Avoiding TFSA Pitfalls: Over Contributions, Residency Issues, and Other CRA Traps
The Potential Cost of Holding Life Insurance in a Corporation
When planning for your estate, corporately held life insurance is often an option that is considered to reduce the estate’s tax burden or for tax efficient succession planning for privately held corporations. There is often a misconception that life insurance held in a corporation can be withdrawn on a fully tax-free basis. This article considers circumstances where unintended tax consequences may arise on corporately held life insurance….
Cost-Sharing for GST: Risks and Rewards
Cost-sharing arrangements continue to be a useful planning tool for GST purposes, particularly where one or more parties are unable to recover all, or any, input tax credits. However, CRA is quick to challenge these arrangements when they don’t align with the facts. This article provides an understanding of cost sharing arrangements and the tax-efficiencies they can generate, outlines CRA’s position, and details some of the most common implementation issues….
