As a business owner, you may be aware that when you dispose of shares in your business you could receive an exemption on all or a portion of the capital gains that ordinarily would be taxable. This is due to…
Available until January 1, 2017 A New Approach A new method of structuring an insured annuity has restored its favourable results. The new approach involves combining the prescribed annuity with a Universal Life policy. The UL policy is funded with…
Don’t Put Off Your Decision to Buy Life Insurance 2016 is an opportune year to buy life insurance. New laws affecting the taxation of life insurance come into effect on January 1, 2017. After this date new policies will not…
by Peter Bowen, CPA, CA Vice President, Tax and Retirement Research The big picture On March 22, 2016, the Liberal government delivered its first budget. Set against challenging economic conditions with stalling commodity prices and increased market volatility, the government…
Permanent life insurance, such as Whole Life or Universal Life, has long been accepted as a tax efficient way of accumulating cash for future needs. Soon the amount of funds that can be tax sheltered within a life insurance policy…
Estate, trust and tax planners have long favoured testamentary trusts as vehicles to pass along assets to beneficiaries or heirs. A testamentary trust is generally a trust or estate that is created the day a person dies. Commonly, these trusts…
On April 21, 2015, Finance Minister Joe Oliver tabled his first federal budget. The provisions of the budget will be of particular interest to owners of small and medium sized businesses, seniors and families with children. As well, those looking…
Tax time is almost upon us and there are some recent changes which will affect many Canadian residents. The important changes to keep in mind are as follows: The Family Tax Cut This is the watered down version of income…
By Anne Levy-Ward, BrighterLife.ca If you’re like many Canadians, your mailbox is jammed in the holiday season with greeting cards, mail-order catalogues, promotional calendars, sale flyers — and requests for charitable donations. While you probably enjoy catching up with faraway…
The Canadian income tax system is structured in such a way that taxpayers and their estates are often liable to pay significant taxes upon their death. These taxes can represent a large proportion of the value of the deceased’s estate…
