Tax News

Advising non-resident Canadian clients

Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.

By Terry F. Ritchie |April 3, 2011

7 min read

Tax News

Taxing questions for snowbirds

With the Canadian dollar rising to its highest level in 32 months in February 2011 and the appeal of warm weather, more and more Canadians are considering migrating to the U.S. Canadian businesses should get used to parity, Toronto-Dominion Bank CEO Edmund Clark told Bloomberg in February 2011. In 2010, the loonie climbed 5.5% against […]

By Terry F. Ritchie |April 1, 2011

7 min read

Tax News

Hidden costs of American property

An American vacation home appears to have a double advantage for Canadians: both as an investment and as a chance to escape to sunnier climates during the winter.

By Thomas G. Dolan |April 1, 2011

9 min read

Tax News

Tax planning and dual citizenship

If you work with dual citizens of Canada and the United States, it’s important to be aware of the unique financial, tax and estate planning issues these clients face. Given the recent tax changes in the United States, these clients and their advisors will need to be ahead of the curve.

By Terry F. Ritchie |April 1, 2011

6 min read

Ecological gifts receive superior tax treatment

Environment Canada seems an unlikely partner in saving taxes, but its Ecological Gifts Program can do just that. With the help of the program, Don and Heather Elliott have conserved a rare seven-hectare woodlot northeast of Barrie, Ontario into perpetuity. “Don wanted to protect a small corner of the world to ensure future generations could experience the same joy he had as a child while playing in the woodlot,” explains Heather.

4 min read

International income isn’t always tax-free

It’s common these days for nearly every financial advisor to have at least one client with a foreign connection. That could mean a client with a foreign parent living overseas or a child living in the United States. It could also be a client who has previously lived in Europe and then immigrated to Canada, but still has financial ties with the foreign jurisdiction.

3 min read

Litigating a faulty RRSP mortgage

While not common today, it has long been possible to hold your own mortgage within an RRSP. Particularly in a high-interest-rate environment, there is certainly an appeal to feeding high monthly mortgage payments into your own RRSP — rather than to your favourite lending institution.

April 1, 2011

3 min read

Promises, promises: NDP sneak attack!

Wow! Who expected the NDP to score a pro-business point in this campaign derby? Talk about coming out of left field! The New Democratic Party (NDP) has rolled out its tax plan, promising to cut the small business tax rate from 11% to 9%, saying the move would not only create jobs but also create […]

By Staff |March 30, 2011

2 min read

Helping HNW clients at tax time

“Courteous reader”, Benjamin Franklin wrote in his 1758 book, Way to Wealth, “Get what you can and what you get, hold. ‘Tis the stone that will turn all your lead into gold.” Wealthy Canadians usually have themselves well fortified against Canada Revenue Agency’s attempts to turn their gold back into lead at tax time, but […]

By Brenda Craig |March 21, 2011

4 min read