Personal Tax

Filing income taxes in Canada can feel overwhelming, especially for individuals who are new to the tax system or who have limited financial knowledge. To simplify the process for eligible taxpayers, the Canada Revenue Agency (CRA) introduced SimpleFile, a free service designed for individuals with very basic tax situations. While this Read more

A Simple Probate Solution… or a Costly Mistake? Many parents are told that adding an adult child to their home title is a smart way to avoid probate fees. It sounds simple. It sounds safe. But in reality, depending on how it is done, this strategy can create serious tax, legal Read more

Here’s a scenario that plays out far too often: Sarah’s father passed away last year with a $450,000 RRIF. He had named Sarah and her brother David as direct beneficiaries on the RRIF, each receiving $225,000. They were grateful for the inheritance and used it to pay off their mortgages. Read more

In Canada, these two certainties collide in a particularly expensive way when you die. While Canada doesn’t have a formal “estate tax” or “inheritance tax” like the United States, don’t let that fool you, the government assumes all your assets were sold at fair market value immediately before death, potentially triggering Read more

When it comes to estate planning, many Canadians assume that leaving everything to their surviving spouse is always the smartest tax move. After all, Canada’s spousal rollover provisions allow most assets to transfer tax-free to a spouse or common-law partner, deferring taxes until they sell the assets or pass away Read more

96% of Canadian parents with Millennial children are providing financial support well into their 30s. But 61% admit they’re not confident they can keep doing it. If you’ve helped with a down payment, covered tuition, or quietly paid for groceries when times were tight, you’re not alone. What was once Read more