Tax

Decorative pattern

Hidden costs of American property

An American vacation home appears to have a double advantage for Canadians: both as an investment and as a chance to escape to sunnier climates during the winter.

By Thomas G. Dolan |April 1, 2011

9 min read

Decorative pattern

Ecological gifts receive superior tax treatment

Environment Canada seems an unlikely partner in saving taxes, but its Ecological Gifts Program can do just that. With the help of the program, Don and Heather Elliott have conserved a rare seven-hectare woodlot northeast of Barrie, Ontario into perpetuity. “Don wanted to protect a small corner of the world to ensure future generations could experience the same joy he had as a child while playing in the woodlot,” explains Heather.

By Natasha van Bentum |April 1, 2011

4 min read

Decorative pattern

International income isn’t always tax-free

It’s common these days for nearly every financial advisor to have at least one client with a foreign connection. That could mean a client with a foreign parent living overseas or a child living in the United States. It could also be a client who has previously lived in Europe and then immigrated to Canada, but still has financial ties with the foreign jurisdiction.

By Jamie Golombek |April 1, 2011

3 min read

Decorative pattern

Better family inheritance planning

As an advisor, you may run into situations with your clients wherein their estate plans may be challenged by beneficiaries who feel they were not awarded their "fair" share of inheritance. The increased complexity of today’s society (blended families, individual financial arrangements, etc) requires well-documented estate plans.

By Carol Bezaire |March 21, 2011

4 min read

Decorative pattern

Helping HNW clients at tax time

“Courteous reader”, Benjamin Franklin wrote in his 1758 book, Way to Wealth, “Get what you can and what you get, hold. ‘Tis the stone that will turn all your lead into gold.” Wealthy Canadians usually have themselves well fortified against Canada Revenue Agency’s attempts to turn their gold back into lead at tax time, but […]

By Brenda Craig |March 21, 2011

4 min read

Decorative pattern

Mintz argues for tax overhaul

Financial advisors may have added flexibility in arranging some of their clients’ registered and non-registered investment products and their clients may retain more of their savings if Jack Mintz can sell some of his proposals to the Conservative government. In a presentation clearly designed to influence the upcoming federal budget, the Executive Director and Palmer […]

By Al Emid |March 9, 2011

3 min read

Decorative pattern

RCA tax fundamentals

The 50% tax bracket is back. In case you missed it, Nova Scotia residents will be subject to a 50% tax rate on income over $150,000 when they file their returns for 2010. And if recent tax platform reversals in British Columbia and New Brunswick indicate the broader political mood, there could be company coming to that 50-plus party.

March 4, 2011

4 min read

Decorative pattern

Colossal RRSP room left untouched

As a potent savings tool, the Registered Retirement Savings Plan (RRSP) remains woefully underutilized for yet another year. A recent survey by BMO Financial Group revealed only 39% Canadians made an RRSP contribution, well below 50% as had been predicted by an earlier survey by the bank. “We are quite surprised that the number of […]

By Vikram Barhat |March 4, 2011

2 min read

Decorative pattern

Home Buyers’ Plan troubles

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.

By Jamie Golombek |March 2, 2011

4 min read

Decorative pattern

Protecting retiring allowance payments

A report by Generational Insight suggests that roughly 41.5% of the Canadian population consists of 'Matures' (those born between 1909 and 1946) and 'Baby Boomers' (those born between 1947 and 1966).

By Wilmot George |March 1, 2011

4 min read

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