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A Health and welfare trust (HAWT) or Health and welfare plan (HAWP) is a tax-free vehicle for financing a corporation's healthcare costs for their employees. They were introduced in 1986 by Canada Revenue Agency (CRA) in their interpretation bulletin entitled IT-85R2. [1] Many companies offer this product to Canadian employers.
However, the trust may only deduct these fees based on the proportion of income that is taxable. For example, say that a trust received $20,000 worth of income in a given year. However, only ...
Legal fees related to disputes over inheritance or will contests are also generally not tax-deductible. If you’re involved in a civil lawsuit unrelated to your business, the legal fees incurred ...
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
Corporations may deduct the cost of capital following capital cost allowance regulations. The Supreme Court of Canada has interpreted the Capital Cost Allowance in a fairly broad manner, allowing deductions on property which was owned for a very brief period of time, [33] and property which is leased back to the vendor from which it originated ...
A trust is a legal entity that holds money and assets for future distribution or management. For example, you might create a trust for your children's college education, putting money into it ...
The legality of contingent fee arrangements is often subject to restrictions, particularly in relation to contingent legal fees. According to law professor Herbert Kritzer, as of 2004 contingent fees for legal services were allowed in the following countries: Australia, Brazil, Canada, the Dominican Republic, France, Greece, Ireland, Japan, New ...
The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...