Managing Your Personal Taxes 2023‑24
Personal tax affects us all in some way. Regardless of your stage in life — from starting your career to retirement and estate planning — you face a number of complex and sometimes confusing questions. And whether you’re investing for the future, looking to buy your first home, selling a business, dealing with medical expenses or emigrating from Canada, your tax profile will be impacted.
Managing Your Personal Taxes 2023‑24
Table of contents
Your financial legacy: sharing generational wealth
Tax programs and credits
Considering selling your business?
Business considerations
Optimizing your tax outcomes
Online tax calculators and rates
Investor
Interest income
Dividend income
Capital gains and losses
Donations
Interest expense
Investment funds
Real estate rental property
RRSPs
Tax-free savings account
Investment holding companies
Investing offshore
Professionals and business owners
Business expenses
Temporary accelerated CCA claims
Partnerships
Canada Emergency Business Account
Canada Recovery Hiring Program
Incorporating your business
Remuneration planning for the corporate owner
Corporate loans
Asset ownership
Shareholders’ agreements
Employees
Benefits
Employee deductions
Employee credits
Incorporated employee: personal services business
GST/HST and QST rebates
The principal residence exemption
General comments
The change-in-use rules
Making the most of your home and cottage
Trusts and the principal residence exemption
Summary
Families
Spouses and common-law partners
Income and capital gains splitting
Attribution rules
Use of trusts and corporations
Pension income splitting
Marital breakdown
Children Education
Registered disability savings plans
Principal residences
Non-refundable tax credits
Attendant care expenses and the disability tax credit
Tax assistance for long-term elder care
Disability tax credit What‘s new?
Other tax deductions and credits that may be available
Retirement planning
Registered pension plans Individual pension plans
Pooled registered pension plans Registered retirement savings plans
Canada Pension Plan
Old Age Security
Financing retirement – additional options International workers
Commuters
US citizens who are residents of Canada
Estate planning
What is an estate plan?
Amended rules limit income splitting after 2017
Trust income and capital gains and the revised TOSI rules
Estate freeze and income splitting after 2017
When to implement a freeze
Testamentary trusts – 2016 and subsequent years
Trust reporting
Additional reporting requirements proposed
Wills
Alter-ego and joint partner trusts
Estate administration tax/probate tax
Inter vivos gifts
Life insurance
Adjusted cost basis for tax purposes
Withdrawals and policy loans
Changes in ownership
Deductibility of premiums
Beneficiary designations
Business use
Charitable bequests (gifts made by will)
Charitable bequests and gifts made by GRE
The 21-year trust rule
A guide to US citizenship
Acquisition of US citizenship
US tax for Canadians
Snowbirds
Tax issues for Canadians with US real estate
Single-purpose corporation
Co-ownership Life insurance
Non-recourse mortgage
Canadian trust
Trust reporting
Canadian partnership
Selling US real estate: compliance requirements
Emigration and immigration
Date an individual changes residence
Emigration
Immigration
Canadian tax for nonresidents
Employees performing services in Canada
Services rendered in Canada
Disposition of real property
Principal residence exemption – 2016 changes
Taxation of rental income
Taxation of Canadian benefits
Tax payments and refunds
Payments
Relief provisions (formerly known as the fairness provisions)
Voluntary disclosures
Refunds
Communicating with the CRA
CRA e-services
Auto-fill My Return
MyCRA mobile app
MyBenefits CRA mobile app
CRA email notifications service
Additonal resources
Tax calculators & rates
Calculate your annual federal and provincial combined tax rate with our easy online tool.
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