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When your company owes you money If you personally pay the costs on behalf of your company, it will owe you these personally paid business costs. You can be reimbursed tax-free. If you deposit money into your company, the same situation applies: you get money back tax-free. This situation can arise if you need to […]
What is a trust? A trust is a legal arrangement in which an individual, called the settlor, transfers assets to a trustee to manage them for the beneficiaries, based on predetermined rules. The assets are usually investments, real estate or a business. There are two main types of trusts: an “inter vivos” (living) trust, created […]
How do you save taxes with donations? When donating to charities, a taxpayer can claim non-refundable tax credits. These credits can reduce income tax liability. They are non-refundable because you have to pay taxes to save taxes if you donate to charity. There is a 15% federal tax credit on the first $200 in donations […]
A common situation is when you were on leave, including maternity or parental leave. Another example could be that you switch from one DB pension to another at your new job and the new pension has a more lucrative pension formula. Financing a buyback When you buy back service, you can use money that is […]
What is a trust? A trust is a legal arrangement in which a settlor transfers assets to a trustee or trustees who hold and manage these assets for a beneficiary or beneficiaries. The trustee is responsible for making decisions for the trust and there may be very specific instructions about how the assets are to […]
There are several other programs for which CPP contributions and family members are eligible -including the CPP -Bewijvingsvoordeel, SAM. A resident of Quebec can be entitled to the benefits of Quebec Pension Plan (QPP). The CPP and QPP plans have coordination agreements, because some Canadians contribute to both plans during their career. Other CPP/QPP programs […]
How are shares taxed when you inherit them? When a spouse or common law partner is a beneficiary, assets can be transferred on a tax -procedure. So for this section we assume a non-armor beneficiary. For non-copper beneficiaries, heirs usually causes tax consequences at estate level, not for the person. The estate regulates all taxes […]
There is a misconception about loan and rental homes that only confirm interest on debts that are confirmed by the property itself. It is actually the use of borrowed funds that determine tax deductibility. If you use a Heloc on your house to buy a property that you want to rent out, the interest on […]
You could roll his money in your TFSA because of actions that you have taken, that I will explain further, or because your husband called you as a successor. The most important designation options for TFSAs are beneficiary, successor or estate. Beneficiaries receive the value of the TFSA at the time of the owner’s death, […]
