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WEB4 days ago · Futureproof your firm with estate planning and aftercare services. Ensure a smooth transition of wealth and keep more assets under your management with collaborative legacy planning. Regulation.
What the disability tax credit means for eligible Canadians and …
WEBMay 14, 2021 · Child disability benefit (CDB) — A tax-free monthly payment for parents of a child under 18 who qualifies for the DTC and who also qualifies for the Canada child benefit. The CDB is calculated annually based on prior year adjusted family net income and begins to reduce when that income exceeds $68,708. 1 Where the child qualifies for the DTC ...
Filing the T3 tax return | Advisor.ca
WEBFeb 17, 2018 · The T3 needs to be filed 90 days after the trust’s year-end. For Dec. 31 year-ends, that makes the T3 filing deadline March 31 (March 30 in leap years)—different than the more familiar April 30 deadline. As Michalak explains, not every estate needs to file a T3. For example, if the estate is wound up and all assets distributed to heirs ...
Joint accounts and survivorship rights | Advisor.ca
WEBSep 1, 2010 · From these cases, it’s clear there are three possible legal meanings and outcomes following the creation of a joint account: An immediate gift of a beneficial interest with a right to control, withdraw or sever in the other joint account holder, plus a right of survivorship; A gift of a right of survivorship only, with no other rights; and.
CRA to charge 10% interest on tax owing | Advisor.ca
WEBOct 25, 2023 · Canada Revenue Agency (CRA) will begin charging 10% on late payments in the first quarter of 2024, up from 9% currently. The prescribed rate the CRA charges on overdue tax is set four percentage points higher than the prescribed rate for family loans. Based on Government of Canada three-month Treasury bill yields through October, the prescribed interest rate used for loans to family members ...
How much should an executor be paid? | Advisor.ca
WEBOct 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.
Inflation to trigger another rise in TFSA limit | Advisor.ca
WEBOct 17, 2023 · The annual TFSA dollar limit is fixed at a base amount of $5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500. According to Provost, the underlying TFSA dollar limit by indexation for 2024 is $6,858.85. That underlying limit is then rounded to the closest $500 increment, or $7,000.
Informal trust accounts: How they do and don’t work
WEBJun 19, 2018 · 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. As an advisor, it’s important to focus on the purpose and tax ...
The clearance certificate: what it is, and why it matters
WEBFeb 25, 2019 · Michele Allinotte, founder of Allinotte Law Office in Cornwall, Ont., says the importance of the clearance certificate can be summarized in three words: peace of mind. “In layman’s terms, it ties everything up in a nice little bow,” she says. “It can provide you some comfort that you don’t need to keep seven years of tax returns for ...
Horizons launches Black Swan ETFs | Advisor.ca
WEBMay 30, 2012 · Horizons Exchange Traded Funds Inc. launched the world’s first Black Swan ETFs today. The two new funds will provide investors with exposure to North American stock market indices, as well as protection from significant market declines. Horizons Universa Canadian Black Swan ETF and the Horizons Universa U.S. Black Swan ETF are the first funds ...