When we are young, life insurance is used to protect our family by providing money to replace our income. However, as we approach retirement our need for income replacement lessens and the focus switches to wealth protection. Wealth protection is a permanent concern, so it requires permanent solutions.
Are you, like many Canadians, planning to renovate your home or cottage? If so, you should keep your receipts in case you ever need to support the cost base of your property. Generally, Canadians have not been required to report the cost base of a principal residence that is sold on their tax return. But that changed a few years ago.
As students begin to pay their tuition for the upcoming fall semester, it is important to know what fees and expenses can be deducted on this year’s tax return. This article will highlight some of the key deductions and credits that can help reduce your family tax bill for the 2020 filing year.
Ensuring that your loved ones are cared for after your passing is a common goal for families. This is especially relevant where your loved one is a person living with disabilities. The challenge is – even the most well-intentioned gifts can have unforeseen financial implications.
The Voluntary Disclosure Program (VDP) provides a second chance for Canadians to correct their previously filed tax returns. However, the program maintains a goal of fairness and is not meant to reward individuals or corporations who have willfully avoided paying their fair share of taxes.
Each year, some Canadians choose to live and work in the U.S. either temporarily or permanently. While working in the U.S., they may choose to participate in a U.S. retirement plan such as a 401(k) or 403(b) plan, or an Individual Retirement Account (“IRA”). When they return to Canada, the Canadian plan holder may be wondering what to do with the funds in these plans.
It’s wonderful to be able to leave children an inheritance, but you want to make sure that the wealth you’ve worked so hard to build and set aside for their future is protected, regardless of where life takes them.
Before you rent or buy a vacation property from a non-resident, there are a few important tax implications that you should know.
If you’re a U.S. taxpayer, learn about the additional information we can provide which allows you to make an important election for your investment in Canadian mutual funds and will make it easier to file your U.S. tax return.
A family investment trust might be right for you if you have a substantial amount of cash and investments that are not needed to fund your own lifestyle and retirement needs.
With the appreciation of the U.S. dollar and the price of U.S. real estate rising in recent years, more Canadians are looking to lock in their gain by selling their U.S. vacation property.
Prescribed rate loans can be an excellent financial planning tool and are one of the few income splitting strategies that remain for many Canadian families.