Tax Updates

The Finance committee also proposed an amendment to DTC eligibility in the budget implementation bill The federal government has reintroduced legislation to implement a direct payment program for low-income Canadians who live with disabilities. Bill C-22, tabled on Thursday by Employment Minister Carla Qualtrough, contained no details as to the eligibility criteria, the amount provided …

Feds reintroduce legislation to create disability benefit Read More »

Advisors need to consider several aspects, such as life expectancy and whether the client will spend or invest CPP and OAS There are several factors to consider when helping a client determine when to draw their CPP and OAS benefits, a tax and estate planning expert suggests. Frank Di Pietro, assistant vice-president of tax and …

When is the best time to take CPP and OAS? | Advisor\’s Edge Read More »

Buying a business is rarely a straightforward decision. In order to get the most out of a potential deal, buyers need to be aware of key risks and pitfalls so they can incorporate mitigation strategies into their deal negotiations. The challenge for buyers is ensuring that no significant risks are missed when making their assessment. …

The importance of tax due diligence when buying a business Read More »

A lack of understanding about spousal RRSP limits was no excuse While RRSP season officially ended with the March 1 deadline for eligible contributions, helping our clients understand the rules to ensure they don’t accidentally overcontribute is an ongoing challenge. Take, for example, the recent case involving a taxpayer hit with a penalty tax for …

No relief for accidental RRSP overcontribution Read More »

CIBC’s Jamie Golombek breaks down how the new account will work The federal government proposed something “substantial” for first-time homebuyers in Thursday’s budget with the introduction of a new savings account, says Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth. Listen to the full podcast on AdvisorToGo, powered by CIBC. The …

How the new home savings account works Read More »

Advisors need to consider several aspects, such as life expectancy and whether the client will spend or invest CPP and OAS There are several factors to consider when helping a client determine when to draw their CPP and OAS benefits, a tax and estate planning expert suggests. Frank Di Pietro, assistant vice-president of tax and …

The best time to take CPP and OAS Read More »

Advisors are still relatively positive about the tax-free first home savings account, despite not being able to use it alongside the Home Buyers’ Plan The proposed tax-free first home savings account (FHSA) outlined in the federal government’s latest budget has generated mixed feelings from advisors. Ty Cooke, wealth advisor with Orlic Harding Cooke Wealth Management Group, a unit of …

First Home Saving Account (FHSA) Read More »

Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies When a TFSA account holder dies, the tax implications can vary based on the beneficiary named, the amount of income earned after death, how long it takes to distribute the amounts and even the type of TFSA. In all cases, …

Estate planning with TFSAs Read More »

Clients who bought, renovated or sold homes in 2021 will want to make sure they take advantage of credits and rebates, as well as stay onside of their tax reporting obligations. The Canada Revenue Agency (CRA) provided highlights of what taxpayers need to know in a release on Thursday. For those who bought a qualifying home last …

Tax reminders for clients who bought, renovated or sold homes in 2021 Read More »

What is cryptocurrency? A cryptocurrency is a type of virtual asset that is protected using cryptography. It typically uses a system called a blockchain to record and keep a history of transactions. Cryptocurrencies, such as Bitcoin and Ether, are independent, meaning they do not rely on governments, central banks, or other central authorities for backing. …

Investing in cryptocurrency Read More »