Tax

Decorative pattern

TFSAs and non-registered accounts

Should clients put their money into a TFSA or a non-registered account? Although the answer may seem obvious, a discussion about why the TFSA is advantageous has its merits. In two respects, TFSAs and non-registered accounts are identical. Account holders must be 18 years or older (technically, there’s no age requirement for non-registered accounts, but […]

By Michelle Munro |January 2, 2009

4 min read

Decorative pattern

Buyout basics

Every recession brings significant job losses. If any of your clients have become unemployed recently, help them sort through the various decisions that must be made to ease both immediate and long-term financial burdens. Compensation stemming from job loss is generally salary continuance or a retiring allowance. Salary continuance (including accumulated vacation pay and pay […]

By Gena Katz |January 1, 2009

3 min read

Decorative pattern

Tuition perk

With the start of the winter semester, Canadian students returning to universities and colleges can breathe a (chilly) sigh of relief: last month, the Federal Court of Appeal upheld a lower court decision dealing with the non-taxability of scholarships awarded to students from their parents’ employer. To better understand the case (The Queen v Bartley […]

January 1, 2009

3 min read

Decorative pattern

Tax strategies in a down market

Given the market conditions over the past few months, there’s a good chance that many of your clients are faced with investment losses in their portfolios. The psychological fallout of the whipsawing markets has continued to drive down the value of both good and bad stocks, so just about everyone is facing sizable losses in […]

By Sandy Cardy |December 17, 2008

5 min read

Decorative pattern

Reporting gains

Most clients generally understand that they must report all their investment income annually on their tax returns. But clients are also responsible for tracking and reporting their capital gains on the disposition of their investments, despite the fact that very often they don’t receive a formal T5008 Slip (“Statement of Securities Transactions”) since the Canada […]

December 12, 2008

3 min read

Decorative pattern

Pricey paradise

Canada’s retirees often seek the Epicurean delights of the West Coast—a rather pricey paradise. But are the expectations of pleasure- seeking boomers and their savings really in sync? Pension and retirement portfolios need to deliver the goods for clients seeking the ultimate retirement lifestyle, and ultimately careful planning and tax efficiency are the deciding factors. […]

By Evelyn Jacks & Doug Nelson |December 12, 2008

6 min read

Decorative pattern

TFSA vs. RRSP: How should your client save?

Come January, one of the biggest questions facing financial planners will be “where should your clients put their money — into TFSAs or RRSPs?” There are obvious and not-so-obvious similarities and differences between the two, and this column will evaluate the comparative advantages and disadvantages of TFSAs as well as show how they can be […]

By Michelle Munro |December 8, 2008

5 min read

Decorative pattern

RRSP justice

With the start of RRSP season just a couple of weeks away, advisors should pay close attention to the RRSP contribution limits, lest clients get reassessed by the Canada Revenue Agency on RRSP overcontributions. A case decided this past fall (Kerr v AGC, 2008 FC 1073) illustrates just such a scenario. Lindsay Kerr was advised […]

December 1, 2008

3 min read

Decorative pattern

Choose to lose

The current investment landscape is painted red with significant accrued losses just waiting to be realized. You can help your clients make the most of these losses in difficult times by offering them some tips about tax-loss selling. To benefit from capital losses, there must be capital gains against which to apply them. If capital […]

By Gena Katz |December 1, 2008

3 min read

Decorative pattern

Dying for savings

Astute advisors often promote planning that can help minimize taxes at the time of death. But there are a number of filing and election strategies, even for the unprepared clients, that can result in considerable tax savings to their estates. For advisors assisting clients who have recently suffered a death in the family, here are […]

By Gena Katz |December 1, 2008

3 min read

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