Tax News

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Tax strategies in a down market

Given the market conditions over the past few months, there’s a good chance that many of your clients are faced with investment losses in their portfolios. The psychological fallout of the whipsawing markets has continued to drive down the value of both good and bad stocks, so just about everyone is facing sizable losses in […]

By Sandy Cardy |December 17, 2008

5 min read

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Reporting gains

Most clients generally understand that they must report all their investment income annually on their tax returns. But clients are also responsible for tracking and reporting their capital gains on the disposition of their investments, despite the fact that very often they don’t receive a formal T5008 Slip (“Statement of Securities Transactions”) since the Canada […]

December 12, 2008

3 min read

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Pricey paradise

Canada’s retirees often seek the Epicurean delights of the West Coast—a rather pricey paradise. But are the expectations of pleasure- seeking boomers and their savings really in sync? Pension and retirement portfolios need to deliver the goods for clients seeking the ultimate retirement lifestyle, and ultimately careful planning and tax efficiency are the deciding factors. […]

By Evelyn Jacks & Doug Nelson |December 12, 2008

6 min read

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TFSA vs. RRSP: How should your client save?

Come January, one of the biggest questions facing financial planners will be “where should your clients put their money — into TFSAs or RRSPs?” There are obvious and not-so-obvious similarities and differences between the two, and this column will evaluate the comparative advantages and disadvantages of TFSAs as well as show how they can be […]

By Michelle Munro |December 8, 2008

5 min read

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RRSP justice

With the start of RRSP season just a couple of weeks away, advisors should pay close attention to the RRSP contribution limits, lest clients get reassessed by the Canada Revenue Agency on RRSP overcontributions. A case decided this past fall (Kerr v AGC, 2008 FC 1073) illustrates just such a scenario. Lindsay Kerr was advised […]

December 1, 2008

3 min read

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Choose to lose

The current investment landscape is painted red with significant accrued losses just waiting to be realized. You can help your clients make the most of these losses in difficult times by offering them some tips about tax-loss selling. To benefit from capital losses, there must be capital gains against which to apply them. If capital […]

By Gena Katz |December 1, 2008

3 min read

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Dying for savings

Astute advisors often promote planning that can help minimize taxes at the time of death. But there are a number of filing and election strategies, even for the unprepared clients, that can result in considerable tax savings to their estates. For advisors assisting clients who have recently suffered a death in the family, here are […]

By Gena Katz |December 1, 2008

3 min read

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Estate Planning

Case study: How to use TFSAs for different client types

They say bad news travels fast, and this has undeniably been the case in the markets of late. I’ve been dismayed to see my equity-weighted RRSPs shrink in recent weeks, and it’s likely most of your clients have witnessed this happening to their accounts too. While that might make your clients nervous, remember that what […]

November 21, 2008

8 min read

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Estate Planning

Up to speed: An overview of tax changes in 2008

charitable donations; alimony payments; Need a little tax tutorial before plunging into another RRSP season? Bring yourself up to speed on this year’s tax changes with this succinct overview. 2008 tax brackets and personal tax credits 2008 saw a continuation of full inflation indexing of the federal tax brackets. The updated brackets are as follows: […]

November 21, 2008

5 min read

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Tax update: Market mayhem, loss planning and other opportunities

From a tax planning point of view, there has been an extraordinary amount of change introduced and implemented that will affect client assets. Markets, too, are wreaking havoc on portfolios — havoc that needs to be managed and accounted for, in some cases before December 31. There are tax break “gifts” you could manage for […]

By Kate McCaffery |November 20, 2008

6 min read

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