Tax News

Business owners need succession help

Small and medium-sized business owners can make great clients. Their net worth is usually higher than average and their complex needs allow the advisor to demonstrate their expertise in tax and estate planning. If there is one area that needs special attention, however, it is succession planning. Nearly half of Canadian family business owners have […]

By Steven Lamb |March 14, 2011

3 min read

Tax News

Mintz argues for tax overhaul

Financial advisors may have added flexibility in arranging some of their clients’ registered and non-registered investment products and their clients may retain more of their savings if Jack Mintz can sell some of his proposals to the Conservative government. In a presentation clearly designed to influence the upcoming federal budget, the Executive Director and Palmer […]

By Al Emid |March 9, 2011

3 min read

Tax News

RCA tax fundamentals

The 50% tax bracket is back. In case you missed it, Nova Scotia residents will be subject to a 50% tax rate on income over $150,000 when they file their returns for 2010. And if recent tax platform reversals in British Columbia and New Brunswick indicate the broader political mood, there could be company coming to that 50-plus party.

March 4, 2011

4 min read

Industry

Colossal RRSP room left untouched

As a potent savings tool, the Registered Retirement Savings Plan (RRSP) remains woefully underutilized for yet another year. A recent survey by BMO Financial Group revealed only 39% Canadians made an RRSP contribution, well below 50% as had been predicted by an earlier survey by the bank. “We are quite surprised that the number of […]

By Vikram Barhat |March 4, 2011

2 min read

Home Buyers’ Plan troubles

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.

4 min read

Charitable giving, flow-through shares strategies

March is flow-through share season: the time of year when Canadian resource and exploration companies are most likely to be out raising funds. Charitable-giving strategies using flow-through shares are relatively well known, but strategies using a corporate client’s capital dividend account, or CDA, are underutilized.

By Mike George |March 1, 2011

4 min read

Inflated asset values can cause tax time issues

“The very term ‘Arabian horses’ takes me back to the early 1960s, watching in awe as Lawrence gallantly galloped across the Arabian sands on a sinewy strong stallion. The power, the grace, the beauty — it was unforgettable.” – Honourable Justice Campbell J. Miller (Teelucksingh v. the Queen)

March 1, 2011

3 min read

Canadians raiding their RRSPs: BMO

After months of being lectured on their debt accumulation habits, Canadians have apparently taken up another bad habit, in part to combat the first: raiding their retirement plans. According to a survey conducted by Leger Marketing for BMO Financial, roughly 40% of Canadians with an RRSP admit they have made withdrawals from their plan before […]

By Steven Lamb |February 28, 2011

2 min read

Charity fraud concerns abound

An Angus Reid survey commissioned by Capital One and CanadaHelps shows 65% of Canadians are worried about fraudulent charities, a 14% jump from the results of a 2009 survey. This skepticism, combined with the difficulty of recovering donations made to fraudulent charities, led 53% of respondents to say they are less likely to give to […]

3 min read