Welcome to Retire Me!
On today's show:
1) Deadline for paying your taxes for individuals, corporations, and trusts has been extended to September 30, 2020. Make sure you file and pay on time. Even if you don't owe, make sure to file because the CRA indicated that means-tested benefits (like the Canada Child Benefit) could be impacted if you don't file.
2) Holders of US real estate beware. We discuss an article in the National Post from Jamie Golembek that alerts Canadians who own US real estate that the CRA is actively seeking data on US real estate transactions that were done by Canadians. Why would they do this? Likely because they want to make sure that you are properly declaring that property, income, and capital gains on your tax returns.
3) Trusts - trusts are not just for the rich and famous. We talk about what a trust is, and 3 scenarios where a retiree might use a trust in their estate planning. 1) Spousal trusts for mixed families and second marriages 2) passing down a family cottage 3) alter-ego trust for retirees over age 65
The articles used in this podcast:
Thanks for listening!
Disclaimer - This podcast is for informational purposes only. Please consult with a financial advisor familiar with your unique financial situation before making any decisions. Nothing in this broadcast constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Mark Walhout is the owner and lead financial advisor at Walhout Financial and an Investment Fund Representative at Investia Financial Services Inc.