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To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.
It’s important for you to file a tax return for children who have any earnings from active employment or self-employment.
Red Adair, an Oilwell Firefighter once said, “If you thought hiring a professional was expensive, wait until you try hiring an amateur!”
In the final three months of 2013, seniors will receive an inflation-adjusted increased OAS benefit of $550.99 per month, which makes the total annual OAS benefits a total of $6,578.06.
In its Backgrounder to the new Section 237.3, which defines reportable tax avoidance transactions that may be subject to the General Anti Avoidance Rules, Finance Canada has assured taxpayers that the provision, is for “administrative purposes only” and therefore it is unlikely that it will be used to incriminate a taxpayer.