Tax News

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RRSP justice

With the start of RRSP season just a couple of weeks away, advisors should pay close attention to the RRSP contribution limits, lest clients get reassessed by the Canada Revenue Agency on RRSP overcontributions. A case decided this past fall (Kerr v AGC, 2008 FC 1073) illustrates just such a scenario. Lindsay Kerr was advised […]

December 1, 2008

3 min read

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Choose to lose

The current investment landscape is painted red with significant accrued losses just waiting to be realized. You can help your clients make the most of these losses in difficult times by offering them some tips about tax-loss selling. To benefit from capital losses, there must be capital gains against which to apply them. If capital […]

By Gena Katz |December 1, 2008

3 min read

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Dying for savings

Astute advisors often promote planning that can help minimize taxes at the time of death. But there are a number of filing and election strategies, even for the unprepared clients, that can result in considerable tax savings to their estates. For advisors assisting clients who have recently suffered a death in the family, here are […]

By Gena Katz |December 1, 2008

3 min read

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Estate Planning

Case study: How to use TFSAs for different client types

They say bad news travels fast, and this has undeniably been the case in the markets of late. I’ve been dismayed to see my equity-weighted RRSPs shrink in recent weeks, and it’s likely most of your clients have witnessed this happening to their accounts too. While that might make your clients nervous, remember that what […]

November 21, 2008

8 min read

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Estate Planning

Up to speed: An overview of tax changes in 2008

charitable donations; child care expenses; interest expense on money borrowed to earn investment income; and investment counselling fees. Tax-Free Savings Accounts (TFSAs) Finally, perhaps the biggest tax announcement in 2008 was the introduction of the new TFSA, set to be launched on January 1, 2009. These new accounts will allow Canadian residents 18 years of […]

November 21, 2008

5 min read

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Tax update: Market mayhem, loss planning and other opportunities

From a tax planning point of view, there has been an extraordinary amount of change introduced and implemented that will affect client assets. Markets, too, are wreaking havoc on portfolios — havoc that needs to be managed and accounted for, in some cases before December 31. There are tax break “gifts” you could manage for […]

By Kate McCaffery |November 20, 2008

6 min read

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Minimize RRSP tax with proper planning

When RRSPs were introduced in 1957, no one expected to see Canada’s investing landscape become as diverse as it has. With T-Series funds, corporate class options and now the tax-free savings account —not to mention all the various tax strategies that have come into play over the last 50 years —helping a client ease into […]

By Bryan Borzykowski |November 19, 2008

6 min read

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Estate Planning

More tax planning reading, resources and tools

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 more noteworthy pieces that have appeared online in 2008. Protecting RRSPs from creditors New bankruptcy legislation […]

By Staff |November 3, 2008

2 min read

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Tax-loss selling might ease your clients’ pain

It’s not easy to find a silver lining in this economic downturn, but tax-savvy advisors don’t need to look too hard to uncover a saving grace: tax-loss selling. This year — maybe more than any other — tax-loss planning will be a vital area in which advisors can add value, though stocks have to be […]

By Bryan Borzykowski and Mark Noble |November 3, 2008

4 min read

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Capital losses top year-end tax planning priorities

Maybe more than in any other year, this tax season, tax loss planning will be a vital area where advisors can add value. In order to take advantage of capital losses this year, securities must be sold by December 24, which means advisors have to start strategizing now if their clients should be selling stock […]

By Mark Noble |October 23, 2008

4 min read

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