The Canada Revenue Agency (CRA) doesn’t consider the amount you inherit to be taxable income, but before you receive this inheritance, the CRA taxes property held in the estate of your benefactor (i.e., the person providing your inheritance).

Estate planning is a legal process for the distribution of a deceased person’s assets. It allows you to create a formal strategy that helps safeguard your assets and transfer them in an orderly, tax-efficient manner to beneficiaries.

Most people understand the value of investing for the future. Building wealth over time is a great way to achieve your financial goals and, ultimately, enjoy the retirement lifestyle you envision. However, not everyone knows how investment taxation works. Taxes can erode long-term wealth, and that’s why it’s good to seek tax efficiency in your portfolio.

Tax season can be stressful, but with proper advance planning and awareness of the latest tax updates you can make the process smoother and potentially save money.

RRSPs are designed to help you save for retirement. According to Canada Revenue Agency rules, you must close your RRSP by the end of the year in which you turn 71, although you can certainly do so earlier if you're ready to begin generating income from those savings.

As the summer season comes to a close, many Canadians are enjoying their last days at the cottage with their families. Sitting by the campfire and reflecting on the summer that has passed, thoughts may turn towards the cottage family legacy and the necessary steps to preserve this treasured asset for years to come.