Tax News

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Increase Your AUM with TFSAs

Tax Free Savings Accounts present an excellent opportunity to provide financial planning advice to clients while increasing assets under management. Here are a few strategies we have been using in our practice to accomplish just that. Add a TFSA discussion to your review meeting When you manage every aspect of a client’s financial wellbeing, it’s […]

By Mathieu Paradis |January 4, 2010

3 min read

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Packing away your TFSA

Many consider the Tax-Free Savings Account (TFSA) to be the most versatile savings account available to Canadians. Not only does it provide tangible benefits such as tax-free income and withdrawals, but it is available to all adult Canadians regardless of age or income level. Unlike other tax-efficient plans that restrict contributions and/or withdrawals based on […]

By Wilmot George |January 4, 2010

4 min read

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Don’t be fooled: TFSAs will save money

Not impressed by the debut of Tax Free Savings Account (TFSA)? You aren’t alone. In the first six months following their January 1, 2009 introduction, Canadians had opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. By the end of June, total assets in the accounts stood at $12.4 […]

By Michelle Munro |January 4, 2010

8 min read

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Happy Birthday, TFSA

It has been one year since the Tax Free Saving Account (TFSA) came into being. Its flexible structure had it pegged as the biggest investment opportunity since the now ubiquitous RRSP. With the potential to become one of the most important savings vehicles available to Canadians, the TFSA could be the right plan at the […]

By Staff |January 4, 2010

5 min read

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TFSA strategies

January 2009 saw the launch of the Tax Free Savings Account (TFSA). From an advisor’s point of view, the small initial contribution room mean TFSAs are more of a make work project. But as contribution room grows each year, advisors who incorporate TFSAs into their planning strategies will save clients a significant amount of money […]

By Mathieu Paradis |January 4, 2010

5 min read

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Claiming charity contributions

If your clients are generous givers and happened write a cheque or donate in cash or kind to their favourite cause or charity in 2009, make sure you remind them to save the receipts as you could help them reduce income taxes when you file their tax returns. Here are some strategies that make both […]

By Ann Galvin |January 1, 2010

3 min read

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Taxing Canadian dividends

With the turn of the calendar this New Year’s Day, we flipped the page to the next chapter in the ongoing evolution of Canadian dividend taxation. We witnessed the low-water mark in 2009 for eligible dividend taxation across the country. Come April, top tax bracket residents in five provinces will pay less tax on dividends […]

January 1, 2010

3 min read

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HRTC explained

Last month I had the exterior of my home painted and took care of some much needed landscaping. But this time around, no more barefoot shoemaker; I’m following my own advice and taking advantage of a tax incentive – The Home Renovation Tax Credit (HRTC). You too must remind your homeowner clients the home improvements […]

By Gena Katz |January 1, 2010

3 min read

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Organizing endowments is tricky

Endowments aren’t usually the first thing that come to advisors’ minds when they think about strategies for their clients. But the fact of matter is, the clients you want – the affluent most likely have some philanthropic goals, and helping achieve them will only enhance your practice. Structuring and managing an endowment was the central […]

By Mark Noble |January 1, 2010

9 min read

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Improving probate planning

A very useful tool for a trustee to tax-manage a trust, whether inter vivos or testamentary, is to employ elections for allocating tax liability on income. Subject to the trust terms and the Income Tax Act, income may be retained in the trust or paid out to a beneficiary, with associated taxes either paid by […]

January 1, 2010

1 min read

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