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CRA releases new form for reporting beneficial ownership of trusts

Trustees must use Schedule 15 to report names, addresses and tax information numbers for beneficiaries

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How to properly plan the opening of an FHSA

Clients may be eager but timing is important

Wooden box lined with hay from the chicken eggs

Feds release draft changes to pension rules for “unlocatable” members

Draft rules are intended to help administrators match beneficiaries with unclaimed pension benefits

KEN YUEL PHOTOGRAPHY / GETTY IMAGES

Canada Disability Benefit Act receives royal assent

Benefit is meant to support working-age Canadians with disabilities, but details still to be determined

Shopify to fight CRA request for six years of merchant tax records: CEO

Government said records were being sought to verify that merchants were obeying tax acts

Parliament buildings with Canada flag flying in front

Federal government passes 2023 budget implementation bill

Changes to RESPs and RDSPs, caps on payday loans and leeway to increase the CDIC limit are all law now

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Expanded rules for mandatory tax disclosures are now law

Financial advisors may need to report more things to the Canada Revenue Agency

Eggs on nest

Tax reforms needed to Canada’s retirement regime: C.D. Howe Institute

Study argues for providing Canadians more retirement savings room, allowing OAS/CPP deferral after 70

Parliament buildings at night in Ottawa

Finance tables report reconsidering RRIF minimum withdrawal rates

Study examines whether assumptions that underlie RRIF withdrawal factors are still appropriate

CRA says trustees must report on contingent beneficiaries too

Agency requires names, addresses and taxpayer information numbers under expanded trust reporting rules

How employee ownership trusts limit estate planning

Challenges for business-owner clients include taxable disposition and compliance costs

Interior view of the Canada Commons of Parliament, Ottawa

Liberals reject key Senate amendment to disability benefit bill

Senate opponents say they will support Bill C-22 even without the amendment

Family plays

Tips for helping children buy a home

Strategies to minimize tax implications, including the FHSA

Understanding the underused housing tax

If your client is an affected owner, they must file a UHT return by Oct. 31 to avoid penalties

Understanding the CPP death benefit

The amount has been falling in real terms

  • By: Lea Koiv
  • May 12, 2023 June 30, 2023
  • 10:59

T1135 reporting: What your clients need to know

Failure to report foreign-source income can result in high penalties

FHSA questions abound as industry rolls out account

The issue of what happens when an FHSA holder dies may need to be dealt with sooner rather than later, for example

What are the FHSA qualifying withdrawal rules?

The holder needs a written agreement to buy or build a home to make a tax-free withdrawal

What are the FHSA eligibility rules?

Even homeowners can open an FHSA in some cases

How is an FHSA taxed at death?

It’s not too early to consider the estate implications if someone dies while holding an FHSA

Digital tools make life easier for executors

Estate professionals are also adopting platforms to streamline the administration process

Employee ownership trusts introduced, but with no incentives

Advocate suggests EOT legislation, as proposed in the 2023 federal budget, will not lead to increased employee ownership