Tax

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Tax brackets, figures and details for your practice (the 2009 edition)

It’s that time of year again — step right up and get your downloadable tax bracket, personal amount and federal tax credit information here. Personal income tax amounts are indexed to inflation, using Consumer Price Index data reported by Statistics Canada. This year, changes reflect index increases of 2.5% for 2009. [Click here to download […]

By Staff |January 7, 2009

3 min read

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Supreme Court Lipson decision due out tomorrow

On Thursday morning the Supreme Court of Canada will release its long-awaited and much anticipated decision in Jordan B. Lipson, Earl Lipson v. The Queen. Jamie Golombek, now managing director of tax and estate planning at CIBC Private Wealth Management, has been covering this issue for the Advisor Group since the Tax Court of Canada […]

By Kate McCaffery |January 7, 2009

2 min read

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TFSAs and non-registered accounts

Should clients put their money into a TFSA or a non-registered account? Although the answer may seem obvious, a discussion about why the TFSA is advantageous has its merits. In two respects, TFSAs and non-registered accounts are identical. Account holders must be 18 years or older (technically, there’s no age requirement for non-registered accounts, but […]

By Michelle Munro |January 2, 2009

4 min read

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Buyout basics

Every recession brings significant job losses. If any of your clients have become unemployed recently, help them sort through the various decisions that must be made to ease both immediate and long-term financial burdens. Compensation stemming from job loss is generally salary continuance or a retiring allowance. Salary continuance (including accumulated vacation pay and pay […]

By Gena Katz |January 1, 2009

3 min read

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Tuition perk

With the start of the winter semester, Canadian students returning to universities and colleges can breathe a (chilly) sigh of relief: last month, the Federal Court of Appeal upheld a lower court decision dealing with the non-taxability of scholarships awarded to students from their parents’ employer. To better understand the case (The Queen v Bartley […]

January 1, 2009

3 min read

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Tax strategies in a down market

Given the market conditions over the past few months, there’s a good chance that many of your clients are faced with investment losses in their portfolios. The psychological fallout of the whipsawing markets has continued to drive down the value of both good and bad stocks, so just about everyone is facing sizable losses in […]

By Sandy Cardy |December 17, 2008

5 min read

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Reporting gains

Most clients generally understand that they must report all their investment income annually on their tax returns. But clients are also responsible for tracking and reporting their capital gains on the disposition of their investments, despite the fact that very often they don’t receive a formal T5008 Slip (“Statement of Securities Transactions”) since the Canada […]

December 12, 2008

3 min read

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Pricey paradise

Canada’s retirees often seek the Epicurean delights of the West Coast—a rather pricey paradise. But are the expectations of pleasure- seeking boomers and their savings really in sync? Pension and retirement portfolios need to deliver the goods for clients seeking the ultimate retirement lifestyle, and ultimately careful planning and tax efficiency are the deciding factors. […]

By Evelyn Jacks & Doug Nelson |December 12, 2008

6 min read

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TFSA vs. RRSP: How should your client save?

Come January, one of the biggest questions facing financial planners will be “where should your clients put their money — into TFSAs or RRSPs?” There are obvious and not-so-obvious similarities and differences between the two, and this column will evaluate the comparative advantages and disadvantages of TFSAs as well as show how they can be […]

By Michelle Munro |December 8, 2008

5 min read

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RRSP justice

With the start of RRSP season just a couple of weeks away, advisors should pay close attention to the RRSP contribution limits, lest clients get reassessed by the Canada Revenue Agency on RRSP overcontributions. A case decided this past fall (Kerr v AGC, 2008 FC 1073) illustrates just such a scenario. Lindsay Kerr was advised […]

December 1, 2008

3 min read

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