Please see the first part of the article in our previous post. A few basics to help people who think they may be part of a bare trust: It’s the trustee who must file the T3. This is the person who administers a joint bank or investment account – someone managing an account for a …
The inept launch of new tax-filing rules by the Canada Revenue Agency started with good intentions. The CRA wants to reduce tax evasion and money laundering. As part of this effort, it’s asking taxpayers this year, for the first time, to provide information on a variety of assets where one person is a beneficiary and …
Did you open a First Home Savings Account (FHSA) in 2023? If so, you need to be aware of this important information. (Please see the first five tips in our previous post). 6. Unused FHSA contributions (contributions that are not deducted in the year they are made) can generally be carried forward for future tax years. 7. …
Ten tips if you opened a First Home Savings Account (part 2) Read More »
March 6, 2024 Ottawa, Ontario Canada Revenue Agency Did you open a First Home Savings Account (FHSA) in 2023? If so, you need to be aware of this important information. File your income tax and benefit return and fill out Schedule 15, FHSA Contributions, Transfers and Activities, to let us know that you opened an account, even if …
Ten tips if you opened a First Home Savings Account (part 1) Read More »
Please see the first and the second part in our previous posts. Business Administration Reasons a corporate bank account is opened by the shareholders with the corporation being the beneficial owner of the funds; a corporation is on title of an individual’s real estate, vehicle or other asset, and vice-versa; assets registered to one corporation …
NEW AND EXPANDED TRUST REPORTING: It’s Here! (part 3) Read More »
Please see the first part in our previous post. STEP 1: Does a bare trust arrangement exist? To determine if a bare trust arrangement exists, the following question should be asked: Is the person on title or holding the asset the true beneficial owner? For example, do they get the benefits of the asset (such …
NEW AND EXPANDED TRUST REPORTING: It’s Here! (part 2) Read More »
Please see the parts 1-2 of the article in our previous posts. 6) If you have equity investments or loans to a Canadian small business that has become insolvent or bankrupt, an allowable business investment loss (ABIL) may be available. For loans to corporations to be eligible, the borrower must act at arm’s length. ABILs …
Please see the first part of the article in our previous post. 3) If you own a business or rental property, consider making a capital asset purchase by the end of the year. Many capital assets purchased and made available for use in 2023 will be eligible for a 100% CCA write-off under the immediate …
See below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. SOME 2023 YEAR-END TAX PLANNING TIPS INCLUDE: Certain expenditures made by individuals by December 31, 2023 will be eligible for 2023 tax deductions or credits, including digital news subscriptions, …
Please find parts 1-4 of the article in our previous posts. 8) If you provide services to a small number of clients through a corporation (that would otherwise be considered your employer), CRA could classify the business as a personal services business. There are significant negative tax implications of such a classification. Consider discussing risk …