Many Canadians love their family cottage and expect to pass it on to the next generation. But the rising value in real estate can offer a real problem that may make it impossible for the legacy of the cottage to live on. As a secondary residence, capital gains tax kicks in and can be substantial, but there are ways to minimize the impact.
Below are lists of the most common tax slips and receipts we encounter during tax season and time frames that you can expect to receive them. Tax Slips The following chart outlines the filing dates Canada Revenue Agency (CRA) requires for tax slips to be submitted....
In our article, “Budget 2022: What Does it Mean for Me?”, we discussed several proposed measures for implementation. Since then, the following have been passed into law.
Budget 2022 Canada The Federal budget 2022 focussed on several important factors for Canada’s immediate recovery needs and future growth. The government highlighted 3 broad areas. Making Life More Affordable for Canadians Economic Growth and Innovation A Clean Economy...
1. Assess your tax year for planning issues and opportunities a. How much tax is being withheld at source? If no tax, or too little, was withheld at source on your RRSP and RIF/LIF withdrawals, employment insurance benefits, and/or your CPP & OAS payments,...
Year-end is a great time to start organizing your tax information. Refer to your Fraser & Partners ‘Go-To Tax Envelope with the general income tax checklist on the front that identifies paperwork you’ll need to gather for submitting your taxes. Or, click here to...