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Should you register your personal real estate corporation (PREC)?
As of October 1, 2020, a new Ontario regulation 536/20 came into force. Personal Real Estate Corporations (PREC) have been Allowed in Ontario. From now on, Ontario Realtors are permitted to earn income through a professional incorporation as some other…
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Tax Changes for Testamentary Trusts
In January 2016, the taxation of testamentary trusts (trusts created through a will) will change as they have been taxed at the same graduated tax rates as an individual. After January 1, 2016, all income in a testamentary trust will…
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Tax Changes for Canadians
Tax Planning in 2015-2016 Below are a few tax changes and some tax numbers that affect Canadian individuals and businesses. Maximum RRSP contribution for 2016 is $25,370, and for 2015 is $24,930. TFSA limit: The annual limit for 2015 is…