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Family Trusts – A Tax Planning Tool That Could Save You Money

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...

Does Your Estate Plan Need A Check-Up?

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...

Trusts Created Within A Will = Tax Savings

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. ...

Tax And Financial Check-Up

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...

The Use Of Personal Trusts For Owning Your Business

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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