Tax Strategies

Withdrawal strategies

Here is a situation that could be described as a financial advisor’s dream. An advisor has been referred a well-to-do retired couple who are seeking a second opinion on their finances. Their main goal, naturally, is to generate enough income to keep them in the style to which they have become accustomed. But, they also […]

By Michelle Munro |July 29, 2010

6 min read

Tax News

Dealing with RRSP, RRIF losses

In Canada, when an individual dies, he or she is deemed to have sold their assets just before death – a sale that generally results in tax payable by the deceased’s estate. For non-registered assets such as personally held stocks, bonds, mutual funds and recreational real estate, the tax is generally based on the difference […]

By Wilmot George |June 24, 2010

6 min read

Tax Strategies

TFSA overcontributions explained

With the June 15th tax filing deadline for self-employed taxpayers (and their spouse or partner) just days behind us, your clients may be surprised to find that they now may be facing another upcoming deadline – June 30, 2010. That’s the due date for filing the brand new RC243, Tax Free Savings Account (TFSA) Return […]

By Jamie Golombek |June 18, 2010

4 min read

Life

Pitching disability coverage

Picture this: You have a client – 10 years away from retirement – who comes to you for retirement advice. You spend several hours, maybe a full day with him, going over many different retirement scenarios. At the end of this exercise, you prepare a plan that is as thick as a phone book. In […]

By Jim Otar |June 8, 2010

3 min read

Making the most of vacation homes

Here’s a know-your-clients question. How many of your clients own vacation homes? If you were to add up all the cottages, condos and time shares, you might be surprised at the extent of second home ownership. Indeed, the value of vacation homes in Canada seems to have exploded over the past decade. Statistics Canada, which […]

5 min read

The incorporated employee

One of the most litigated personal tax issues in Canada concerns whether a person who provides services to a corporation is acting in his or her capacity as an “employee” or is an “independent contractor.” Individuals often attempt, where possible, to structure their services as independent contractors, since the types of expenses that can be […]

3 min read

Estate planning for women

No one likes talking about estate planning. It’s fraught with emotion and can be uncomfortable—after all, it anticipates someone’s death. And women are traditionally even more reticent on the topic than men, preferring to leave the unpleasant details to a spouse or partner. But this is changing, fast. Estate planning is more complex than ever, […]

6 min read

Minding the home front at tax time

They say charity begins at home but this time of year it’s wise to rephrase the old saying to read “effective tax planning begins at home.” This is especially true for financial advisors who spend so much time and energy helping clients figure out deductions that they neglect their own opportunities to save on taxes. […]

5 min read

New EI rules good for some, bad for others

Beginning January 2010, self-employed individuals (including many financial advisors) can opt into the Employment Insurance (‘EI’) system, thereby qualifying for special EI benefits. Bill C-56, the “Fairness for the Self-Employed Act” received Royal Asset on December 15, 2009. This legislation allows self-employed persons to, for the first time, pay premiums on a voluntary basis – […]

3 min read

Making spousal attribution rules work for you

In an ideal world, your clients would be free to shift income between themselves and a spouse. Should there be a difference in tax rates between the spouses, this shifting of income would normally result in tax savings for the family. To prevent widespread income splitting, and presumably, to ensure a certain level of government […]

By Wilmot George |February 25, 2010

4 min read