A CCPC is a private corporation resident in Canada that is not controlled by non-residents or public companies. CCPC status unlocks the small business deduction (9% federal rate on the first $500,000 of active business income), the lifetime capital gains exemption on share sales, and the refundable tax mechanism on investment income.
Canadian TaxRepresent a Client is the CRA's online portal that lets authorized representatives access a taxpayer's account. You authorize a representative through My Account, by phone, or by submitting Form AUT-01 (formerly T1013). Authorization levels range from view-only to full disclosure and account changes.
Canadian TaxA deemed disposition is a tax event where the CRA treats you as having sold property at fair market value even though no actual sale occurred. It triggers on death, emigration, trust anniversaries, gifts, and change of use, creating a capital gain (or loss) that you must report.
Canadian TaxA family trust is an inter vivos trust used for income splitting, estate planning, and asset protection. It is a taxable entity with a December 31 fiscal year-end, subject to the 21-year deemed disposition rule, and must file a T3 return annually.
Canadian TaxCanada has no gift tax. Cash gifts are not taxable to the giver or the recipient. But gifting property (stocks, real estate, a business) triggers a deemed disposition at fair market value, so the giver may owe capital gains tax even though nothing was sold.
Canadian TaxCanada has no inheritance tax, but the deceased's terminal return pays income tax on deemed capital gains at death. Provinces also charge probate fees on estate value. The heir receives assets tax-free while the estate bears the cost before distribution.
Canadian TaxIn Canada, most trusts are irrevocable once assets are transferred. A revocable trust triggers attribution rules and offers no tax benefit. An irrevocable trust enables income splitting, creditor protection, LCGE multiplication, and probate avoidance when the settlor gives up all control.
Canadian TaxThe T1135 is required when your specified foreign property exceeds $100,000 CAD at any point as a Canadian resident. The penalty for missing it starts at $25 per day, and the cost amount, not market value, is what triggers the filing.
Canadian TaxYou can hold US stocks in a TFSA, but 15% US withholding tax on dividends sits inside the account with no credit to recover it. Where US-dividend stocks belong in your account lineup depends on your marginal rate and the dividend yield.
Canadian TaxAn RRSP (Registered Retirement Savings Plan) is a tax-deferred retirement account in Canada. Contributions are tax-deductible, growth is tax-free inside the plan, and withdrawals are taxed as income. The contribution limit is 18% of prior-year earned income, up to $32,490 for 2025.