Tax

Reporting confidential tax deals

There was no mention of it in the Federal Budget Speech, but there is a very important proposal in the Budget Plan that could have serious implications for wealth advisors, particularly those involved in sophisticated tax planning. It has to do with requiring the reporting of certain tax avoidance transactions that fall outside existing tax […]

June 29, 2010

4 min read

Dealing with RRSP, RRIF losses

In Canada, when an individual dies, he or she is deemed to have sold their assets just before death – a sale that generally results in tax payable by the deceased’s estate. For non-registered assets such as personally held stocks, bonds, mutual funds and recreational real estate, the tax is generally based on the difference […]

By Wilmot George |June 24, 2010

6 min read

Selling small business shares

Almost every succession plan for business owners involves the disposition of corporate shares. It might happen as part of an estate freeze, other reorganization or an outright sale to the next generation. Although share dispositions, including sales and transfers, often result in the realization of capital gains, there are opportunities clients should certainly take advantage […]

By Gena Katz |June 21, 2010

3 min read

TFSA overcontributions explained

With the June 15th tax filing deadline for self-employed taxpayers (and their spouse or partner) just days behind us, your clients may be surprised to find that they now may be facing another upcoming deadline – June 30, 2010. That’s the due date for filing the brand new RC243, Tax Free Savings Account (TFSA) Return […]

By Jamie Golombek |June 18, 2010

4 min read