Category: Taxation

6th edition of You Can’t Take It With You: Common Sense for Canadians is now available

Front Cover of 6th edition of You Can’t Take It With You: Common-Sense Estate Planning for Canadians by Sandra Foster

Traditionally, estate planning meant having life insurance and a will. The modern estate plan ultimately arrives at the same conclusion—to distribute your assets and property as smoothly and tax-effectively as possible to your beneficiaries—while respecting the rights of family members under family law. Certain strategies traditionally accessed by only the wealthy are available today by more Canadians. Continue reading “6th edition of You Can’t Take It With You: Common Sense for Canadians is now available”

5 Reasons to Apply for the Disability Tax Certificate

Fern Among Rocks in Scotland

Canada Revenue Agency (CRA) estimates that about a million Canadians may be eligible for the disability tax credit certificate (DTC)—and not yet applied for it. Some people picture children or young adults as the primary recipients of the disability tax credit, but many seniors and others may also qualify.

If you or a family member are eligible and have not yet applied to be approved for the DTC, you could miss out on the ability to: Continue reading “5 Reasons to Apply for the Disability Tax Certificate”

The Cost to Die Has Gone Up

Old Gravesite in Edinburgh

On death, even the middle class could end up in the new 33% tax bracket, perhaps for the first time in their life, or death. Finance Minister Bill Morneau’s announcement that increases the top federal tax bracket from 29% to 33% could affect anyone dying after December 31, 2015 if the taxable income on their final tax return is over $200,000—and also increases the amount of provincial tax due. But it is said, the dead don’t complain. Continue reading “The Cost to Die Has Gone Up”