How much should an executor be paid? | Advisor.ca
Oct 4, 2021 · In Ontario, courts allow executors to charge up to 2.5% on both the amounts received and paid out of an estate, resulting in an effective rate of 5%. In B.C., by statute, an executor is entitled to no more than 5% of an estate’s gross aggregate value. In Alberta, courts use a tiered fee guideline that adjusts with the size of the estate.
TFSA limit rises to $7,000 for 2024, officially | Advisor.ca
Nov 23, 2023 · 2 min read. AdobeStock / JHVEPhoto. The TFSA contribution limit for 2024 has been officially released. That limit is $7,000, up from $6,500 in 2023 and $6,000 in 2022. “This marks the first time that we have seen two consecutive years of increases on the annual TFSA limit,” said Aaron Hector, private wealth advisor with CWB Wealth in ...
What the disability tax credit means for eligible Canadians and …
May 14, 2021 · Child disability benefit (CDB) — A tax-free monthly payment for parents of a child under 18 who qualifies for the DTC and who also qualifies for the Canada child benefit. The CDB is calculated annually based on prior year adjusted family net income and begins to reduce when that income exceeds $68,708. 1 Where the child qualifies for the DTC ...
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2 days ago · By James Langton | October 31, 2024. 2 min read. Trending. CRA announces CPP maximum pensionable earnings for 2025. Executor overstepped, ordered to pay costs. Industry moves this week. Ontario promises MGA licensing. Total TFSA contribution room to rise above $100K in 2025. Industry Insights.
The clearance certificate: what it is, and why it matters
Feb 25, 2019 · Michele Allinotte, founder of Allinotte Law Office in Cornwall, Ont., says the importance of the clearance certificate can be summarized in three words: peace of mind. “In layman’s terms, it ties everything up in a nice little bow,” she says. “It can provide you some comfort that you don’t need to keep seven years of tax returns for ...
Transferring a 401(k) or IRA to Canada | Advisor.ca
Nov 26, 2020 · The short answer is no. Both the federal Income Tax Act (ITA) and the Canada-U.S. tax treaty provide for continued tax deferral of U.S.-based retirement plans for planholders living in Canada, just the same as if the planholder were living in the U.S. Canadians who own Roth IRAs — the U.S. equivalent of a TFSA — must file a one-time ...
New trust reporting rules include in-trust accounts, jointly owned ...
Dec 13, 2023 · If your clients have set up an in-trust-for (ITF) account for their minor child or they own certain assets jointly, they could be subject to new trust reporting rules that apply for taxation years ending after Dec. 30. These new rules could require your clients to file a T3 Trust Income Tax and Information Return within 90 days of the year-end ...
How to unlock a life income fund | Advisor.ca
Jun 11, 2020 · Transfer to RRSP and RRIF. To RRIF only. Yes, and cash can then be withdrawn if desired. Note: The remaining provinces and territories either do not have their own pension legislation (PEI, Yukon, Northwest Territories and Nunavut) or do not offer the one-time unlocking option (B.C., Saskatchewan, Quebec, Nova Scotia and Newfoundland ...
Inflation to trigger another rise in TFSA limit | Advisor.ca
Oct 17, 2023 · The annual TFSA dollar limit is fixed at a base amount of $5,000, indexed to inflation for each year after 2009, and rounded to the nearest $500. According to Provost, the underlying TFSA dollar limit by indexation for 2024 is $6,858.85. That underlying limit is then rounded to the closest $500 increment, or $7,000.
Informal trust accounts: How they do and don’t work
Jun 19, 2018 · Understand the potential benefits and pitfalls for your client. Informal trusts, or ITFs, are a tax-efficient way to provide a savings plan for a minor child and, occasionally, an adult. These accounts can be used for funding future education, protecting an inheritance or, as is often the case, tax savings for the contributing adult.