In the more common family trust context, the dividends declared and paid on the shares held by the family trust would simply be used to pay all the children’s expenses, such as private school tuition, summer camp and extracurricular activities, thus effectively making them payable to the children with, in most cases, no tax owing on the amounts paid on their behalf.”
A lot of Canadians are struggling as a result of the COVID-19 outbreak. The Federal Government has responded with several economic measures to support individuals and businesses. Other organizations including financial institutions have stepped up as...
Non-residents and deemed residents are taxed at the current federal tax rates plus a surtax of 48% of the federal tax when they file their Canadian tax returns. Tax service specialists in Canada will assist you with understanding who needs to pay taxes in Canada.