Tax

Tax News

Plan confusion: RESP, RDSP, RRSP or TFSA?

With so many plans to choose from, how do we best advise our clients on the optimal tax-preferred savings strategy?

February 10, 2011

3 min read

Industry

Tackling tax-efficient investing

While tax-advantaged vehicles such as RRSPs and tax-free savings accounts are a sure bet for most investors, they are limited by the investor’s contribution room. Once that has been exhausted, investing in taxable accounts is the next step. However, at that point, the tax impact of making such a move must be investigated.

By André Fok Kam |February 9, 2011

7 min read

Tax News

Receipts, records at tax time

We’re about to enter tax season. Not only will clients be calling with tax return preparation questions, but now is also a good time to get a head start on your own tax return by gathering documentation, slips and other records needed to substantiate your own business expenses. A recent tax case (St-Onge v The […]

By Jamie Golombek |February 8, 2011

4 min read

Tax News

Estate planning for blended families

Blended families are increasingly common and as an advisor you’ll likely have clients with children from one or more prior relationships. In most blended family situations, each partner wants to ensure that when they die, their children, as well as their new love, will be treated fairly and will receive as much financial support as possible.

By Floyd Gradley |February 4, 2011

9 min read

The case for spousal RRSPs

It’s RRSP season. Inevitably, clients who have waited until this final month to make 2010 contributions will ask lots of questions. Beyond “Should I make a contribution at all?” and “What should I invest in?” there is, “Should I contribute to a spousal RRSP?”

By Gena Katz |February 2, 2011

3 min read

TFSAs: Who has them and why

Recent RBC survey data shows how many Canadians have TFSAs, and what they’re doing with them. Looking at the Canadian public as a whole, an overwhelming majority—77%—have heard about TFSAs, but less than half of this group has actually opened one. About 20% have withdrawn money from their TFSAs—most often to cover an emergency. Younger […]

By Staff |February 1, 2011

1 min read

Beware those missing tax slips

Tax slips — whether T4s for employment income, T3s for trust distributions or T5s for investment income — are the CRA’s way of ensuring taxpayers don’t forget to report all their income under Canada’s self-assessment tax system.

3 min read

BMO offers guaranteed retirement income product

BMO has announced the launch of a new guaranteed income product aimed at clients aged 55 and up. The BMO Lifetime Cash Flow product bank deposit backed by BMO and is fully protected against market volatility. The initial deposit (minimum $5,000) provides exposure to a portfolio of BMO Mutual Funds which is rebalanced annually to […]

By Staff |January 18, 2011

1 min read

Knowledge still weak on TFSA

Here’s the deal, you can stash away up to $5,000 per year, invest in any of the most popular and accessible vehicles and your returns are tax free. Sounds good, right? But more than half of Canadians have not taken advantage of the TFSA, according to a survey commissioned by ING DIRECT. Even among those […]

By Steven Lamb |January 5, 2011

2 min read