CRA updates guidance on underused housing tax | Advisor.ca
Mar 12, 2024 · The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada, effective in 2022 and subsequent years. The CRA twice extended the deadline to file a UHT return for 2022 without incurring penalties or interest. The annual filing deadline is April 30. Under existing legislation, if a Canadian owns a property through a ...
How much should an executor be paid? | Advisor.ca
Oct 4, 2021 · In Ontario, courts allow executors to charge up to 2.5% on both the amounts received and paid out of an estate, resulting in an effective rate of 5%. In B.C., by statute, an executor is entitled to no more than 5% of an estate’s gross aggregate value. In Alberta, courts use a tiered fee guideline that adjusts with the size of the estate.
Transferring a 401(k) or IRA to Canada | Advisor.ca
Nov 26, 2020 · The short answer is no. Both the federal Income Tax Act (ITA) and the Canada-U.S. tax treaty provide for continued tax deferral of U.S.-based retirement plans for planholders living in Canada, just the same as if the planholder were living in the U.S. Canadians who own Roth IRAs — the U.S. equivalent of a TFSA — must file a one-time ...
Informal trust accounts: How they do and don’t work
Jun 19, 2018 · Understand the potential benefits and pitfalls for your client. Informal trusts, or ITFs, are a tax-efficient way to provide a savings plan for a minor child and, occasionally, an adult. These accounts can be used for funding future education, protecting an inheritance or, as is often the case, tax savings for the contributing adult.
Pros and cons of family trusts | Advisor.ca
Sep 25, 2024 · All of this adds new compliance costs and, along with increased taxes, may tip the cost/benefit analysis against trusts for some families. Family trusts still can allocate income (and capital) to Canadian resident beneficiaries so they can access their graduated tax rates and capital gains inclusion rates. However, such a strategy may increase ...
Account properly for corporate-owned life insurance
Feb 14, 2014 · The increase in the year-over-year cash surrender value is not taxable. Nor is the receipt of life insurance proceeds taxable income. Again, an accounting entry reflects receipt of the insurance proceeds. When Aco’s financial statements are prepared, $750,000 will be removed from income for tax purposes.
Fidelity launches wealth manager | Advisor.ca
Jun 20, 2024 · Asset management giant Fidelity Investments Canada ULC is launching Fidelity Wealth ULC, a new wealth management platform targeted at advisors thinking about retiring. Eugene Boakye, managing director of Fidelity Wealth, said the firm is aiming to be “ready and operational” later this year and to transition their first book of business ...
What happens to the capital gains tax changes if the government …
Oct 10, 2024 · In the 2024 budget, the federal government announced it was hiking the CGIR to 66.7% on gains earned by corporations and trusts, effective June 25. Individuals would also be subject to the two-thirds CGIR but could continue to access the 50% CGIR on annual gains under $250,000. On June 10, the government tabled a notice of ways and means motion ...
Bare trusts exempted from 2024 filing requirement | Advisor.ca
Aug 14, 2024 · Earlier this year, the Canada Revenue Agency (CRA) provided a blanket filing exemption to bare trusts for the 2023 tax year a few days before the trust return filing deadline of April 2, 2024. The last-minute reversal led to widespread frustration among tax practitioners and their clients, prompting a review by the Taxpayers’ Ombudsperson.
Long-term care: How much it costs and how to pay for it
Jul 29, 2024 · Median wait times for long-term care in the province can be around 200 days. In Ontario, public long-term care is co-funded by the government, and the client’s portion is just over $2,900 a month for a private room. Low-income people may also qualify for a means-tested rate reduction, and must reapply every year, White said.