Tax News

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TFSAs will be potent tax-saving vehicles

Based on the evidence so far, we might conclude the Tax Free Savings Accounts (TFSAs) have had a rather lukewarm debut. In the six months since their January 1, 2009 introduction, Canadians opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. Clients did catch on though: By the end […]

By Michelle Munro |November 1, 2009

8 min read

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Consequences of U.S. estate tax repeal

In early September, the U.S. Family Research Council (FRC) and the American Family Business Foundation released a report analyzing the effects of maintaining the estate tax on jobs, government revenues, and economic growth. Their report, “Repealing Death Tax Will Create Jobs and Boost Economy,” combined two recent analysis of the estate tax by a former […]

By Terry F. Ritchie |November 1, 2009

2 min read

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Help entrepreneurs create tax plans

If you work with high net worth clients, chances are a high percentage of them are business owners. The tax needs of this group, which makes up a large percentage of the higher net worth clients being served by Canadian advisors, are unique; especially when it comes to passing the business to new hands. Succession […]

By Jamie Golombek |November 1, 2009

9 min read

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Planning and Advice

Faceoff: TFSA vs RRSP

Which is better?

By Kanupriya Vashisht |November 1, 2009

8 min read

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Cutting U.S. tax ties isn’t easy

Canadian and foreign pension plans; RRSPs; IRAs; qualified tuition, education and health savings accounts; and certain trust interests. The $626,000 exemption applies only to gains derived from capital property and does not reduce income inclusions resulting from treatment of special property. Tax on future gifts If Jim gives a gift to a U.S. person, the […]

By Beth Webel and Christopher Gandhu |October 21, 2009

4 min read

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The power of appointment: Who will speak for you?

To not have a voice, to not have a say can be the most helpless feeling of all. Everyone needs to appoint someone to speak for them in case they become mentally incapable and cannot make decisions for themselves. Mental incapacity can occur at any age and often the consequences are worst for young adults […]

By Floyd Gradley |October 9, 2009

8 min read

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Tiered partnerships can provide tax advantages

While corporations are the most common forms of business entities in Canada, operating partnerships with corporate partners are now becoming more prominent. Partnership structures are attractive because they can be more flexible than corporate structures. Partnerships also tend to be subject to less comprehensive legislation and regulation than corporations. In addition, it’s often easier to […]

By Glenn Stephens |October 1, 2009

5 min read

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Warn clients about worldwide income tax issues

Canada’s revenue agency met with officials at Switzerland’s largest bank, UBS, in an effort to obtain more information on Canadian clients who may not be reporting foreign investment information to the Canadian tax authorities. The visit followed on the heels of the IRS success in forcing UBS to provide account- holder detail for thousands of […]

By Gena Katz |October 1, 2009

3 min read

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Help laid-off clients save on tax

For the first eight months of 2009, more than 300,000 Canadians received a pink slip. And some who lost their jobs also had to deal with large sums in severance, and the uncertainty of what to do with it. Bruce Cumming, president of Cumming & Cumming Wealth Management in Oakville, Ont., confirms he saw a […]

By Rayann Huang |October 1, 2009

7 min read

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Cutting U.S. tax ties isn’t easy

Saying goodbye to Uncle Sam and his taxman can be harder than you think. Many U.S. citizens, dual citizens and long-term permanent residents (certain green-card holders) living in Canada are surprised to discover they’re subject to U.S. income, estate and gift tax, as well as Canadian income tax. In addition to creating ongoing U.S. tax […]

By Beth Webel and Christopher Gandhu |October 1, 2009

4 min read

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