Deprecated: Function eregi() is deprecated in /home/bmul/public_html/fn201a/ on line 2
GTA Financial Advisor, Financial Advisor Mississauga, Financial Advisor Toronto, Term Life Insurance, Critical Illness, Financial Advisor Mississauga, Brampton, Oakville, Toronto, Canada, Family Protection, insurance review, quote, Investment Funds, insurance agent, Financial Planning, income replacement, Segregated Funds, seg funds, RESP, Education Plans, critical illness, protection, Mortgage Insurance, term, Review, Travel Insurance, Investments, Retirement Savings, Estate Planning, RRSP, Group Insurance, Annuities, RRIF, Accumulation, financialrep, representative, agent, insurance review, selfinsure, Critical Illness, disability, insurance, LongTerm Care., Financial Advisor, Mississauga, Ontario, Barrington Mullings,
HomeProtectionAccumulationTaxesGroupNewslettersPartnersAbout UsContact Us

Need HELP Filing Your Income Tax? Call (416) 523-3256 or eMail me

Get Inter-Generation Transfer$ info from TaxWISE View!
Get Inter-Generation Transfer$ info from TaxWISE View!

Powered by FlashyNova Recruiting






CottageOwning a cottage in addition to your principal residence, the cottage will be subject to Capital Gains Tax when it's sold. Keeping the cottage in the family is often the desire of all the interested parties, so how do you meet the challenge of passing the cottage down from one generation to the next generation.


Revenue Canada rules essentially says that just prior to the owner's death you have been deemed to have disposed of all your possessions. The Capital Gains Tax is now due and payable on the cottage and all the capital assets you owned prior to your death. Taxable Assets would include your ownership in a Business, Land, Stocks and Bonds, RRSP or RRIF and any Rental Property to name the more common assets.


Taxation on Annuities


  • Registered: The annuity payment is fully taxable.
  • Non-registered: Only the interest portion of the annuity payment is taxable.

The taxable portion can be reported on a "prescribed" or "non-prescribed" basis.


  • Prescribed: level taxable portion each year
  • Non-prescribed: taxable portion changes each year (interest reported each year reduces)

The prescribed taxation basis is attractive to taxpayers because it allows for the deferral of taxes. It is regulated and can only be used with specific types of annuities. All other annuities must be on a non-prescribed taxation basis.


Income Taxes


Are you really unhappy about how much income taxes you pay? In addition to RRSPs and IPPs there are other vehicles that can provide you with significant tax deferral plus other advantages. For the self employed individual or the business owner, self insuring your health and dental expenses by setting up a Health Spending Account (HSA) will provide you with tax deductible benefits. Investment Loans interest deductibility and Pension Income splitting are other opportunuties worth exploring to determine if you are eligible.


All canadian residents are legally required to file income tax returns annually by April 30th. Sometimes an individual as a result of unforseen circumstances may have missed their tax filing and any amounts owing are subject to a late filing penalty and interest fees.


If you need help with filing any previous year or current year income tax returns, call (416)523-3256.


Deprecated: Function eregi() is deprecated in /home/bmul/public_html/fn201a/ on line 2

Custom Search
Home | Protection | Accumulation | Taxes | Group | Newsletters | Partners | About Us | Site Map | Contact Us | Privacy
© Copyright 2004-2017 Barrington Mullings (905) 826-8138 - All Rights Reserved. - Last Updated: Jan 16, 2011
Barrington Mullings (905) 826-8138
Barrington Mullings (905) 826-8138