Dec 5, 2024 · AdobeStock / Annaspoka Investors in the funds of failed alternative asset manager Bridging Finance Inc. (BFI) won’t be getting any money back this year after all — as the proposed distribution to those investors is facing a fresh legal challenge. A hearing to consider a proposal from Bridging’s court-appointed receiver, PricewaterhouseCoopers Inc. (PwC), to …

Dec 9, 2024 · AdobeStock / Jeff Whyte The prescribed rate on loans to family members will be 4% in the first quarter of 2025, and the interest rate Canadians must pay on overdue tax will be 8%. That’s down from 5% and 9%, respectively, in the current quarter. The Canada Revenue Agency (CRA) recently published the prescribed annual interest rates for amounts owed to or by the agency for the period from Jan ...

Nov 8, 2024 · Jack Farrell is a reporter with The Canadian Press, a national news agency headquartered in Toronto and founded in 1917.

Feb 1, 2019 · One final point about the RDSP carry forward rules: grants and bonds are paid only if the RDSP is opened and contributions are made on or before December 31 of the year in which the beneficiary turns 49. The carry forward entitlements do not carry forward past December 31 of the year in which the beneficiary turns 49. So, if your client turns 50 this year and decides to open an RDSP, they will ...

Nov 21, 2024 · AdobeStock / Erick Eterosa You have a lot to remember as an advisor, so we’ve assembled this reference list of tax numbers. We’ll update it as things change. Working clients Maximum RRSP contribution: The maximum contribution for 2025 is $32,490; for 2024, it’s $31,560. The 2026 limit is $33,810. TFSA limit: In 2025, the annual limit is $7,000, for a total of $102,000 for someone who has ...

Sep 25, 2024 · AdobeStock / Nishihama While recent changes in federal tax policy may affect whether trusts represent the best planning strategy for some families, the vehicles still have benefits. Many Canadians settle trusts for their families for privacy purposes as well as to provide trustees the ability to gift to beneficiaries in accordance with the trust’s (and family’s) goals. Potential downside ...

Feb 24, 2017 · It’s been just over a year since the Department of Finance introduced a new income tax term, the Graduated Rate Estate (GRE). The GRE has brought with it both advantages and some planning challenges. We will look at each in turn, as well as review, what constitutes a GRE. Overview A Graduated Rate Estate is an estate that arises as the result of the death of a person on or after December 31 ...

Nov 20, 2020 · Determining an appropriate cash flow mix Determining an appropriate cash flow mix can be complex. Owners should consult with their tax advisors to review the corporation’s structure and tax attributes, as the best approach can differ from corporation to corporation. When determining a strategy, shareholders should consider the following questions: Is one form of cash flow more costly than ...

Mar 19, 2024 · iStock / Johnny Greig Some homeowners find the idea of holding their mortgage in their RRSP appealing, particularly as interest rates remain relatively high. While not a commonly used strategy, a “non-arm’s length mortgage” effectively allows someone to lend money to themselves (or a family member) from their RRSP to fund a mortgage on a home. The homeowner makes monthly mortgage ...

Dec 27, 2024 · iStock / SolStock Advisors say planning for a family with a disabled child involves setting up the right life insurance for relatives, a Henson trust, registered accounts and taking advantage of provincial and federal programs. “You want to ensure that the special needs individual is properly cared for when the parents are no longer here,” said Joseph Trozzo, vice-president of national ...