Tax

Decorative pattern

Estate Planning

High-net-worth clients should draft dual wills

When a person dies leaving a will in Ontario, it isn’t uncommon for the executor of the estate to apply for a certificate of appointment of estate trustee with a will, a legal process where courts confirm the validity of the deceased’s will, and the executor’s authority to act on behalf of the estate. An […]

By Akua Carmichael |October 1, 2009

4 min read

Decorative pattern

Warn clients about worldwide income tax issues

Canada’s revenue agency met with officials at Switzerland’s largest bank, UBS, in an effort to obtain more information on Canadian clients who may not be reporting foreign investment information to the Canadian tax authorities. The visit followed on the heels of the IRS success in forcing UBS to provide account- holder detail for thousands of […]

By Gena Katz |October 1, 2009

3 min read

Decorative pattern

Help laid-off clients save on tax

For the first eight months of 2009, more than 300,000 Canadians received a pink slip. And some who lost their jobs also had to deal with large sums in severance, and the uncertainty of what to do with it. Bruce Cumming, president of Cumming & Cumming Wealth Management in Oakville, Ont., confirms he saw a […]

By Rayann Huang |October 1, 2009

7 min read

Decorative pattern

Cutting U.S. tax ties isn’t easy

Saying goodbye to Uncle Sam and his taxman can be harder than you think. Many U.S. citizens, dual citizens and long-term permanent residents (certain green-card holders) living in Canada are surprised to discover they’re subject to U.S. income, estate and gift tax, as well as Canadian income tax. In addition to creating ongoing U.S. tax […]

By Beth Webel and Christopher Gandhu |October 1, 2009

4 min read

Decorative pattern

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

Decorative pattern

Health spending account use is rising

Since both kids had autism, Carolyn Plummer and her husband needed to drum up as much as $40,000 a year to cover treatment costs. And when they placed one of the kids in a special education class, those costs skyrocketed further. Three years ago, Plummer’s husband – an incorporated business owner – set up a […]

By Kanupriya Vashisht |October 1, 2009

7 min read

Decorative pattern

A tax-deferred solution that rivals RRSPs

Through the use of dividend-paying funds, clients engaged in a professional incorporation have a tax-deferment plan that may be more powerful than an RRSP for a select group of clients. Professional corporations for high-net-worth clients such as dentists, doctors, accountants and lawyers have become a powerful way to shelter a retirement income. Using corporate class […]

By Mark Noble |October 1, 2009

4 min read

Decorative pattern

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

Decorative pattern

Estate Planning

Bequeathing the family cottage — Part II

In last month’s column, I discussed some of the key issues involved in cottage succession planning. This month, I’ll consider four case studies that highlight how different strategies can work in different client situations. Each strategy can help minimize the financial impact of a cottage transfer, while also managing some of the emotional impact. The […]

By Michelle Munro |September 22, 2009

7 min read

Decorative pattern

Four pillars of tax-efficient investing

Tax-efficient investment solutions are likely to become more crucial in the near future. The issue for advisors is how best to achieve this. We know it’s highly important in the context of non-registered accounts, simply because these accounts are not tax-sheltered. We also know that it’s not merely a question of selecting investments that incur […]

By Michelle Munro |September 15, 2009

5 min read

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