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Case Study: How Trying to “Save on Taxes” Put Gabriela’s $2M Cottage at Risk
This case study is here to act as a warning to anyone who is thinking of going rogue and trying to avoid tax liabilities without thinking through all the potential risks and downsides.
How Does Taxation of Trusts Work in Canada?
In Canada, most trusts are taxed as separate legal entities and must file their own T3 tax return each year.
When You Inherit a House in Ontario, Is It Taxable?
When you inherit a house in Ontario, ownership is transferred to you according to the deceased’s will or estate plan.
Guide to Family Trust Tax Benefits in Canada
A family trust in Canada can help you split income among family members, which may lower your overall household tax bill.
What Is a Living Trust in Canada? And How Does It Work?
What is a living trust in Canada? A living trust is a legal arrangement where you transfer assets into a trust while you are still alive.
How to Set Up a Living Trust in Canada: Step-by-Step Guide
How can I set up a living trust in Canada? Before you set up a living trust (also called inter vivos trust), make sure you’re positive that it’s the right tool for your particular situation.
Is a Life Insurance Payout Taxable in Canada?
A life insurance payout, also called a death benefit, is the lump sum paid by an insurance company when the insured person passes away.
Is Life Insurance Part of an Estate in Canada?
In Canada, life insurance can be part of an estate, but it depends on who is named as the beneficiary.
What Is the Tax Rate on a RRIF at Death?
In Ontario, when someone dies with a registered retirement income fund (RRIF), the full fair market value of the account is added as taxable income to their final tax return.
