A vacation property—whether it’s a cottage in Muskoka or a chalet at Tremblant—is a valuable asset, not just in terms of the real estate, but also as a place that holds years of family memories. For many Canadians, passing the property to the next generation is a priority, but there are significant tax and non-tax-related considerations associated with keeping that cabin or condo in the family.

The 2024 federal budget proposed an increase in the capital gains inclusion rate for corporations, trusts and individuals from one-half (50%) to two-thirds (66.67%). This change comes into effect for capital gains realized after June 24, 2024, so some taxpayers may want to consider whether it’s beneficial to trigger unrealized capital gains before June 25, 2024.

A true retirement plan includes many different aspects of your personal and financial life, to help ensure you get to retire when you want to, with the kind of retirement lifestyle you’ve always wanted. Let’s look at what could be missing from your retirement plan.

As you begin to get ready to prepare your 2023 tax return, we want to ensure you’re aware of important upcoming dates and deadlines so you have everything you need to file your return with minimal hassle.

The final quarter of the year saw a rally in most asset classes and sectors, with both stocks and bonds increasing. A recession is much less likely in 2024 than last year. However, fourth-quarter market gains may have been excessive, and we could see some volatility in early 2024 as the markets assess whether their optimism at the end of 2023 was warranted.

In the third quarter of the year, higher interest rates and U.S. Treasury yields had a significant impact on U.S., Canadian and international equities.

If you die without leaving a will, it could become a major headache for your family members and loved ones. With no will, the government will decide on who gets your money and assets, and every province and territory have their own distinct intestate rules regarding who will benefit from your estate.