Tax

Rethink tax strategies

Since we’re all about tax this month, I’ve polled some of my colleagues to come up with a list of common tax-related blunders they’ve seen in relation to investment advisor assistance or recommendations. Hopefully, you don’t spot any of your handiwork in this list, in which case you can use it as a reminder of […]

By Gena Katz |November 1, 2009

3 min read

Tax News

Minimizing tax helps strengthen relationships

The latest economic indicators have livened the financial sector. Job creation is up, so is retail spending. Predictions the recession is ending are starting to hold water. Investment returns are getting easier to come by. And many advisors said they actually enjoyed sending out third-quarter client statements. The numbers are up and it’s nice to […]

By Staff |November 1, 2009

2 min read

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

Tax News

Consequences of U.S. estate tax repeal

In early September, the U.S. Family Research Council (FRC) and the American Family Business Foundation released a report analyzing the effects of maintaining the estate tax on jobs, government revenues, and economic growth. Their report, “Repealing Death Tax Will Create Jobs and Boost Economy,” combined two recent analysis of the estate tax by a former […]

By Terry F. Ritchie |November 1, 2009

2 min read

U.S. estate tax laws are changing

retain a step-up in basis; and allow a deduction for state death taxes. Alternative 4 would: repeal the estate tax in 2010; retain a U.S. $1 million gift tax exemption; and institute a carryover basis regime. The main purpose of the CBO’s alternatives is to analyze the financial impact of options already proposed. These reports […]

6 min read

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 […]

9 min read

Cutting U.S. tax ties isn’t easy

Canadian and foreign pension plans; RRSPs; IRAs; qualified tuition, education and health savings accounts; and certain trust interests. The $626,000 exemption applies only to gains derived from capital property and does not reduce income inclusions resulting from treatment of special property. Tax on future gifts If Jim gives a gift to a U.S. person, the […]

4 min read

The power of appointment: Who will speak for you?

To not have a voice, to not have a say can be the most helpless feeling of all. Everyone needs to appoint someone to speak for them in case they become mentally incapable and cannot make decisions for themselves. Mental incapacity can occur at any age and often the consequences are worst for young adults […]

By Floyd Gradley |October 9, 2009

8 min read

Tiered partnerships can provide tax advantages

While corporations are the most common forms of business entities in Canada, operating partnerships with corporate partners are now becoming more prominent. Partnership structures are attractive because they can be more flexible than corporate structures. Partnerships also tend to be subject to less comprehensive legislation and regulation than corporations. In addition, it’s often easier to […]

5 min read