Tax News

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Know the rules for expense write offs

The ability to deduct myriad business expenses is one of the biggest tax advantages of being a self-employed financial advisor as opposed to being an employee. That being said, there are still limits to what an advisor can legitimately deduct for tax purposes as B.C. advisor Hans Rupprecht recently learned in a Federal Court of […]

By Jamie Golombek |December 1, 2009

3 min read

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In-trust accounts can help avoid probate

The settlement of a trust is a simple step that opens the door to sophisticated wealth planning opportunities. In last month’s story we touched on the requirements for a trust to come into existence, and canvassed some of the most common ways trusts may be characterized for tax purposes. Ultimately though, reducing trust taxes is […]

December 1, 2009

3 min read

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Tax planning for your practice

(November 2009) It’s every advisor’s November ritual: taking a fine-tooth comb to clients’ financial plans. Reviewing portfolios, revisiting risk and reminding clients about their tax obligations are things every good planner does. But being diligent with clients doesn’t mean you can take care of yourself. “Advisors need to take their own advice,” says Michelle Munro, […]

By Bryan Borzykowski |November 17, 2009

5 min read

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Up to speed: 2009 tax changes

(November 2009) Need a little tax tutorial before plunging into another RRSP season? Bring yourself up to speed on this year’s tax changes with this succinct overview. PERSONAL TAX CHANGES Basic personal/spousal/partner amount The basic personal amount is the amount of income an individual can earn before paying any federal tax. The 2009 federal budget […]

November 17, 2009

8 min read

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Advisor.ca’s top 10 tax stories of 2009

(November 2009) Over the course of the year, the staff at Advisor.ca has written a plethora of articles about pressing tax issues. Don’t worry if you’ve missed some of these gems — we’ve made sure to highlight a few of the pieces that readers found especially important this year. Tax brackets, figures and details for […]

By Staff |November 17, 2009

3 min read

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Planning and Advice

To Clients: Tax deadlines are looming

(November 2009) Clients are often busy shopping for holiday gifts in December, so why not send them a letter reminding them that buying presents isn’t the only thing they need to do by the end of the year. This template letter explains to clients a few of the tax-related things they need to do before […]

By Staff |November 17, 2009

2 min read

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The importance of the principal residence exemption

For many Canadians, their home is their most valued asset. It is often considered the most significant purchase, and might provide the greatest return relative to risk. This return is enhanced by the fact that Canadians are not required to pay tax on increases in the value of a principal residence. The Income Tax Act […]

By Wilmot George |November 12, 2009

6 min read

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The benefits of tax-informed trusts

The trust has been around for centuries as a device for the planning, protection and transition of property. Once perceived as the preserve of the affluent, trusts can now be woven into solutions – simple to sophisticated – across the spectrum of wealth holdings. Investors have the potential to strategically manage who’s liable for income […]

November 1, 2009

4 min read

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Rethink tax strategies

Since we’re all about tax this month, I’ve polled some of my colleagues to come up with a list of common tax-related blunders they’ve seen in relation to investment advisor assistance or recommendations. Hopefully, you don’t spot any of your handiwork in this list, in which case you can use it as a reminder of […]

By Gena Katz |November 1, 2009

3 min read

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Minimizing tax helps strengthen relationships

The latest economic indicators have livened the financial sector. Job creation is up, so is retail spending. Predictions the recession is ending are starting to hold water. Investment returns are getting easier to come by. And many advisors said they actually enjoyed sending out third-quarter client statements. The numbers are up and it’s nice to […]

By Staff |November 1, 2009

2 min read

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