Filing the T3 tax return | Advisor.ca
WEBFeb 17, 2018 · The T3 needs to be filed 90 days after the trust’s year-end. For Dec. 31 year-ends, that makes the T3 filing deadline March 31 (March 30 in leap years)—different than the more familiar April 30 deadline. As Michalak explains, not every estate needs to file a T3. For example, if the estate is wound up and all assets distributed to heirs ...
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WEB2 days ago · Stock Picks as Monetary Policy Eases. Easing cycle will have positive impact on interest-sensitive sectors. Crystal Maloney, CFA, CPA, CMA August 19, 2024. From. Webinar. News and resources for Canada's top financial advisors.
What the disability tax credit means for eligible Canadians and …
WEBMay 14, 2021 · Child disability benefit (CDB) — A tax-free monthly payment for parents of a child under 18 who qualifies for the DTC and who also qualifies for the Canada child benefit. The CDB is calculated annually based on prior year adjusted family net income and begins to reduce when that income exceeds $68,708. 1 Where the child qualifies for the DTC ...
Joint property ownership: problems and pitfalls | Advisor.ca
WEBSep 19, 2011 · Loss of control and co-owner disputes. One of the biggest disadvantages of transfer to joint ownership is the loss of control of the property by the original owner – leading to a host of possible problems. In the case of a bank account, the new joint owner can drain the funds or otherwise misuse them if he or she has sole signing authority ...
When to use a codicil (and when to rewrite the will)
WEBJan 25, 2018 · Concerned about privacy – If the testator doesn’t want anyone (particularly beneficiaries) to see the terms of the old will, then write a new one. Dealing with multiple codicils – The more codicils, the greater chance of confusion, contradiction and/or lost paperwork. James Dolan is a Vancouver-based financial writer.
New trust reporting rules include in-trust accounts, jointly owned ...
WEBDec 13, 2023 · If your clients have set up an in-trust-for (ITF) account for their minor child or they own certain assets jointly, they could be subject to new trust reporting rules that apply for taxation years ending after Dec. 30. These new rules could require your clients to file a T3 Trust Income Tax and Information Return within 90 days of the year-end ...
Prescribed loan rate to rise July 1 | Advisor.ca
WEBApr 27, 2022 · The prescribed rate, which is calculated based on a lagging indicator, is set at 1% until the end of the second quarter. But based on Government of Canada three-month Treasury bill yields from April 26, the rate is set to rise as of July 1. “That 1% rate, if established now, will apply for the duration of the loan,” said Wilmot George, vice ...
Transferring a 401(k) or IRA to Canada | Advisor.ca
WEBNov 26, 2020 · The short answer is no. Both the federal Income Tax Act (ITA) and the Canada-U.S. tax treaty provide for continued tax deferral of U.S.-based retirement plans for planholders living in Canada, just the same as if the planholder were living in the U.S. Canadians who own Roth IRAs — the U.S. equivalent of a TFSA — must file a one-time ...
How to determine an insurance policy’s ACB | Advisor.ca
WEBNov 15, 2017 · If the proceeds of disposition exceed the policy’s cost (i.e., the ACB), the resulting gain is fully included in the policyholder’s income. ACB is also relevant where the insurance policy’s beneficiary is a private corporation. Generally, on the death of the insured, the insurance benefit is tax-free to the corporation.
Inflation to trigger another rise in TFSA limit | Advisor.ca
WEBOct 17, 2023 · The annual TFSA dollar limit is fixed at a base amount of $5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500. According to Provost, the underlying TFSA dollar limit by indexation for 2024 is $6,858.85. That underlying limit is then rounded to the closest $500 increment, or $7,000.
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