Tax

Decorative pattern

Instalment plan

March 15 is around the corner for many of your clients to pay their first income tax instalment for 2009. With people feeling a little financially strapped, you may get some questions as to whether they really have to pay the full amount the CRA has asked for in the request it sent in February. […]

By Gena Katz |March 1, 2009

3 min read

Decorative pattern

Think leveraged investing in down markets

Given the market setbacks of recent months and the gloomy economic news that still dominates the headlines, it is not surprising that many investors simply want to sit on the sidelines for the time being. But many of your clients might be better advised to try to recapture the mood and the method that prevailed […]

By Michelle Munro |February 10, 2009

7 min read

Decorative pattern

Buried tax benefits of Budget 2009

The idea of Budget 2009 is to get more cash in Canadians’ hands, cash that, hopefully, they will be predisposed to spend, thereby stimulating the economy. Encouragement for investors is much more subtle, but it is there. If you dig deeper into the budget, you will find other measures that could have a positive impact […]

February 9, 2009

4 min read

Decorative pattern

Estate Planning

Registered losses deductible to estate

A small change in last week’s budget promises a benefit during declining markets: RRSP and RRIF losses will be treated fairly in estate distributions. When an RRSP or RRIF annuitant dies, the taxable value to the estate includes gains made after the annuitant’s death, taxable in the hands of the estate’s beneficiaries. But until now, […]

By Scot Blythe |February 3, 2009

2 min read

Decorative pattern

Interpreting law

Chief Justice Gerald J. Rip of the Tax Court of Canada invoked Ralph Waldo Emerson when summing up a case he decided last month (Leola Purdy, Sons Ltd. v The Queen, 2009 TCC 21) – “A foolish consistency is the hobgoblin of little minds.” The dispute, which began as a classic question of income vs. […]

February 2, 2009

3 min read

Decorative pattern

Stock options in volatile times

If some of your clients have stock options as part of their employment package, they should be aware of how these options are taxed, and the risks associated with this type of compensation. While there are no tax consequences when stock options are granted, a taxable benefit is triggered at the time the options are […]

By Sandy Cardy |February 2, 2009

6 min read

Decorative pattern

Termination options

Last month’s column outlined various decisions surrounding termination payments. So let’s look at related considerations for your clients, including replacing benefits and what to do with pension plans and remaining stock options. The cessation of health insurance benefits with job loss could be particularly problematic if the terminated employee has a family and no access […]

By Gena Katz |February 1, 2009

3 min read

Decorative pattern

Market Insights

Pitfalls of leveraging

The notion of borrowing money to invest likely isn’t first and foremost on most people’s minds in a down market. But I’ve come across yet another study touting the benefits of leveraging retirement savings. The release of the June 2008 working paper, Life-Cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk, written […]

By Jim Otar |February 1, 2009

6 min read

Decorative pattern

Estate Planning

Cheap U.S. vacation property = big estate tax consequences

Lower United States property values and a stronger Canadian dollar have led many Canadians to consider purchasing their dream vacation properties in the southern U.S. However, while owning U.S. vacation property provides a great escape from the often harsh winters of the great white north, it also exposes Canadians to the U.S. estate regime that […]

By Beth Webel |January 23, 2009

5 min read

Decorative pattern

Estate Planning

TFSAs and estate planning

Much has been written about the new tax-free savings accounts: the accumulation of tax-free income, the ability to re-contribute withdrawals and the capacity to access funds without impact to federally sponsored benefits. But what happens to the TFSA on death of the TFSA holder? Generally, clients who have a TFSA can name a “successor holder” […]

By Wilmot George |January 19, 2009

4 min read

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