Financial Library

Yes, Virginia, there are death taxes in Canada

Posted on 04-03-2008

Ottawa dropped Estate Taxes about thirty-five years ago. All the provinces did away with Succession Duties by 1985. We thought that was the end of taxes arising at death. We were wrong.

Ask yourself these questions:
  • Do you have an interest in a pension plan, or an RSP?
  • Do you own property on which you've been claiming depreciation?

Federal Budget 2008 - Tax Free Savings Account

Posted on 03-04-2008

The Government will unveil the single most important personal savings vehicle since the introduction of the RRSP: The Tax Free Savings Account.

This flexible, registered, general-purpose account will allow Canadians to watch their savings grow, tax-free.

It's the first account of its kind in Canadian history.

Tax Planning Tips 2007

Posted on 03-01-2008

In a tax survey conducted in late 2007 by one of Canada's largest financial companies, the average Canadian answered only 3 out of 10 questions correctly. What does this show us. The survey helped to illustrate that most Canadians are not fully aware of the many tax changes implemented during 2007 or how they are affected by this changes.

By now you should have received most of your T4s, RRSP receipts and all your other various tax forms for 2007. While preparing a tax return is seldom on anyone's list of "Fun Things to Do, a little bit of planning you help limit the and loathing.

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