Please see the first part of the article here Some of the more common questions and concerns related to the UHT are noted below. Is my property a “residential property”? In general, a “residential property” is a property that contains a building with one to three dwelling units under a single land registry title. A …
Underused Housing Tax (UHT): Increased Disclosures and Taxes (part 2) Read More »
Earnings in a TFSA are typically not taxable. However, earnings in a TFSA become taxable when they are earned from carrying on a securities trading business. In a February 6, 2023 Tax Court of Canada case, CRA had assessed the TFSA on the basis that it was carrying on a business and was therefore taxable …
Traders or dealers in securities must report to CRA the disposition of securities, such as publicly traded shares, mutual fund units, bonds and T-bills, of their clients on a T5008. A November 4, 2022 French Federal Court case summarized CRA’s administrative policy where a taxpayer has not filed a tax return, but a T5008 was …
Unreported Capital Trades Included on a T5008: CRA Policy (part 1) Read More »
Please see the beginning of the article here Taxpayer wins The Court found a sufficient link between the advertising from the sponsorship and the taxpayer’s investment advisory services from which he generated his commission income. In addition, the Court opined that the taxpayer’s sponsorship expenses constituted a much lower portion of his total income (e.g. …
Employment Expenses for Commissioned Employee: Sponsorship (part 2) Read More »
(Please see the beginning of the article here) Budget 2023 proposes to introduce an increase to the maximum GSTC amount for January 2023 that would be known as the Grocery Rebate. Eligible individuals would receive an additional GSTC amount equivalent to twice the amount received for January. The Grocery Rebate would be paid as soon …
The Goods and Services Tax Credit (GSTC) helps to offset the impact of the GST on low- and modest-income individuals and families. The GSTC is non-taxable, income-tested, and indexed to inflation. For the 2022-23 benefit year (July 1, 2022 to June 30, 2023), the current rules provide (without regard to the November 2022 top-up) the …
(Please see the beginning of the article here) Allowing divorced or separated parents to open joint RESPs At present, only spouses or common-law partners can jointly enter into an agreement with an RESP promoter to open an RESP. Parents who opened a joint RESP prior to their divorce or separation can maintain this plan afterwards, …
Registered Education Savings Plans (RESPs) are tax-assisted savings vehicles designed to help families accumulate savings for the post-secondary education of their children. Contributions to RESPs may be eligible for government matching grants, such as the Canada Education Savings Grant. Low- and middle-income families may also qualify for Additional Canada Education Savings Grants or the Canada …
(please read the beginning of the article in our previous posts) Author of the article: Renée Sylvestre-Williams • Canadian Family Offices Insurance This is probably one of the last remaining ways to pass money intergenerationally without paying tax on it, says Scott Dickenson, principal of client service at Northwood Family Office in Toronto. He says that generally, the …
Five smart ways to transfer wealth to your children and grandchildren (part 3) Read More »
(please read the beginning of the article in our previous posts) Don’t let tax efficiencies dictate the best ways to pass on wealth. The idea that wealthy parents or grandparents leave money to their kids or grandkids in their will is becoming outdated. Here are some more ideas: Trusts Another common form of transferal is …
Five smart ways to transfer wealth to your children and grandchildren (part 2) Read More »