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Background. The Alternative Minimum Tax (AMT)1 is a second, alternate tax liability calculation that Canadian individuals and trusts must consider annually in parallel with their normal tax liability. First introduced in 1986, AMT was implemented to promote and maintain fairness within Canada’s income tax regime.
With the collapse of FTX and the fraud surrounding the crypto space, many have jumped to the incorrect conclusion that the era of blockchain is over, done, akin to the long list of bubbles throughout history. Unfortunately, fraud happens all the time. As former Federal Reserve Chair Alan Greenspan states: “Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.” Thus, the FTX scandal will not stop blockchain—an open-source, transparent, distributed-ledger innovation— from transforming business practices.
Everyone’s situation is unique. Tax is important, but incorporated business owners and professionals should also consider retirement planning, lifestyle and corporate cash flow needs when deciding to take compensation as salary, dividends, or a combination of the two.
It takes resilience to manage the transition to retirement and design your next phase of life. Many retirees report feelings of sadness, loneliness or boredom as they struggle to fill the void left by their career identity and/or professional network, despite their best intentions to remain active, engaged and productive.
A Registered Education Savings Plan (RESP) is a Canadian registered investment account that promotes saving to support a beneficiary’s post-secondary education. Anyone — parents, family and friends — can open a RESP as a “subscriber” for the benefit of a child. Invested contributions grow tax free.
Wellington-Altus Financial Inc. (Wellington-Altus), parent company to Canada's top-rated wealth management company*, today welcomed Jon Kilfoyle as Executive Vice-President, Products & Platforms of Wellington-Altus Financial Inc.
For many Canadians who are not otherwise U.S. persons (“Canadian”), owning property in the U.S. may represent an investment opportunity, a home away from home and an escape from the colder winter months.
More than one-fifth of Canadians over the age of 18 are living with disabilities, often with special needs which can entail significant costs. There is a vast network of supports, programs and tax rules designed to assist Canadians and ease the financial burden that can sometimes accompany a disability,
The Tax-Free Savings Account (TFSA) allows Canadians to save and invest funds tax free in order to fund a wide variety of short and long-term financial goals. TFSAs were introduced in 2009 to provide Canadians with an additional tax-advantaged account to augment their savings for longer-term needs such as retirement, or for more immediate goals such as a vacation or vehicle
If you are collecting or have applied to collect your Canada Pension Plan retirement pension benefits (CPP) and have a spouse or common-law partner (CLP) in a lower tax bracket, you may want to consider sharing your CPP benefits with them. Let’s look at the “why, how, what and when” of CPP sharing.
Since 2020, I’ve been one of the few holy fools that put forth the thesis that aggressively raising rates into a highly levered global economy would result in another financial crisis. My sin was questioning aggressive rate hikes based on the belief that low unemployment causes inflation. But now, after the events of recent weeks and the banking crisis in the U.S. and Europe, it looks like the inconvenient truths have come home to roost—again.
Budget 2023 outlined the government’s plans to build a stronger, more sustainable and secure Canadian economy against a backdrop of slower global growth, elevated global interest rates, and high inflation.
Download our 2023 tax reference cards and resources. Corporate Tax Rate Card. LIF and RLIF Minimum & Maximum Factors. Form T1135 - Foreign Income Verification
In today’s current market environment, we see the forces of inflation and deflation are at work. Central bankers are and should be concerned about price stability, but too many assume that price stability is only a one-way street.
Download our province and territory-specific 2023 Tax Planning Cards. Alberta Tax Planning Card British Columbia Tax Planning Card Manitoba Tax Planning Card
An RRSP is a retirement savings account available to any Canadian individual taxpayer under the age of 72 and to which they or their spouse/common-law partner can contribute — subject to their respective deduction limits.
If the U.S. was to default on its debt obligations, it would cause investors to flee from U.S. Treasuries, leading to a decrease in confidence in U.S. government debt and the U.S. Dollar (USD) as being the medium of exchange for the global economy.
The Difference Between an RRSP Contribution vs. an RRSP Deduction, and More.
A key element of estate planning is choosing an executor, someone you trust to carry out the instructions in your will. To ensure that the administration of your estate is completed efficiently and economically, it’s important to carefully evaluate your needs and choose your executor wisely.
It’s never too early to start planning the retirement you desire. But do you have a clear idea of how you want to spend your time, and if you have the means to support the lifestyle you envision?
Canadians have historically relied upon employer-sponsored pension plans, government benefits and their own assets—including rising real estate prices—to cover their financial needs in retirement.