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Non-Resident Tax Issues Likely To Affect You as a Resident of Canada
Why should a Canadian resident care about “non-resident tax issues”? Here are a few reasons: Withholding Requirements and Section 116 Certificates When purchasing “taxable Canadian property” (such as real estate) from a non-resident, you must withhold 25% of the total purchase price. You must then remit this amount to the CRA within 30 days of
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What Type of Lawyer Should Draft Your Will?
If you have ever asked someone to refer you to a lawyer to draft your will, you were likely given the name of an “estate planning” lawyer, a “wills” lawyer or an “estates” lawyer. Alternatively, you may have been given the name of a family lawyer or a real estate lawyer, who often draft wills
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Trust in the System
Mr. B is a businessman who carries on business through his corporation, 1234567 Ontario Inc. (the “Corporation”). Mr. B supports 3 children above the age of 18, who are all in university full-time. Supporting Mr. B’s children is expensive. Each child requires roughly $35,000 annually for tuition, cars, and phones. Based on the above, Mr.
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Introduction to Some Canadian Tax Basics
Clients often come to me with the desire to reduce taxes. I enjoy helping families keep their wealth instead of giving it to the government unnecessarily. I often realize I can preserve both a family’s wealth and their relationships. Unfortunately, big estates often come with big fights (or with the potential for big fights). With
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New Intergenerational Transfer Rules
If you plan to transition your business to your children or grandchildren soon, new rules may help. These rules fall under Section 84.1 of the Income Tax Act (Canada) (the “ITA”). They create planning opportunities for family business transfers. If you qualify, you may transfer your business using your Lifetime Capital Gains Exemption (LCGE). This
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Federal Court of Appeal Protects Widow from $100,000 CRA Tax Assessment
In a significant ruling, the Federal Court of Appeal tax assessment decision has clarified the application of the Income Tax Act’s derivative tax provisions. This ruling offered critical relief to a widow facing substantial tax liability. Case Overview: Enns v. The King (2025 FCA 14) The case involved a widow who received her late husband’s Registered
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Estate Planning Corner: Changes to Trust Reporting in Canada
If you have a trust in your estate plan or are named in one, you’ll want to know about a significant change in Canadian tax law that took effect recently and could impact you or your family. Starting with the 2023 tax year, the law requires most trusts to file an annual T3 tax return.
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U.S. Company Doing Business in Canada
Many American enterprises look north to expand their reach. However, a US company doing business in Canada must navigate a unique set of legal and tax regulations. Whether you are selling services or establishing a physical presence, understanding the Canadian legal landscape is vital for success. It is a challenge to comply with one legal
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Understanding the Benefits and Mechanisms of Estate Freeze in Canada and How it Can Work for Your Benefit
In estate planning, people often seek strategies to safeguard their wealth. Furthermore, they aim to facilitate a smooth transition of assets to the next generation. One such sophisticated approach is the “Estate Freeze”. This strategic maneuver effectively locks in the current value of an estate. Consequently, it minimizes tax implications and ensures a seamless transfer
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Use this Structure for your Operating Company
Establishing a professional operating company structure is vital for any growing business. Many entrepreneurs start as sole proprietors. However, as your revenue increases, you must transition to a more robust legal framework. A common setup involves having the operating company (“Opco”) owned by a holding company (“Holdco”). This allows you to remove excess cash from
