Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

One of the most difficult asset transitions can involve the family cottage. In this second of a two-part article in family cottage planning, Knowledge Bureau author David Christianson discusses potential solutions to this sticky issue.

This year’s average tax refund of $1641 takes a big bite out of retirement savings for Canadian families.

The Canada Disability Savings Grant can add significantly to the pensions set up for disabled individuals through the Registered Disability Savings Plan (RDSP).

This excerpt from Evelyn Jacks’ Jacks on Tax outlines the different categories of residency and provides an answer.

If you own a family business, you will undoubtedly experience several people-related crises that may plague the business during its life cycle. Family conflict, divorce, illness, and premature death all represent potential threats. Excerpted from Master Your Investment in the Family Business are some tips and traps you should avoid in crisis situations.

Are your clients making unnecessary quarterly tax instalment remittances on self-employment, investments, pensions, or other sums from which tax is not withheld at source?