More tax planning reading, resources and tools

Over the course of the year, the staff at Advisor.ca has written a plethora of articles about pressing tax issues. Don’t worry if you’ve missed some of these gems — we’ve made sure to highlight a few of the more noteworthy pieces that have appeared online in 2008.

Protecting RRSPs from creditors New bankruptcy legislation was introduced this summer that protects your client’s RRSPs from creditors. Frank Di Pietro, Mackenzie Financial’s director of tax and estate planning, explains how this new law affects your clients. Read more…

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. Carol Bezaire, vice-president of tax and estate planning at Mackenzie Financial, explains. Read more…

There’s more to buying U.S. real estate than finding a deal While the sub-prime meltdown has been a disaster for stock markets, it’s been a boon for snowbirds, as American housing prices have plummeted. Investments reporter Bryan Borzykowski outlines what tax-related issues you and your client need to know before buying that home away from home. Read more…

Large RRSPs can mean huge tax burden It’s likely that most advisors remind their clients at least once a year to contribute to an RRSP. But how many tell them to withdraw? Investments reporter Bryan Borzykowski explains why it’s OK to withdraw money from your registered savings account. Read more…

Whose account is it anyway? What your clients need to know about joint ownership There’s a good chance at least some of your clients share their bank account with a family member. A husband and wife, a father and daughter — joint accounts have been around since banking began. But just because your client and her son can both access the same cash, survivorship does not guarantee ownership. The rules around joint ownership are confusing, so don’t get caught dispensing the wrong advice. Read more…

Business owners need tax advice Does your client own her own business? If she does, it’s likely she needs a lot of tax-planning help. A Mackenzie Investments quiz found that on average, only 30% of test-takers were able to answer 10 true-or-false questions related to tax planning and their company. Read more…

(11/04/08)