Tax News

Ecological gifts receive superior tax treatment

Environment Canada seems an unlikely partner in saving taxes, but its Ecological Gifts Program can do just that. With the help of the program, Don and Heather Elliott have conserved a rare seven-hectare woodlot northeast of Barrie, Ontario into perpetuity. “Don wanted to protect a small corner of the world to ensure future generations could experience the same joy he had as a child while playing in the woodlot,” explains Heather.

By Natasha van Bentum |April 1, 2011

4 min read

Tax News

International income isn’t always tax-free

It’s common these days for nearly every financial advisor to have at least one client with a foreign connection. That could mean a client with a foreign parent living overseas or a child living in the United States. It could also be a client who has previously lived in Europe and then immigrated to Canada, but still has financial ties with the foreign jurisdiction.

By Jamie Golombek |April 1, 2011

3 min read

Tax News

Litigating a faulty RRSP mortgage

While not common today, it has long been possible to hold your own mortgage within an RRSP. Particularly in a high-interest-rate environment, there is certainly an appeal to feeding high monthly mortgage payments into your own RRSP — rather than to your favourite lending institution.

April 1, 2011

3 min read

Economic Indicators

Promises, promises: NDP sneak attack!

Wow! Who expected the NDP to score a pro-business point in this campaign derby? Talk about coming out of left field! The New Democratic Party (NDP) has rolled out its tax plan, promising to cut the small business tax rate from 11% to 9%, saying the move would not only create jobs but also create […]

By Staff |March 30, 2011

2 min read

Helping HNW clients at tax time

“Courteous reader”, Benjamin Franklin wrote in his 1758 book, Way to Wealth, “Get what you can and what you get, hold. ‘Tis the stone that will turn all your lead into gold.” Wealthy Canadians usually have themselves well fortified against Canada Revenue Agency’s attempts to turn their gold back into lead at tax time, but […]

By Brenda Craig |March 21, 2011

4 min read

Business owners need succession help

Small and medium-sized business owners can make great clients. Their net worth is usually higher than average and their complex needs allow the advisor to demonstrate their expertise in tax and estate planning. If there is one area that needs special attention, however, it is succession planning. Nearly half of Canadian family business owners have […]

By Steven Lamb |March 14, 2011

3 min read

Mintz argues for tax overhaul

Financial advisors may have added flexibility in arranging some of their clients’ registered and non-registered investment products and their clients may retain more of their savings if Jack Mintz can sell some of his proposals to the Conservative government. In a presentation clearly designed to influence the upcoming federal budget, the Executive Director and Palmer […]

By Al Emid |March 9, 2011

3 min read

RCA tax fundamentals

The 50% tax bracket is back. In case you missed it, Nova Scotia residents will be subject to a 50% tax rate on income over $150,000 when they file their returns for 2010. And if recent tax platform reversals in British Columbia and New Brunswick indicate the broader political mood, there could be company coming to that 50-plus party.

March 4, 2011

4 min read

Colossal RRSP room left untouched

As a potent savings tool, the Registered Retirement Savings Plan (RRSP) remains woefully underutilized for yet another year. A recent survey by BMO Financial Group revealed only 39% Canadians made an RRSP contribution, well below 50% as had been predicted by an earlier survey by the bank. “We are quite surprised that the number of […]

2 min read