Tax

Advisors should embrace the TFSA

On June 18, the federal government passed its 2008 budget bill into law, making the Tax Free Savings Account (TFSA) available to millions of Canadians beginning in January 2009. This day likely failed to resonate with the average Canadian, but I can tell you I certainly paid attention. Ever since the federal government announced the […]

By Michelle Munro |September 2, 2008

5 min read

Legacy or executor fees

One of the issues that comes up regularly in an estate situation is whether amounts received by the executor from the estate are taxable executor’s fees or rather should be properly considered a tax-free legacy from the estate. It’s critically important to ensure that the will is properly drafted to minimize any ambiguity later as […]

September 1, 2008

3 min read

The benefits of formal trusts

In many Canadian families or family-owned businesses, a simple and straightforward transfer of assets between generations is still very effective. But, as the complexities of today’s society bring issues of asset control, protection or tax reduction to the planning forefront, the use of formal trusts is increasing. Trusts are structures through which property or assets […]

By Carol Bezaire |August 15, 2008

4 min read

Offshore advantage

As discussed last month, in order for a former Canadian resident to establish a non-resident trust that escapes Canadian taxation, he or she must be a non-resident of Canada for at least five years before the trust is established, and for a period of at least five years before resuming residence in Canada. There may […]

By Gena Katz |August 1, 2008

4 min read