Tax News

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Children’s Activity tax credit, a break for parents

Hockey season has started, and for now, my wife and I are still just observers. But with three boys under the age of six, future fall seasons promise to be much more hectic — and costly!

November 1, 2010

3 min read

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Funding Boomer retirements

Life goes by so fast. Believe it or not but the oldest of the Baby Boomers are set to turn 65 in 2011. This will trigger the beginning of a rising wave of retirements that will peak within the next two decades. This global trend towards retirement is even more significant in Canada where the […]

By Wilmot George |October 27, 2010

6 min read

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Immigrating can be taxing

There are a variety of income tax consequences associated with immigration to Canada. But with a little planning, tax savings can be had, both currently and in the future. On becoming a resident of Canada, an individual is deemed to have disposed and reacquired most capital property owned immediately prior to establishing residence for proceeds […]

By Gena Katz |October 8, 2010

3 min read

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An RESP strategy that works

In my last column, I wrote about the extraordinary unused potential of registered education savings programs (RESPs). I also discussed in general terms the importance of helping clients take advantage of federal and provincial grants and incentives to maximize tax sheltered savings for their children’s or grandchildren’s higher education. RESPs should appeal greatly to investors, […]

By Michelle Munro |October 1, 2010

5 min read

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A late T1135 can be costly

A full seven more cases have landed in Federal Court concerning the late filing of the much-maligned Form T1135 – the Foreign Income Verification Statement. I first wrote about this topic this past spring (“Don’t be late!”Advisor’s Edge Report, April 2010), but since then, taxpayers continue to get hit with severe penalties for not filing […]

By Jamie Golombek |October 1, 2010

5 min read

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A late T1135 can be costly

A full seven more cases have landed in Federal Court concerning the late filing of the much-maligned Form T1135 – the Foreign Income Verification Statement. I first wrote about this topic this past spring (“Pushing the tax deadline” Advisor’s Edge Report, April 2010), but since then, taxpayers continue to get hit with severe penalties for […]

October 1, 2010

5 min read

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Taxation of foreign investments

Editor’s note, Sept. 2018: This article was written in 2010 and many of the specifics may be outdated. This article, from 2017, is more updated. The strong loonie has many Canadians shopping for foreign investment opportunities. But Canadian residents are required to pay tax on their worldwide income. That is, income earned by a resident […]

By Michael Callahan |October 1, 2010

4 min read

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Estate freeze can enhance succession, planning

A successful entrepreneur usually encounters many difficult decisions when preparing his or her succession and estate plan. One of those decisions is whether to implement an estate freeze. Let’s look in on Michelle , our case study, as she struggles with that question while developing her succession and estate plan. Michelle is 58 years old. […]

By Floyd Gradley |September 24, 2010

9 min read

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CRA goes after dodgy donors

Time is fast running out for the patrons of “gifting tax shelters” making questionable charitable donations in the hope of making a fast buck. The Canada Revenue Agency (CRA) is tightening the noose around those who are using questionable tax shelter programmes to claim phoney charitable donations. Such schemes typically give the donor a tax […]

By Vikram Barhat |September 16, 2010

3 min read

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The cost of not getting an education

Most people desire to see their children become well educated, and given the burden of financing post-secondary learning, it’s no wonder education planning and savings has become a staple of the financial planning and investment industry. Of course, the most popular method to save for education is the Registered Education Savings Plan (RESP). The benefits […]

By Jason M. Pereira |September 16, 2010

6 min read

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