Tax Strategies

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Tax News

TFSAs will be potent tax-saving vehicles

Based on the evidence so far, we might conclude the Tax Free Savings Accounts (TFSAs) have had a rather lukewarm debut. In the six months since their January 1, 2009 introduction, Canadians opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. Clients did catch on though: By the end […]

By Michelle Munro |November 1, 2009

8 min read

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Tax News

Help entrepreneurs create tax plans

If you work with high net worth clients, chances are a high percentage of them are business owners. The tax needs of this group, which makes up a large percentage of the higher net worth clients being served by Canadian advisors, are unique; especially when it comes to passing the business to new hands. Succession […]

By Jamie Golombek |November 1, 2009

9 min read

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Tax News

Life insurance commissions are taxable

In a decision sure to rock the insurance advisory world, the Tax Court of Canada has ruled that, notwithstanding the longstanding published administrative position of the Canada Revenue Agency, insurance commissions on the sale of two policies on the advisor’s own life were fully taxable. The case (Bilodeau v. the Queen, 2009 TCC 315) involved […]

By Jamie Golombek |October 1, 2009

4 min read

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Tax News

Educate yourself on avoiding taxes

Kids heading off to college or university can be a big transition for both parents and children. Let’s not forget that it is also a time to be practical. As I reminded my neighbours as they helped their son pack for his first year of university, all those receipts for moving expenses should be held […]

By Michelle Munro |October 1, 2009

7 min read