Tag Archives: WEALTH MANAGEMENT BLOGS

Introduction: The First Home Savings Account (FHSA) was introduced as a tax-advantaged savings plan to help Canadians purchase their first home. However, not everyone who opens an FHSA ends up buying a home.  What happens to your FHSA if you change your plans or decide not to purchase a property? Here’s everything you need to […]

Introduction to TFSAs Introduced in 2009, the Tax-Free Savings Account (TFSA) has become one of the most powerful savings tools for Canadians. It is versatile, allowing individuals to save for short-term goals like purchasing a car or a vacation, as well as long-term objectives like buying a home or securing a comfortable retirement. As the […]

Introduction: Navigating Tax Complexities in Family Law While family law predominantly focuses on the division of assets and financial obligations between spouses, the nuances of income tax law often play a critical role in shaping financial outcomes. Tax implications in family disputes, especially those involving spousal and child support, are often misunderstood by both family […]

Introduction: Reducing the Tax Burden Through Planning Taxation on death often motivates individuals and families to engage in succession and estate planning. With proper strategies, it’s possible to manage tax liabilities effectively, ensuring the smooth transfer of assets and the preservation of family wealth.  This article explores the key taxation rules and estate planning methods […]

Introduction – What is the Home Buyer’s Plan? The Home Buyer’s Plan (HBP) is an initiative by the Canadian government aimed at helping first-time homebuyers access funds for a down payment on their first home. Under the HBP, eligible participants can withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) on a tax-free […]

Introduction: Taxation of Testamentary Trusts A testamentary trust is created upon an individual’s death to manage the distribution of assets to beneficiaries. Under Canadian tax law, all of the deceased’s assets are deemed disposed of and reacquired at fair market value at the time of death. After debts and taxes are settled, the estate distributes […]

Introduction – Testamentary Freedom and Its Restrictions in Ontario In Spence v. BMO Trust Company, the Court of Appeal for Ontario affirmed an individual’s right to dispose of their property as they choose upon death. Similarly, the Supreme Court of Canada in Tataryn v. Tataryn Estate emphasized the significance of testamentary freedom but acknowledged its […]

Introduction: Net Worth Assessments A net worth assessment is a tool the Canada Revenue Agency (CRA) uses when they believe a taxpayer’s return is inaccurate or when the taxpayer has not maintained adequate records of their income. Under subsection 152(7) of the Income Tax Act, the CRA is not bound by the information provided in […]