Tax News

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Keep taxes down by incorporating

There are myriad ways for advisors to keep their clients' taxes low, but if your clients are professionals, you might want to think about having them incorporate.

By Bryan Borzykowski |November 16, 2007

3 min read

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Feds promise to help disabled

(October 2007) Families who care for disabled relatives frequently find themselves hard-pressed to come up with funding, but the upcoming registered disability savings plan may offer relief. The RDSP, expected to debut next year, will be open to anyone who qualifies for the Disability Tax Credit. That potentially covers some 742,000 Canadians, according to Statistics […]

By Romana King |October 23, 2007

5 min read

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Disjointed rights part three: The Supreme Court decision

(February 2008) In May of last year, the Supreme Court of Canada released its two seminal decisions on joint accounts, upholding what at first seem to be seemingly contradictory results in each of the lower courts’ rulings. The cases in question were Pecore v. Pecore and Madsen Estate v. Saylor. While the cases are discussed […]

July 23, 2007

4 min read

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Asset allocation gets more diverse

In an attempt to stay relevant in increasingly complex financial markets, more and more investment managers are thinking outside of the asset allocation box. Janet Rabovsky, senior consultant of Watson Wyatt Worldwide, says she’s starting to see a blurring of asset classes. “Private equity managers are getting involved in real estate, hedge funds have put […]

By Bryan Borzykowski |June 12, 2007

4 min read

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Keeping the cottage in the family

(June 2007) Cottages are synonymous with family get-togethers, but without the proper planning, it’s the real estate agent who could be showing it off next summer. To prevent a client’s cottage from falling out of the family’s hands, it’s important to figure out who’s going to pay the capital gains tax once the cottage-owner passes […]

By Bryan Borzykowski |June 8, 2007

5 min read

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Planned giving offers plenty of options

(May 2007) With so many charitable giving options available, there’s a good chance your client is clueless as to how to best donate their assets. So don’t just say “sure” when one suggests giving stocks; let your client know about all the choices. Of course, it might be hard to convince a client that there […]

By Bryan Borzykowski |May 29, 2007

5 min read

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Biased income splits

(April 2007) One of the most significant tax changes for 2007 was the announcement last fall by the Conservatives to permit pension income splitting. The rules governing the type of income that can be split mirror the rules for definition of “pension income” in the Income Tax Act and, as currently drafted, tend to discriminate […]

April 4, 2007

3 min read

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Gimme Shelter

(February 2007) Just over a year after the release of the Federal Court of Appeal’s now-infamous trio of decisions involving donation tax shelters, Nash, Tolley and Quinn (see Advisor’s Edge Report, “Gift Low No-No,” December 2005), the Canada Revenue Agency has attacked and won yet another case (McPherson v The Queen, 2006 TCC 648) involving […]

February 16, 2007

3 min read

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Gimme Shelter

(February 2007) Just over a year after the release of the Federal Court of Appeal’s now-infamous trio of decisions involving donation tax shelters, Nash, Tolley and Quinn, the Canada Revenue Agency has attacked and won yet another case (McPherson v The Queen, 2006 TCC 648) involving a donation scheme with a 75% “kickback” feature. Grant […]

February 1, 2007

3 min read

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Prompt payment penalty

(January 2007) Can the Canada Revenue Agency’s discretion be held to task if it’s not exercised reasonably? That was the subject in a case (McNaught Pontiac Buick Cadillac Ltd. v. Canada, 2006 FC 1296) decided in October when a taxpayer asked for a judicial review of the CRA’s decision to deny his fairness request for […]

January 3, 2007

3 min read

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