Managing Your Personal Taxes 2023‑24

Personal tax affects us all in some way. Regardless of your stage in life — from starting your career to retirement and estate planning — you face a number of complex and sometimes confusing questions. And whether you’re investing for the future, looking to buy your first home, selling a business, dealing with medical expenses or emigrating from Canada, your tax profile will be impacted.

Fortunately, there are lots of tax-saving opportunities available to Canadians. In Managing Your Personal Taxes: a Canadian Perspective, we share a wide range of ideas to help you plan ahead, manage in the moment or deal with unexpected circumstances.


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  • Download Managing Your Personal Taxes 2023‑24

Table of contents

(with links to PDF chapters)

Your financial legacy: sharing generational wealth

Tax programs and credits

Considering selling your business?

Business considerations
Optimizing your tax outcomes

Online tax calculators and rates

Interest income
Dividend income
Capital gains and losses
Interest expense
Investment funds
Real estate rental property
Tax-free savings account
Investment holding companies
Investing offshore

Professionals and business owners

Business expenses
Temporary accelerated CCA claims
Canada Emergency Business Account
Canada Recovery Hiring Program
Incorporating your business
Remuneration planning for the corporate owner
Corporate loans
Asset ownership
Shareholders’ agreements


Employee deductions
Employee credits
Incorporated employee: personal services business
GST/HST and QST rebates

The principal residence exemption

General comments
The change-in-use rules
Making the most of your home and cottage
Trusts and the principal residence exemption


Spouses and common-law partners
Income and capital gains splitting
Attribution rules
Use of trusts and corporations
Pension income splitting
Marital breakdown
Children Education
Registered disability savings plans
Principal residences
Non-refundable tax credits
Attendant care expenses and the disability tax credit

Tax assistance for long-term elder care

Disability tax credit What‘s new?
Other tax deductions and credits that may be available

Retirement planning

Registered pension plans Individual pension plans
Pooled registered pension plans Registered retirement savings plans
Canada Pension Plan
Old Age Security
Financing retirement – additional options International workers
US citizens who are residents of Canada

Estate planning

What is an estate plan?
Amended rules limit income splitting after 2017
Trust income and capital gains and the revised TOSI rules
Estate freeze and income splitting after 2017
When to implement a freeze
Testamentary trusts – 2016 and subsequent years
Trust reporting
Additional reporting requirements proposed
Alter-ego and joint partner trusts
Estate administration tax/probate tax
Inter vivos gifts
Life insurance
Adjusted cost basis for tax purposes
Withdrawals and policy loans
Changes in ownership
Deductibility of premiums
Beneficiary designations
Business use
Charitable bequests (gifts made by will)
Charitable bequests and gifts made by GRE
The 21-year trust rule

A guide to US citizenship

Acquisition of US citizenship

US tax for Canadians

Tax issues for Canadians with US real estate
Single-purpose corporation
Co-ownership Life insurance
Non-recourse mortgage
Canadian trust
Trust reporting
Canadian partnership
Selling US real estate: compliance requirements

Emigration and immigration

Date an individual changes residence

Canadian tax for nonresidents

Employees performing services in Canada
Services rendered in Canada
Disposition of real property
Principal residence exemption – 2016 changes
Taxation of rental income
Taxation of Canadian benefits

Tax payments and refunds

Relief provisions (formerly known as the fairness provisions)
Voluntary disclosures
Communicating with the CRA
CRA e-services
Auto-fill My Return
MyCRA mobile app
MyBenefits CRA mobile app
CRA email notifications service

Show resources

  • Download Managing Your Personal Taxes 2023‑24

Additonal resources

Tax calculators & rates

Calculate your annual federal and provincial combined tax rate with our easy online tool.                                               

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Tax Alerts - Canada

Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses.

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