Tax News

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2010 tax filing tips

April 30th is the deadline for your clients to file their tax returns. The following is a top ten list of tax filing tips you can review with your clients to ensure they’re paying the least amount of tax possible. 1. Home Renovations If there was a year to make home improvements, 2009 was the […]

April 20, 2010

6 min read

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Coming to terms with the HST

This past holiday season, the kids received a DVD of heritage-era cartoons, not the ones with either of the famous big-eared rodents, but instead a collection of fractured fairy tales. One in particular caught my attention – a tongue-in-cheek version of the story of the ant and the grasshopper. You’ll recall the original pitted the […]

April 13, 2010

4 min read

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Taxing foreign dividends

Canadian resident investors who hold U.S.-based (or other foreign-based) mutual funds in their non-registered accounts should pay close attention to the potentially negative tax consequences arising from the fact these funds are not considered pass-through type vehicles under Canadian law when it comes to the tax nature of their distributions. Investor Donald Ian Moyes learned […]

April 9, 2010

3 min read

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Maximizing the TFSA

In 2009 Canada finally caught up with many of the OECD (Organization for Economic Co-operation and Development) countries’ use of tax-preferred accounts to stimulate domestic savings. The U.S. introduced the Roth Individual Savings Plan (Roth IRA) in 1997 and the U.K. debuted the Individual Savings Plan (ISA) in 1998—the product that’s most similar to our […]

By Rayann Huang |April 8, 2010

6 min read

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Maximizing the TFSA

In 2009 Canada finally caught up with many of the OECD (Organization for Economic Co-operation and Development) countries’ use of tax-preferred accounts to stimulate domestic savings. The U.S. introduced the Roth Individual Savings Plan (Roth IRA) in 1997 and the U.K. debuted the Individual Savings Plan (ISA) in 1998—the product that’s most similar to our […]

By Rayann Huang |April 7, 2010

6 min read

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Home business balancing act

This Advisor.ca Special Report is sponsored by: Economic recessions, painful though they may be, are the cradles of creativity. As people lose their jobs, many will finally embark on a long-held dream of self-employment. The allure of setting their own hours and reaping the rewards of their hard work drives many to start their own […]

By Oliver Bertin |April 6, 2010

5 min read

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Tax credits: Use them or lose them

This Advisor.ca Special Report is sponsored by: Clients often wonder whether it makes sense to save up their eligible tax credits—like those for charitable donations—over several years and claim them all at once. Unless they’re not paying tax at all, the answer to that question is usually no: if they have them today, they should […]

By Kate McCaffery |April 6, 2010

2 min read

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Pushing the tax deadline

By the time you read this column, chances are both you and most of your clients have already filed their 2009 tax returns. The normal filing deadline is April 30th but if you or your spouse or common-law partner were self-employed in 2009, your returns are due on June 15. But any taxes for 2009 […]

April 1, 2010

3 min read

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Selling down South

Although many Canadians are taking advantage of low U.S. real estate pricing and the strong Canadian dollar to buy U.S. vacation properties, there are many others who have decided to sell their southern homes. It might be due to a financial need, limited use as health declines in older age or an upgrade to a […]

By Gena Katz |April 1, 2010

3 min read

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Best of 2010: Deciphering the CPP crossover

Given the importance of the Canada Pension Plan to most retirement plans, any tinkering with it must be understood. Doug Carroll explained the changes that went into effect in 2010. • • • I speak regularly at a variety of industry events, often providing a tax and estate snapshot of recent developments affecting personal wealth. […]

April 1, 2010

4 min read

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