Do you make large donations of cash or qualifying securities as part of a tax strategy? If so, 2023 could be the last year you receive full deductions and tax credits for these charitable contributions.
On November 15th, 2020, fifteen Asia-Pacific nations signed arguably the largest free trade agreement in history, significantly reshaping traditional economic power dynamics.
We have two major announcements involving registered accounts here at SANDSTONE. First Home Savings Accounts will be coming later this Fall and details on the RESP Changes and Tax-Efficient Drawdowns to follow.
Canadian tax legislation is changing on January 1st, 2024, and there are huge implications for those who are looking to transfer their business to a family member.
A First Home Savings Account (FHSA) is a new registered plan allowing a prospective first-time home buyer, to save for their first home tax-free (up to certain limits) with contributions being generally tax deductible. It can remain open until the end of its 15th anniversary, the FHSA holder turns 71, or the end of the year the FHSA holder makes their first qualifying withdrawal.
Tax-free Savings Accounts (TFSA) are mainly known for their benefit of being tax-free. But there is another huge benefit of TFSAs, which is the ability to name either a beneficiary or successor holder on the account.