Tax News

A late T1135 can be costly

A full seven more cases have landed in Federal Court concerning the late filing of the much-maligned Form T1135 – the Foreign Income Verification Statement. I first wrote about this topic this past spring (“Don’t be late!”Advisor’s Edge Report, April 2010), but since then, taxpayers continue to get hit with severe penalties for not filing […]

By Jamie Golombek |October 1, 2010

5 min read

Tax News

A late T1135 can be costly

A full seven more cases have landed in Federal Court concerning the late filing of the much-maligned Form T1135 – the Foreign Income Verification Statement. I first wrote about this topic this past spring (“Pushing the tax deadline” Advisor’s Edge Report, April 2010), but since then, taxpayers continue to get hit with severe penalties for […]

October 1, 2010

5 min read

Tax News

Taxation of foreign investments

Editor’s note, Sept. 2018: This article was written in 2010 and many of the specifics may be outdated. This article, from 2017, is more updated. The strong loonie has many Canadians shopping for foreign investment opportunities. But Canadian residents are required to pay tax on their worldwide income. That is, income earned by a resident […]

By Michael Callahan |October 1, 2010

4 min read

Tax News

Estate freeze can enhance succession, planning

A successful entrepreneur usually encounters many difficult decisions when preparing his or her succession and estate plan. One of those decisions is whether to implement an estate freeze. Let’s look in on Michelle , our case study, as she struggles with that question while developing her succession and estate plan. Michelle is 58 years old. […]

By Floyd Gradley |September 24, 2010

9 min read

The cost of not getting an education

Most people desire to see their children become well educated, and given the burden of financing post-secondary learning, it’s no wonder education planning and savings has become a staple of the financial planning and investment industry. Of course, the most popular method to save for education is the Registered Education Savings Plan (RESP). The benefits […]

6 min read

CRA goes after dodgy donors

Time is fast running out for the patrons of “gifting tax shelters” making questionable charitable donations in the hope of making a fast buck. The Canada Revenue Agency (CRA) is tightening the noose around those who are using questionable tax shelter programmes to claim phoney charitable donations. Such schemes typically give the donor a tax […]

By Vikram Barhat |September 16, 2010

3 min read

The cost of not getting an education

6 min read

The untapped potential of education savings

Any parent with children heading off to university knows that post-secondary education is an expensive business. This fall, students attending a first year arts program at a typical Canadian university can expect to pay upwards of $10,000 for tuition, fees, room and board. Now, take that first year cost, factor in inflation, multiply by four, […]

6 min read

Capitalizing on corporate mutual funds

Mutual Fund Corporations have been around for some time now but they really exploded on the scene about 15 years ago. Their popularity was sparked by astute advisors and clients looking for ways to reduce income taxes on investments. As a refresher, a mutual fund corporation is a single entity which establishes multiple share classes […]

5 min read