Tax Strategies

Decorative pattern

Liquidating life insurance

Life insurance is often an important tool for funding a liquidity event, such as the death of a business owner, as the proceeds can be used to immediately pay off creditors and provide often much-needed cash flow in a time of business uncertainty. Business owners who operate their business through a corporation often choose to […]

By Jamie Golombek |February 17, 2010

3 min read

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A place in the sun

Canadians love Florida, especially its real estate. According to the U.S. National Association of Realtors, Canadians were the largest single group of foreign residential property buyers last year, accounting for 26% of all nonresident purchases. That’s not surprising when there is a sub-prime lending crisis, house prices remain 40% to 50% below peak levels in […]

By Michelle Munro |February 16, 2010

6 min read

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Helping first-time home buyers

Under the federal Home Buyers’ Plan (HBP) a first-time home buyer can withdraw up to $25,000 from his or her RRSP to help fund the purchase of a first home. One of the conditions is that the individual who withdraws the funds must intend to occupy the home as a principal residence no later than […]

By Jamie Golombek |February 1, 2010

3 min read

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Packing away your TFSA

Many consider the Tax-Free Savings Account (TFSA) to be the most versatile savings account available to Canadians. Not only does it provide tangible benefits such as tax-free income and withdrawals, but it is available to all adult Canadians regardless of age or income level. Unlike other tax-efficient plans that restrict contributions and/or withdrawals based on […]

By Wilmot George |January 4, 2010

4 min read

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Don’t be fooled: TFSAs will save money

Not impressed by the debut of Tax Free Savings Account (TFSA)? You aren’t alone. In the first six months following their January 1, 2009 introduction, Canadians had opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. By the end of June, total assets in the accounts stood at $12.4 […]

By Michelle Munro |January 4, 2010

8 min read

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HRTC deadline looming

Since the introduction of the federal Home Renovation Tax Credit (HRTC) announced in the January 2009 federal budget, Canadians have been scurrying to renovate outdated bathrooms, leaky roofs, antiquated furnaces and yards in need of landscaping. Now, with the February 1st deadline looming, your clients will need to get their renovation projects completed in order […]

By Frank Di Pietro |December 30, 2009

6 min read

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Be prepared: Year-end tax tips

For all of us, December is just about the busiest month of the year. For your high-net worth clients there are also tax issues that should be dealt with despite the seasonal distractions. As an advisor, you are uniquely positioned to help clients minimize their 2009 tax bills. The following are some of the key […]

By Michelle Munro |December 14, 2009

6 min read

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Know the rules for expense write offs

The ability to deduct myriad business expenses is one of the biggest tax advantages of being a self-employed financial advisor as opposed to being an employee. That being said, there are still limits to what an advisor can legitimately deduct for tax purposes as B.C. advisor Hans Rupprecht recently learned in a Federal Court of […]

By Jamie Golombek |December 1, 2009

3 min read

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The importance of the principal residence exemption

For many Canadians, their home is their most valued asset. It is often considered the most significant purchase, and might provide the greatest return relative to risk. This return is enhanced by the fact that Canadians are not required to pay tax on increases in the value of a principal residence. The Income Tax Act […]

By Wilmot George |November 12, 2009

6 min read

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Planning and Advice

How to justify employment expenses

If you’re a self-employed advisor and hire an assistant – be it your spouse or someone at arm’s length – as long as he or she actually performs the work and is paid a reasonable salary, you should have no trouble deducting the wages you pay. The ability of an advisor who’s considered an employee […]

By Jamie Golombek |November 1, 2009

3 min read

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