by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Although the 1999 Federal Budget has attacked certain income-splitting arrangements with family trusts, a family trust can still play an important role in your tax and estate planning, especially if you are a business owner. What Is A Trust? A trust is an...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Peter thought that estate planning was something you did when you were older…too bad, he didn’t have the benefit of hindsight. Twenty-five years ago, Peter and his brother incorporated a company to manufacture bicycle widgets. By the time of his untimely...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
Many individuals are unaware that by properly drafting their wills, they can save their beneficiaries thousands of dollars of tax each year. The major benefit of a testamentary trust is that it creates a separate taxpayer for income tax purposes. ...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
1. PERSONAL TAX – QUARTERLY INSTALMENTS Based on last year’s income and tax, you may have to make quarterly instalments. Notes: (a) No instalments are required if your tax is deducted at source from employment income. (b) If this year’s income declines, your...
by Joseph Truscott | Jan 6, 2020 | Taxation Articles by Joe Truscott
This article provides an overview of various planning matters related to the use of a personal trust in the ownership of a business that is a qualified small business corporation for the purposes of the Income Tax Act. Some popular benefits of a personal...
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