on the other Read more about Joint tenancy vs. tenants in common[…]
New rules beginning in 2017 will affect the taxation of Canadian life insurance policies. If you are considering changes to an existing policy or the purchase of permanent insurance for yourself, your family, and particularly for your business, it’s important to consider the potential benefits of taking action during 2016 in order to meet your Read more about Getting ahead of tax changes that will impact your life insurance[…]
While life insurance products have changed over the years to meet the evolving financial protection needs of consumers, the tax rules used to design and price the products have not. This has caused inconsistency between the products and the Canadian insurance companies that sell them. The federal government has introduced new tax laws, which reflect Read more about New Income Tax Rules Coming for Life Insurance Policies[…]
A small number of investing pros have already built tax-free savings accounts worth roughly $1-million, but the TFSA program is too new for the average investor to be anywhere near that. Patience and perseverance will fix that. Read more…
This summer when you’re standing around the barbecue with your business-owner neighbours, impress them with your knowledge of tax planning. I can tell you from experience that you’ll bore them to tears with the conversation, but they’ll thank you later when the tax savings start rolling in. Specifically, share with them that holding companies can Read more about How to defer tax by using a Holding company[…]
This attached presentation will give you quick answers to many questions relating to 2015 personal tax return and corporate tax planning. We list major changes to attached presentation, including income tax changes that have been announced but have not become law at this time. Click to view 2015 Tax updates – 2015 Tax Updates – Rajesh Read more about 2015 Tax Updates[…]
Ontario Executors Face New Probate Filing Rules