Testamentary trusts and taxes

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

For income-tax purposes, a trust is a conduit for income paid or payable to a beneficiary. All income (including capital gains) generated by the trust’s investments will be taxed in either the trust or the hands of the beneficiary.

Depending on the trust’s terms, the trustee may be able to choose to allocate income to either. As a result, there’s opportunity for reducing tax when the beneficiary and the trust are in different tax brackets.

If there are multiple trusts, it’s possible to multiply the tax savings as each trust qualifies as a separate taxpayer.

Testamentary trusts and taxes | FromYourAdvisor.ca.

How to avoid double tax on death

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

WHY READ THIS?

› If your relative has died and owned a private company

› If you have a private company and need an estate plan

How to avoid double tax on death | FromYourAdvisor.ca.

How to prepare terminal tax returns

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

WHAT TO DO

1.IF A FAMILY MEMBER DIES, TELL CRA by using form RC4111 or by calling 1-800-959-8281……………………

How to prepare terminal tax returns | FromYourAdvisor.ca.

5 tax and estate mistakes

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 20-04-2014

This article looks at five damaging tax and estate planning errors you can make as an entrepreneur.

1. Not using your spouse to protect wealth

2. Failure to protect against losing the business to taxes when the owner dies.

3. No exit strategy

4. Paying for business insurance personally rather than corporately.

5. Double taxation of capital assets

 5 tax and estate mistakes | FromYourAdvisor.ca.