Creating multiple wills is a practice that has been associated with estate planning in Canada, particularly in provinces like Ontario for the last 20+ years. The primary reason people create multiple wills is to minimize the amount of probate fees that their estate would be subject to upon their passing and an element of ...
Since the Tax-Free Savings Account (TFSA) was introduced in 2009, it has been used by Canadians to earn investment income on a tax-free basis. Many U.S. citizens, however, have shied away from this account for several reasons. But should TFSAs really be avoided by all U.S. citizens? While there are some roadblocks to owning ...
Whether you’re fresh out of dental school preparing to buy a clinic or a seasoned professional ready to sell, the process of buying or selling a dental practice is a long and often meticulous one. From deciding what type of sale you’re interested in to ensuring you’re structured properly for tax purposes, there are many ...
As the CRA prepares to double its prescribed interest rate on July 1, now is the time to take advantage of an income-splitting exception to the attribution rules. When handled correctly, using this exception will lock in the current rate and save you thousands of dollars in taxes. Here’s how to do it and ...
Estate law reformers in Ontario are celebrating a major milestone. As of January 1, 2022, new legislation came into effect that – amongst many other changes – says existing wills can no longer be revoked due to marriage. These changes are an important reminder that just because a will has been completed, doesn’t mean ...
The Rogers family drama has been captivating. The whole country watched it play out in the fall of 2021, when Edward Rogers tried to fire Rogers CEO Joe Natale. This move wasn’t a popular one with the board or Edward’s own family, as his mother, two sisters and other board members blocked the firing ...
Revised as of January 14, 2022 The Canadian Government is preparing to implement changes to the reporting requirements for Canadian resident and non-resident trusts deemed resident in Canada. Though these changes were announced in the 2018 Federal Budget and were initially expected to come into effect on December 31, 2021, the Canada Revenue Agency ...
Running your own healthcare practice involves making many crucial decisions, including selecting the right accounting firm. An experienced accounting firm will give you the support and 1:1 attention you need, realizing that no two business owners and no two medical practices are the same. Today we’re going to examine the top 10 questions you ...
Family business is the backbone of the Canadian economy. When a family business is passed down to the next generation, we see so many positive ripple effects in the economy: A new entrepreneur is given the opportunity to succeed New jobs are created Industry advancements are made Loyal customers maintain a trusted partner Communities ...
When a person passes away, there are several important duties to be performed in order to fully carry out their financial wishes. Simply having a will isn’t enough to make sure that an estate is divided according to an accurate depiction of the deceased’s instructions. An executor must carry out a number of responsibilities ...