Financial Wellness for Canadians, Wealth Mastery Planners Inc.

I have not been very active on this page since I retired from the Financial Services side of my business. Now I only provide uninsured medical benefits for small companies. BUT... the following is worth noting

YOU MAY NEED TO FILE A T3 (Trust Return)

There are new reporting rules for trusts in effect and they may affect you:
Have you set up a joint or “in‑trust” bank or investment account with a child, grandchild or parent?
Are you on the title of your child’s real estate property to facilitate them obtaining a mortgage?
Are you on the title of your parent’s real estate property for probate and/or estate planning purposes (or is your child on title for your property)?
Are you a lawyer who holds specifically identified client funds in trust?
Do you or your corporation hold title on land parcels or other real estate property to avoid title merger?
Do you hold title on real estate or any other property on behalf of your corporation?
If any of these apply to you, a T3 trust return may be required for 2023 and penalties could apply if it is not filed.

Please contact your financial person as soon as possible if you think this may apply to you.

The due date for filing a 2023 trust return is April ⁠2, ⁠2024 although the Canada Revenue Agency has indicated it may have some leniency in the initial year.

The current penalty is $25 per day, with a minimum penalty of $100 and a maximum of $2,500. An additional penalty will now be applied if a failure to file the T3 return was made knowingly or due to gross negligence, equal to five per cent of the maximum fair market value of property held during the year by the trust, with a minimum penalty of $2,500.

Well if you are thinking of purchasing or leasing a “luxury” vehicle, best you do it in 2021.
Get ready for the luxury tax.

Q&A: Canada’s new luxury goods tax Canada proposed a new tax on luxury vehicles, yachts, and personal aircraft. Our Q&A answers all of your questions.

Update from TD Bank

TD encourages customers to stay home, bank digitally - Mar 25, 2020 Temporary pilot will reserve first opening hour in branches for populations with greater health risk, to assist with urgent in-person banking needs only

I took the time to speak to one of my contacts at TD Bank. This is how he explained the deferral of payments to me.
1. It is on a case by case basis
2. Interest is still due monthly.
3. The principal portion added to the mortgage and now you will pay interest on the deferred principal payment.
4. 6 months only
5. In Branch application.
Get the details from your banker or 800 number. Don’t wait until you have a crisis to investigate. Get your ducks in a row early.

Frustrated Canadians looking for mortgage deferrals from big banks facing delays, denials | CBC News Some Canadians looking defer mortgage payments due to COVID-19 say they are facing delays and denials and say the process isn't nearly as straightforward as the government and big banks have made it out to be.

Good News for our Seniors drawing from their RRIFs.

Feds announce relief for retirees drawing down RRIFs | Investment Executive The minimum withdrawal rate is being reduced by 25% for 2020

Seriously. Get a real job.

Scammers spoofing more than a dozen federal government departments to defraud Canadians — CBC News Scam artists are using phone numbers from more than a dozen federal government departments to defraud Canadians — making it look as if the calls are coming from legitimate government agencies and police departments.

Over-contribution can happen for many reasons. Remember, if you take out money from a TFSA the room does not open up until the next year.

Judge urges CRA to consider leniency after inadvertent TFSA deposit leads to $2,370 penalty — Financial Post Jamie Golombek: CRA has power to waive overcontribution tax if it can be established that the tax arose 'as a consequence of a reasonable error'