Like a sole proprietorship, partnerships are not seen as a separate entity and therefore do not file a separate tax return. Instead, the partners include their share of the partnership income/losses for the year on their personal, corporate or trust income tax returns.
Each partner also has to file financial statements or a Statement of Activities (i.e. Form T2125 - Statement of Business or Professional Activities).
Along with the personal tax measures discussed in our previous two blogs - 2019 Federal Budget Commentary: Tax Changes for the Individual Canadian and 2019 Federal Budget Commentary: Personal Income Tax – Housing - the federal government is proposing a number of benefits, credits and provisions that will assist working individuals, especially those seeking to enhance their skills through training.
As is the case with most Federal Budgets, proposals have been made regarding sales and excise tax with a focus on health measures - as well as cannabis in light of new products being introduced to the Canadian market.
Buying your first home is a big step and an expensive one. Luckily, the 2019 Federal Budget proposes a series of tax changes that could help first-time home buyers bear that financial burden more manageably.
The main changes include increases to the RRSP Home Buyer’s Plan withdrawal limits for first-time home buyers and access to a First-Time Home Buyer Incentive.
The 2019 Federal Budget proposes a number of changes that will affect individual Canadians, and their tax strategies for the year ahead.
The 2019 budget proposes a number of changes that will focus on providing relief to businesses in specific industries including journalism, research and development, film and video production, farming and fishing businesses, as well as new Capital Cost Allowance rules for businesses using zero-emission vehicles.
In addition, the government proposes rules to prevent businesses from circumventing current character conversion transaction rules to gain a tax advantage.
With every new year comes a new federal budget. This year, the budget includes $22.8 billion in additional spending over the next five years for the enhancement of existing tax credits and incentives and the addition of new ones, additional resources for the Canada Revenue Agency (CRA) to recover unpaid taxes, new measures to reduce tax evasion and avoidance, improving savings plans for retirees and those with disabilities and introducing a national prescription drug plan.
Many Canadians, or at least the half that have taken the time to draft a will, often assume that once their will has been written up, they can put it out of sight and out of mind.
The problem is that drafting your last will and testament requires regular updating to reflect changes in your life. As a rule, you should review your will every three to five years to ensure that everything still applies to your current situation. In addition, if is important to review your will after any major life event.
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