Inheritance and Taxes
- Thursday, 11 August 2016
By: Michael L. Williamson- Manager, Williamson Accounting
Lately, I have been posed with this question: do I have to pay taxes on the property that I inherit from my relative? Let’s take a look at this important question.
Is there an Inheritance Tax in Canada?
Canada does not have an estate inheritance or a death tax. In general, there are no taxes levied by CRA on the beneficiaries; without being brazen, when a person dies they leave the Canadian tax system. On death they are subjected to tax for the very last time and the estate pays any tax that is owed to the government.
Will you be able to afford your home in retirement?
- Wednesday, 25 November 2015
Guess Article By: Ian Webster, Financial Planner
People looking ahead to life after work often have little idea how much money they spend now, let alone 5 or 10 years into the future.
Expenses never really go away. After all, you have to live somewhere. With the rate of home ownership in Canada hovering near 70 per cent, and with household debt near a record high, most people’s financial health is closely tied to the value of their principal residence.
But while many may have considerable wealth tied up in their home, they tend to ignore the off-balance sheet liability when it comes to the costs of keeping it. Whether it’s rising hydro rates or property taxes that only trend upward, these unavoidable costs of living are destined to take significant bites out of fixed retirement budgets.
How will the New Government Affect your Taxes?
- Monday, 26 October 2015
Depending on your tax bracket, the new government may either cost you or save you big bucks.
Here are some of the Liberals’ promised tax changes and what they mean to you- When these promised will take effect is currently uncertain:
Lower Taxes for Middle Class
The Liberals as stated that their first priority will be to cut the tax rate from 22 per cent to 20.5 per cent for the middle income tax bracket, which affects Canadians with taxable annual income between $44,701 and $89,401. There is some speculation that this could be done retroactively to the beginning of 2015, but more than likely, this rate change would be effective January 1, 2016. However, for this to take place Prime Minister Justin Trudeau would have to act pretty quickly, very similar to what Rachel Notley had done in Alberta.
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- How is a Company Valued?
- What the Small Business and Self-Employed Can do to Prepare for Tax Filing