If you receive certain pension income, you may be able to claim the $2,000 pension income tax credit (also known as the pension amount) as well as split this pension income with your spouse or common law partner. But what pension income qualifies? If You Age 65 Or Older If you are over the age of 65, the following qualifies…
The Income Tax Act requires that the value of all benefits be included in employment income and taxed accordingly. However, there are some provisions of the Income Tax Act and some administrative practices that may allow for tax-free payments. Non-Cash Awards - If your employer provides you with on-cash gifts for say, birthdays, Christmas, or for a wedding, then the value…
Simply speaking a trust is a relationship where one person (the settlor) transfers assets to a trustee for the benefit of a third person (beneficiary). The trustee manages the assets for the benefit beneficiary. In more formal terms, a trust is a relationship whereby a person (the settlor or donor) transfers property to another person (the trustee) for the benefit…
