Tax News

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Think leveraged investing in down markets

Given the market setbacks of recent months and the gloomy economic news that still dominates the headlines, it is not surprising that many investors simply want to sit on the sidelines for the time being. But many of your clients might be better advised to try to recapture the mood and the method that prevailed […]

By Michelle Munro |February 10, 2009

7 min read

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Buried tax benefits of Budget 2009

The idea of Budget 2009 is to get more cash in Canadians’ hands, cash that, hopefully, they will be predisposed to spend, thereby stimulating the economy. Encouragement for investors is much more subtle, but it is there. If you dig deeper into the budget, you will find other measures that could have a positive impact […]

February 9, 2009

4 min read

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Interpreting law

Chief Justice Gerald J. Rip of the Tax Court of Canada invoked Ralph Waldo Emerson when summing up a case he decided last month (Leola Purdy, Sons Ltd. v The Queen, 2009 TCC 21) – “A foolish consistency is the hobgoblin of little minds.” The dispute, which began as a classic question of income vs. […]

February 2, 2009

3 min read

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Stock options in volatile times

If some of your clients have stock options as part of their employment package, they should be aware of how these options are taxed, and the risks associated with this type of compensation. While there are no tax consequences when stock options are granted, a taxable benefit is triggered at the time the options are […]

By Sandy Cardy |February 2, 2009

6 min read

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Termination options

Last month’s column outlined various decisions surrounding termination payments. So let’s look at related considerations for your clients, including replacing benefits and what to do with pension plans and remaining stock options. The cessation of health insurance benefits with job loss could be particularly problematic if the terminated employee has a family and no access […]

By Gena Katz |February 1, 2009

3 min read

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Tax brackets, figures and details for your practice (the 2009 edition)

It’s that time of year again — step right up and get your downloadable tax bracket, personal amount and federal tax credit information here. Personal income tax amounts are indexed to inflation, using Consumer Price Index data reported by Statistics Canada. This year, changes reflect index increases of 2.5% for 2009. [Click here to download […]

By Staff |January 7, 2009

3 min read

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Supreme Court Lipson decision due out tomorrow

On Thursday morning the Supreme Court of Canada will release its long-awaited and much anticipated decision in Jordan B. Lipson, Earl Lipson v. The Queen. Jamie Golombek, now managing director of tax and estate planning at CIBC Private Wealth Management, has been covering this issue for the Advisor Group since the Tax Court of Canada […]

By Kate McCaffery |January 7, 2009

2 min read

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TFSAs and non-registered accounts

Should clients put their money into a TFSA or a non-registered account? Although the answer may seem obvious, a discussion about why the TFSA is advantageous has its merits. In two respects, TFSAs and non-registered accounts are identical. Account holders must be 18 years or older (technically, there’s no age requirement for non-registered accounts, but […]

By Michelle Munro |January 2, 2009

4 min read

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Buyout basics

Every recession brings significant job losses. If any of your clients have become unemployed recently, help them sort through the various decisions that must be made to ease both immediate and long-term financial burdens. Compensation stemming from job loss is generally salary continuance or a retiring allowance. Salary continuance (including accumulated vacation pay and pay […]

By Gena Katz |January 1, 2009

3 min read

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Tuition perk

With the start of the winter semester, Canadian students returning to universities and colleges can breathe a (chilly) sigh of relief: last month, the Federal Court of Appeal upheld a lower court decision dealing with the non-taxability of scholarships awarded to students from their parents’ employer. To better understand the case (The Queen v Bartley […]

January 1, 2009

3 min read

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