-
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…
-
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…
-
Existing and New RRIF Factors
The new RRIF factors will permit holders to preserve more of their savings in order to provide income during retirement while continuing to ensure that tax deferral is provided on their RRIF. The new RRIF factors will apply for the…
-
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…