Tax News

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Pop Quiz!

Test your knowledge on income sources for your retiring clients. Q: Can CPP benefits commence early (before age 65) if you are over age 60 and earning $50,000 per year in fulltime employment? A: Yes, as long as the client is at least age 60 and has at least two consecutive months where employment income […]

By Staff |March 17, 2006

2 min read

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Over the limit: Withdrawing RRSP over-contributions

(February 2006) With the 2006 RRSP season soon drawing to a close, it’s inevitable that one or two of your clients may have inadvertently got themselves into an RRSP over-contribution situation. The most common source of over-contributions arises from clients who have a group RRSP program in which their employer makes contributions on your clients’ […]

February 24, 2006

3 min read

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Report everything

(February 2006) At the end of the month, your clients will begin receiving their year-end statements. If they disposed of securities in 2005 they will also receive either a Canada Revenue Agency T5008 slip, known as a Statement of Securities Transactions or a customized statement from their dealer, broker or fund company detailing a list […]

February 2, 2006

4 min read

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Spousal support: Financing togetherness

(January 2006) A spousal or common-law partner RRSP (hereafter referred to simply as a spousal RRSP) is one of the few explicitly legislated ways to income split between spouses or common-law partners. The primary benefit of a spousal RRSP is that funds withdrawn can be taxed in the hands of the annuitant spouse instead of […]

January 5, 2006

6 min read

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Advanced solutions for charitable giving: Trusts, annuities and beyond

(December 2005) The holiday season is a time when many of your clients will be considering how they can give back to their communities, and will look to you for advice on how they can make contributions to the causes closest to their hearts, without breaking the bank. In the first two installments of this […]

By Dave Ablett |December 16, 2005

4 min read

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Using life insurance for charitable giving

(December 2005) Many of your clients may not be aware of the opportunity to make charitable donations through new or existing life insurance policies. Beyond providing significant financial support to the recipient, a gift of insurance provides an advantage in tax and estate planning since the donation may be structured in such a way as […]

By Dave Ablett |December 2, 2005

4 min read

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Creditor protection: Barring entry

(December 2005) Creditor protection may soon be coming to an RRSP near you. This is great news for small business owners or professionals, such as doctors and lawyers, because when it comes to estate planning, these clients often cite the issue of creditor protection as their biggest concern. While insurance products in most provinces already […]

December 1, 2005

6 min read

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Beyond cash: Considering alternative avenues for charitable contributions

(November 2005) According to Statistics Canada, 5.8 million Canadians made charitable contributions in 2004 to the tune of $6.9 billion, a 6.3% increase from 2003. These donations help to support in excess of 80,000 registered charities in this country, which include charitable organizations, churches, hospitals, medical research foundations and museums. Registered charities provide vital services […]

By Dave Ablett |November 21, 2005

4 min read

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CRA rules on group RRSP settlements

(October 2005) Advisors are no doubt familiar with the ever-looming threat of being hit with a lawsuit from a disgruntled investor who experiences losses in his or her investment account and then proceeds to sue his or her advisor for “inappropriate investing.” A recent Canada Revenue Agency Advance Income Tax Ruling (2005-0118591R3) released last month […]

October 26, 2005

3 min read

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Estate failure remarkably common

Have you helped the client write a formal estate planning goals or charitable values statement? An effective estate plan starts with a formal declaration of what the client is trying to accomplish. This document can function as a “road map” in the case of client disputes, and can help get a procrastinating client back on […]

By Thane Stenner |October 26, 2005

3 min read

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