Find out what a living trust is and how it fits into your estate planning.

Learn more about your rights as a Canadian taxpayer and what you can expect when you deal with the Canada Revenue Agency (CRA).

Considerable tax savings can be realized from electing to file a rights or things return after the death of a loved one in addition to a final tax return.

The federal government’s Children’s Fitness Tax Credit helps parents seeking support for ferrying their children far and wide to hockey, soccer, swimming and other sporting activities will receive financial relief, but not much. The program provides a non-refundable tax credit that applies to eligible expenditures incurred to enroll children in organized, qualified physical activities.

Farmers with off farm income are probably familiar with Section 31 of the Income Tax Act. It provides the rules for how much of any farm losses a taxpayer is able to write off against his income from all sources.

This advice will help protect your tax savings when the time comes to sell your farmland or roll it over to the next generation. If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover, the $800,000 capital gains exemption or both.

If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover or the $800,000 capital gains exemption or both.

If your family earns enough from off-farm income to live comfortably, you may want to incorporate the farm to shelter farm income from high personal tax rates. For many Canadian farmers the percentage of income derived from off-farm sources continues to grow. Even farmers who have successful and expanding farm businesses do, in many cases, … Read more

Transferring land or money from a deceased family member’s estate may entail an unexpected future cost to the beneficiary.