Tax

The benefits of formal trusts Fallback Image Decorative pattern

Tax Strategies

The benefits of formal trusts

In many Canadian families or family-owned businesses, a simple and straightforward transfer of assets between generations is still very effective. But, as the complexities of today’s society bring issues of asset control, protection or tax reduction to the planning forefront, the use of formal trusts is increasing. Trusts are structures through which property or assets […]

By Carol Bezaire |August 15, 2008

4 min read

Offshore advantage Fallback Image Decorative pattern

Tax News

Offshore advantage

As discussed last month, in order for a former Canadian resident to establish a non-resident trust that escapes Canadian taxation, he or she must be a non-resident of Canada for at least five years before the trust is established, and for a period of at least five years before resuming residence in Canada. There may […]

By Gena Katz |August 1, 2008

4 min read

Unnamed persons Fallback Image Decorative pattern

Tax News

Unnamed persons

The Canada Revenue Agency announced last summer that it was in the process of auditing “all tax shelter gifting arrangements,” but now it will be much easier to find those donors thanks to a recent decision by the Supreme Court of Canada (SCC). Late last month, the highest court handed down its decision in a […]

August 1, 2008

3 min read

Closer look at RRSPs and TFSAs Fallback Image Decorative pattern

Tax News

Closer look at RRSPs and TFSAs

Since the presentation of the 2008 federal budget, the Tax-Free Savings Account (TFSA) has been receiving extensive coverage in the media and rave reviews from fi- nancial institutions. The perceived advantages of the TFSA are its similarities to the Registered Retirement Savings Plan (RRSP), with the opportunity for high taxadjusted investment returns and tax-advantaged savings […]

By Ashraf Al Zaman |August 1, 2008

10 min read