Tax

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Happy Birthday, TFSA

It has been one year since the Tax Free Saving Account (TFSA) came into being. Its flexible structure had it pegged as the biggest investment opportunity since the now ubiquitous RRSP. With the potential to become one of the most important savings vehicles available to Canadians, the TFSA could be the right plan at the […]

By Staff |January 4, 2010

5 min read

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TFSA strategies

January 2009 saw the launch of the Tax Free Savings Account (TFSA). From an advisor’s point of view, the small initial contribution room mean TFSAs are more of a make work project. But as contribution room grows each year, advisors who incorporate TFSAs into their planning strategies will save clients a significant amount of money […]

By Mathieu Paradis |January 4, 2010

5 min read

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Claiming charity contributions

If your clients are generous givers and happened write a cheque or donate in cash or kind to their favourite cause or charity in 2009, make sure you remind them to save the receipts as you could help them reduce income taxes when you file their tax returns. Here are some strategies that make both […]

By Ann Galvin |January 1, 2010

3 min read

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Taxing Canadian dividends

With the turn of the calendar this New Year’s Day, we flipped the page to the next chapter in the ongoing evolution of Canadian dividend taxation. We witnessed the low-water mark in 2009 for eligible dividend taxation across the country. Come April, top tax bracket residents in five provinces will pay less tax on dividends […]

January 1, 2010

3 min read

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HRTC explained

Last month I had the exterior of my home painted and took care of some much needed landscaping. But this time around, no more barefoot shoemaker; I’m following my own advice and taking advantage of a tax incentive – The Home Renovation Tax Credit (HRTC). You too must remind your homeowner clients the home improvements […]

By Gena Katz |January 1, 2010

3 min read

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Organizing endowments is tricky

Endowments aren’t usually the first thing that come to advisors’ minds when they think about strategies for their clients. But the fact of matter is, the clients you want – the affluent most likely have some philanthropic goals, and helping achieve them will only enhance your practice. Structuring and managing an endowment was the central […]

By Mark Noble |January 1, 2010

9 min read

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Improving probate planning

A very useful tool for a trustee to tax-manage a trust, whether inter vivos or testamentary, is to employ elections for allocating tax liability on income. Subject to the trust terms and the Income Tax Act, income may be retained in the trust or paid out to a beneficiary, with associated taxes either paid by […]

January 1, 2010

1 min read

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The beauty of ETFs

Exchange-traded funds (ETFs) are less expensive than mutual funds by a wide margin. Embedded mutual fund distribution costs – paid to financial advisors for selling them – are most of the difference. Claymore is the only ETF sponsor in Canada paying advisors from a separate ETF series that is 0.50% to 0.75% more expensive. While […]

January 1, 2010

3 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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Year in Review – Tax Tips for 2009

15% on the first $40,726 of taxable income 22% on the next $40,726 of taxable income (on the portion of taxable income between $40,726 and $81,452) 26% on the next $44,812 of taxable income (on the portion of taxable income between $81,452 and $126,264) 29% of taxable income over $126,264 These rates are federal only, […]

December 30, 2009

4 min read

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