Tax

A tangled web of taxes

Can someone actually enjoy an insect collection? Maybe not in the strict sense of the word, but as this case will show, one may nonetheless enjoy the tax results that derive from it.

May 1, 2011

3 min read

Tax News

Canadians responsible tax filers: study

Canadians seem determined to file their taxes before the May 2 deadline, but are demanding more simplified tax system, according to a study from BMO Harris Private Banking. The study revealed that 95% respondents aim to meet the tax filing deadline, and more than half (56%) will use their refunds either to pay bills and […]

By Staff |April 29, 2011

2 min read

Tax News

Quebec academic slams tax shelters

Noted Quebec economics professor Léo-Paul Lauzon says the government should abolish the tax shelters for the good of the collective interest of Canada. Chair of Socio-Economics at the University of Quebec at Montreal, Lauzon, well-known for his sometimes scathing pronouncements, has released the findings of a study on the merits of RRSPs TFSA and other […]

By Anaïs Chabot |April 28, 2011

3 min read

Estate Planning

Fear hinders effective transfer of wealth: SEI

A recent SEI Wealth Insight Initiative roundtable suggests that fear of negative outcomes and a lack of confidence in heirs are two of the biggest barriers to families sustaining and growing wealth over time. The roundtable gathered small groups of wealthy families—those with more than $5 million in investable assets—to discuss their experiences and offer […]

By Dean DiSpalatro |April 27, 2011

3 min read

Think tank conjures massive tax burden

The average Canadian family pays more in taxes than it does on the necessities of life, according to a study released by the Fraser Institute. Of course, this depends on what you consider a tax—and how you define “necessity.” According to the study, the average family had an income of $72,393 in 2010, and spent […]

By Staff |April 26, 2011

2 min read

Cracks appear in tax haven’s secrecy

One of the most secretive financial services markets in the world has joined the International Organization of Securities Commissions (IOSCO), after the president of the international body approved the Financial Market Authority (FMA) of Liechtenstein for membership. To gain membership, the FMA had to prove it was working toward becoming a signatory to Appendix A […]

By Staff |April 20, 2011

1 min read

Canadians take DIY approach to taxes

An overwhelming majority of Canadians are doing their own taxes and are confident they are doing a good job, according to a BMO Harris Private Banking survey. The study noted that despite the anxiety that often accompanies tax season, more than half of taxpaying Canadians (59%) have decided not to engage a professional to assist […]

2 min read

Advising non-resident Canadian clients

Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.

7 min read

Taxing questions for snowbirds

With the Canadian dollar rising to its highest level in 32 months in February 2011 and the appeal of warm weather, more and more Canadians are considering migrating to the U.S. Canadian businesses should get used to parity, Toronto-Dominion Bank CEO Edmund Clark told Bloomberg in February 2011. In 2010, the loonie climbed 5.5% against […]

7 min read