Tax News

Decorative pattern

Last minute tax tips

(April 2008) With the country’s tax filing deadline just three weeks away, clients are likely scrambling to get their returns done. To make it easier on them, Ernst & Young has compiled its “top 12 tips” to take on taxes. The most important change for the 2007 tax season, says Gena Katz, a tax specialist […]

By Bryan Borzykowski |April 7, 2008

3 min read

Decorative pattern

Feed the plan: Talking to clients about RRSPs

(February 2008) Since their introduction in 1957, the RRSP has been the cornerstone of millions of Canadian retirement plans. For many advisors, RRSPs are integral to their book of business and it’s unlikely that will change any time soon. In fact, the buzz around retirement planning has been growing for the last few years — […]

By Staff |February 4, 2008

2 min read

Decorative pattern

Spotlight on joint accounts

There’s a good chance at least some of your clients share their bank account with a family member. A husband and wife, a father and daughter — joint accounts have been around since banking began. But just because your client and her son can both access the same cash, survivorship does not guarantee ownership. The […]

By Staff |February 1, 2008

2 min read

Decorative pattern

There’s more to joint ownership than you think

(February 2008) Older Canadians are increasingly being advised to transfer assets to their children by making them joint owners of bank or brokerage accounts. This is often bad advice. Merely adding an additional name as co-owner to an existing account is generally not enough. Advisors must take care to ensure that they have created the […]

By Arthur J. Fish and Richard E. Austin |January 31, 2008

8 min read

Decorative pattern

Disjointed rights part one: Two similar cases, two different rulings.

(February 2008) An issue which perennially rears its ugly head is the topic of joint ownership of assets, specifically “joint tenants with right of survivorship,” or JTWROS for short. Under a JTWROS account, which is available in all provinces other than Quebec, upon the death of one of the joint owners the property in the […]

January 31, 2008

5 min read

Decorative pattern

Disjointed rights part two: What’s your client’s intention?

(February 2008) In part one, we discussed the first of two Ontario Court of Appeal cases (Pecore v. Pecore, 2005 CanLII31576 [ON C.A.]) involving joint accounts that the Supreme Court of Canada heard last May. In part 2 we will be discussing Saylor v. Brooks, (2005 CanLII 39857 [ON C.A.]), which surprisingly came to a […]

January 31, 2008

4 min read

Decorative pattern

The joint tenancy trap: Joint names no longer ensure ownership

Joint ownership is nothing new. In fact, it’s as common a practice as naming beneficiaries in registered plans and life insurance. Still, in this day and age, the joint tenancy snafu can be one of the biggest traps in personal financial planning. In my practice, I get a lot of questions from financial advisors across […]

By Sandy Cardy |January 31, 2008

10 min read

Decorative pattern

Determining inheritance is a matter of timing

(December 2007) When it comes to determining entitlement to an inheritance, nothing rings more true than the old adage, timing is everything. Back in 1991, Nora Mulligan’s will stated that the three adult children from her first marriage would get whatever money she had at her death, while her husband would continue as surviving joint […]

December 24, 2007

2 min read

Decorative pattern

T-Series offers retirees tax-free distributions

(December 2007) As more boomers inch toward retirement, helping them save enough cash is becoming increasingly important. That’s why most mutual fund companies now offer a T-Series class fund — a relatively new option for people who want their distributions tax free. The T in T-Series stands for tax-advantaged, and it’s easy to see why. […]

By Bryan Borzykowski |November 27, 2007

6 min read

Decorative pattern

Income splitting requires balance

(November 2007) Canadians receiving pension payments were probably happy with the federal government’s decision to allow income splitting in the 2007 budget, but most will still require guidance, according to one tax and retirement planning specialist. “They should be aware of what kinds of income are actually eligible for the splitting,” says Dave Ablett, manager, […]

By Steven Lamb |November 21, 2007

3 min read

← Previous 1 … 206 207 208 209 210 211 Next →