The Income Tax Act requires books and records to be kept by every person, partnership, corporation, trust etc. who is required to pay or collect taxes or other amounts. Good financial records are essential for completing personal and corporate income tax returns. Without accurate records you and/or your business may under or over pay taxes or be subject to an audit by the Canada Revenue Agency (CRA) due to insufficient supporting documentation. How long do …

Record Keeping for the Canada Revenue Agency Purposes Continue Reading

Just around the corner a series of new tax rules kick in that will impact the taxation of trusts and estates. These new rules will result in significant changes to existing and future tax planning arrangements. The current rules allow estates, testamentary trusts and grandfathered inter-vivos trusts indefinite access to the same graduated tax rates as an individual taxpayer. This often results in a lower overall tax liability where trust beneficiaries have access to more …

2016 Estates and Trusts Tax Compliance and Post Morten Planning – It’s a New World out There! Continue Reading