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A home is often the single largest purchase made by Canadians. This article addresses a number of tax and estate planning questions surrounding the principal residence exemption, such as what qualifies as a principal residence and some implications of...

For many business owners, using an investment holding company is a popular strategy to save for retirement. However, when it comes to earning investment income through a corporation, you need to consider both corporate taxes and personal taxes when you...

A debate that continues within the accounting and financial planning industry is for an owner-manager, whether to pay yourself a salary, dividend, or both. This article discusses the tax implications of receiving a salary versus dividend, as well as some...

As a sole proprietor, you may wonder whether to incorporate your business. While incorporating is good for some, not all businesses will benefit from a corporate structure. This article highlights some of the points you may consider when deciding whether...

If you’ve established a registered education savings plan (RESP), you may now be wondering how you can access the funds in the plan. This article explores the different types of RESP withdrawals. It also discusses the issues that may arise if the subscribers...

For U.S. persons living in Canada, knowing the Passive Foreign Investment Company (PFIC) rules is extremely important. Examples of holdings that typically fall under these rules are Canadian mutual funds and exchange trade funds. For more information...

The U.S. tax system is composed of an income tax system and a transfer tax system. The transfer tax system includes a gift tax, an estate tax and a generation-skipping transfer tax. For more information, click the link - and for a more formal discussion...

Looking to escape the long and cold winter, many Canadians are now called "snowbirds" - flocking to popular warm-climate destinations in the U.S. However, owners of these properties should be aware of the potential U.S. tax issues they may face. For more...

In Canada, unlike the U.S., the income tax system is based on Canadian residency status. This articles discusses some of the factors that are considered when determining your residency status for Canadian tax purposes and some potential implications....