FHSA Update & Changes to RESP Drawdowns
21 Sep 2023We have two major announcements involving registered accounts here at SANDSTONE. First Home Savings Accounts will be coming later this Fall and details on the RESP Changes and Tax-Efficient Drawdowns to follow.
Changes to Family Business Transfers are coming sooner than you think
27 Jul 2023Canadian tax legislation is changing on January 1st, 2024, and there are huge implications for those who are looking to transfer their business to a family member.
How are First Home Savings Accounts taxed at death?
30 Jun 2023A First Home Savings Account (FHSA) is a new registered plan allowing a prospective first-time home buyer, to save for their first home tax-free (up to certain limits) with contributions being generally tax deductible. It can remain open until the end of its 15th anniversary, the FHSA holder turns 71, or the end of the year the FHSA holder makes their first qualifying withdrawal.
TFSA beneficiary vs. successor holder – the difference is HUGE!
30 Jun 2023Tax-free Savings Accounts (TFSA) are mainly known for their benefit of being tax-free. But there is another huge benefit of TFSAs, which is the ability to name either a beneficiary or successor holder on the account.
What are the duties of an executor of a will?
18 Jul 2022Executors must make sure a will is executed just as the testator would have wanted and are tasked with many duties after a person dies. The executor role is important, and it can feel overwhelming, especially during an emotional time.
Who are Enduring Powers of Attorney & Personal Directives?
16 May 2022In Canada, every province and territory has its own laws concerning specific provisions and restrictions relevant to Enduring Power of Attorneys and Personal Directives.