Tax News

Maximizing the TFSA

In 2009 Canada finally caught up with many of the OECD (Organization for Economic Co-operation and Development) countries’ use of tax-preferred accounts to stimulate domestic savings. The U.S. introduced the Roth Individual Savings Plan (Roth IRA) in 1997 and the U.K. debuted the Individual Savings Plan (ISA) in 1998—the product that’s most similar to our […]

By Rayann Huang |April 7, 2010

6 min read

Tax News

Home business balancing act

This Advisor.ca Special Report is sponsored by: Economic recessions, painful though they may be, are the cradles of creativity. As people lose their jobs, many will finally embark on a long-held dream of self-employment. The allure of setting their own hours and reaping the rewards of their hard work drives many to start their own […]

By Oliver Bertin |April 6, 2010

5 min read

Tax News

Tax credits: Use them or lose them

This Advisor.ca Special Report is sponsored by: Clients often wonder whether it makes sense to save up their eligible tax credits—like those for charitable donations—over several years and claim them all at once. Unless they’re not paying tax at all, the answer to that question is usually no: if they have them today, they should […]

By Kate McCaffery |April 6, 2010

2 min read

Tax News

Pushing the tax deadline

By the time you read this column, chances are both you and most of your clients have already filed their 2009 tax returns. The normal filing deadline is April 30th but if you or your spouse or common-law partner were self-employed in 2009, your returns are due on June 15. But any taxes for 2009 […]

April 1, 2010

3 min read

Selling down South

Although many Canadians are taking advantage of low U.S. real estate pricing and the strong Canadian dollar to buy U.S. vacation properties, there are many others who have decided to sell their southern homes. It might be due to a financial need, limited use as health declines in older age or an upgrade to a […]

By Gena Katz |April 1, 2010

3 min read

Best of 2010: Deciphering the CPP crossover

Given the importance of the Canada Pension Plan to most retirement plans, any tinkering with it must be understood. Doug Carroll explained the changes that went into effect in 2010. • • • I speak regularly at a variety of industry events, often providing a tax and estate snapshot of recent developments affecting personal wealth. […]

April 1, 2010

4 min read

New rules for employee perks

The federal budget has key changes that will impact ownership and disposition of employer stock options. For those of you with clients who participate in public company employer stock option plans or whose investment portfolios currently include shares acquired under such plans, last month’s federal budget included some important changes that may affect strategies relating […]

By Gena Katz |April 1, 2010

3 min read

Minding the home front at tax time

They say charity begins at home but this time of year it’s wise to rephrase the old saying to read “effective tax planning begins at home.” This is especially true for financial advisors who spend so much time and energy helping clients figure out deductions that they neglect their own opportunities to save on taxes. […]

5 min read

Celebrating Advice: Driving advice with tax planning

Blair Corkum, CA, R.F.P., CFP, CLU, RHU, FDS President Corkum & Associates Charlottetown Years in the business: 31 About me As a public accounting office, I am not licensed to sell product, and offer advice only on an hourly basis. I consider myself a chartered accountant offering business and tax advice, with a niche in […]

By Blair Corkum |March 15, 2010

4 min read