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Workings of a trust in Canada

Ever wondered how trusts work? They are like safety nets for your assets, involving important roles like the person who sets it up (Settlor), the person administers it (Trustee), and the person/people who benefit (Beneficiaries). This article will explain the fundamental workings of a trust in Canada and simplify the inherent complexities in this legal arrangement. Learn More

Qualified Farming and Fishing Property (“QFFP”)

A QFFP, or Qualified Farm Property, refers to a situation where an individual who possesses farm property (such as land or buildings), a stake in a family farm partnership, or shares in a family farm corporation, might be eligible to receive a capital gains exemption of up to $1,000,000 upon selling the farm property. It's important to note that the capital gains deduction amounts to 50% of the capital gains exemption. Learn More

UHT Publication Overview Q&A

Government of Canada has enacted Underused Housing Tax Act (UHTA) for residential properties. This legislation provides a 1% annual tax on the value of vacant or underused Canadian residential property held by both non-Canadian owners and certain Canadian owners. Learn More

Extension of Repayment and Partial Loan Forgiveness Deadlines

Canada Emergency Business Accounts (CEBA) program is a Government of Canada’s COVID-19 Economic Response Plan that provide interest-free loans of up to $60,000 to small business and not-for-profits. On September 14, 2023, the Prime Minister announced that the deadlines for loan repayments to qualify for partial loan forgiveness of up to 33% is being extended from December 31, 2023, to January 18, 2024, recognizing that the end of December is a busy time for many Canadian businesses. Learn More