- Hello. We are settling my deceased father’s estate overseas and there are stocks and dividends that we are inheriting. My mother and siblings will be transferring the sole ownership to me through legal paperwork here and there. Once this is done, will the cash dividends and sold stocks be taxable here in Canada? Do I claim that as income when I receive the money? There will be taxes paid in the Philippines already after the estate is settled. If I retain some of the stocks, will I claim the future dividends as foreign income in Canada? What is the best way to get the money from there to Canada? Are there limits to wire transfers and what kind of paperwork should I have to account for the inheritance properly? Please advise. Thanks![…]
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Posted February 10th 2015
Pension income splitting allows senior couples to save a significant amount of tax by transferring up to 50 per cent of qualifying pension income to their spouse or common-law partner. There are specific requirements and only certain pension income is eligible, but splitting income allows money to be moved from one spouse’s higher tax bracket […]
Posted December 19th 2014
The cost of post-secondary education is increasing and many parents are starting to save early for their child’s future. A Registered Education Savings Plan (RESP) is an option that offers some tax advantages as well as contributions from the federal government. Parents can deposit a lifetime maximum of $50,000 per child into an RESP post-secondary […]
Posted December 10th 2014
Capital gains are a complicated topic at the best of times, but failing to report them on your tax return can be costly. If you are trying to figure out if you have a capital gain this year, here are five big things to know about them. What is a capital gain? Essentially, a capital […]