CLU Comment: Tax Assessments & Reassessments

The Canadian tax system is based on a self-assessment or honour system, requiring every taxpayer to file an
annual income tax return with the Canada Revenue Agency (CRA), which sets out income earned, eligible expenses, deductions and credits

CLU Comment: Canada Pension Plan and Quebec Pension Plan

CLU Comment: Contributions under the Canada/Quebec Pension Plan (C/QPP) and Employment Insurance (EI) change annually.

CLU Comment: Principal Residence Exemption: Tax Free Growth Worth Understanding

CLU Comment: Canadian residents generally enjoy tax-free growth in the capital value of their home through a tax measure referred to as the principal residence exemption. This means that many Canadians can sell their home tax-free, however, there are details to observe and criteria to be met for those who want to benefit from this opportunity.

Le Journal de l’Assurance Feature


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Taxation of Estates, Interest Expense, Death of an RRSP Holder

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Interesting article from CLU Comment about the Changes in taxation of estates, an introduction of the Graduated Rate Estate Trust that will come into effect Jan 1, 2016. CLU Comment also provides a sample case and table about the tax return schedule when dealing with an estate utilizing the GRE Trust.

Interest Expense- one of the highlights was the point about where interest expense claimed on money borrowed to buy shares of a family business were denied because dividends were never paid out on the shares, rather bonuses were paid out to the shareholders.  Therefore this shows the importance of paying dividends and having a stated dividend policy if you were to ever to borrow money for the purpose of earning income from your business.

Death of RRSP Plan Holder- Provides some awesome insight on tax planning opportunities for passing assets to a surviving spouse or certain financially dependent children.

To go into it in more detail, here’s the article.