Tax Planning
Creating an Estate Plan for 2021
The arrival of a New Year is the time that many of us like to make resolutions. And while that usually means thinking about things that...
Personal Real Estate Corporations (PRECs) are here! What are they and how are they different from any other corporation?
Prior to the end of 2001, professionals could not incorporate their practices except as allowed by the laws that regulated their specific profession (all compliant professional...
MIC Foreign Investors & Withholding Taxes on Dividends
The Quick and Simple is that Yes, withholding taxes (usually 25% of gross amount unless subject to a tax treaty with the resident country of the...
A MIC or a Mortgage Investment Corporation: What are they and how do you start one?
With significant potential for favourable rates of return and previously instituted tax exemptions, Canadian Mortgage Investment Corporations (MIC’s) are increasingly becoming recognized as a low-risk method...
Professional Corporations: What are they and how are they different from any other corporation?
Prior to the end of 2001, professionals could not incorporate their practices except as allowed by the laws that regulated their specific profession (all compliant professional...
Everyone’s a “Builder”, but what does that mean in terms of HST?
For purposes below referring to a “house” includes a condo as well. Did you know that CRA will consider you a “Builder” if:1) You are an...
Property Tax in Ontario: A Primer
One of the most contentious issues in real estate and property is how real property taxes are assessed and charged to the property owner, of course,...
ESTATES & NFP: Income Tax and Family Law considerations at death
Income Taxes at DeathClaims arising on the death of a spouse are not many, nor is there much jurisprudence dealing therewith. But claims arising on marriage...
TRUSTS & ESTATES: How your Beneficiaries are taxed
Taxation of BeneficiariesUnder subsection 104(13) of the Canadian Income Tax Act (“ITA”), the income of a trust or estate that is paid or payable to a...
TRUSTS & ESTATES: Transfering assets to your spouse or children
Trusts and AttributionThe attribution rules for trusts, transferors, and so on are given in Subsections 74.1(1) and 74.2(2) of the Canadian Income Tax Act (“ITA”). These...