Akua Carmichael, LL.B, J.D., TEP, is director, tax and estate planning services, with Empire Life. Akua.Carmichael@empire.ca
Akua Carmichael, LL.B, J.D., TEP, is director, tax and estate planning services, with Empire Life. Akua.Carmichael@empire.ca
A case study explains the challenges
Addressing estate planning’s ignored middle child
Keeping it in the family and maintaining harmony
A recent court case illustrates the risks that come with longer lives
Estate planning centres on one main goal: preserving estate assets. While advisors offer planning advice and employ various strategies to reduce the tax liability of the deceased’s estate, even the best efforts can be fruitless if the estate faces claims that wind up in court.
Testamentary trusts can be a useful tool in creating an estate plan, and ensuring that spouses who remarry, children from previous marriages and disabled children are all looked after. They are established through a will and become effective upon death. A trust requires three people: The settlor is the creator of the trust, who transfers […]
The Ontario Superior Court case, Hicks v. Hicks, 2003 CanLii 2132 (ON S.C.), presents some interesting issues regarding trustee liability in situations where a trust incurs a loss. Anne Marie Hicks is the widow of Charles Hicks. Charles left an estate valued at approximately $15 million. He left a $9 million spousal trust and a […]
Testamentary trusts can be a useful tool in creating an estate plan, and ensuring that spouses who remarry, children from previous marriages and disabled children are all looked after. They are established through a will and become effective upon death. A trust requires three people: The settlor is the creator of the trust, who transfers […]
In Canada and around the world people today are living longer. But higher life expectancies can be a mixed blessing. As we age, we face the possibility of myriad health challenges, including dementia and other forms of mental incapacity. Physical illness or a sudden life-threatening situation can render an elderly person incapacitated. What happens when […]
Special attention must be paid to planning for the needs of disabled beneficiaries, some of whom will be dependent on their parents for most, if not all, of their lifetimes. Issues concerning financial support, housing, healthcare, education, and employment of the disabled beneficiary must be addressed and a comprehensive plan put in place. Providing for […]
Avoid bloopers when designating a charity as policy beneficiary
Advisors in breach of provincial regulations could face sanctions
If your business-owner client uses these trusts, special planning is required
Watch out for these issues
If your client is an affected owner, they must file a UHT return by Oct. 31 to avoid penalties
Interest deductibility may be at stake
The rules are restrictive and deductions require the employer’s support
The process of selling losing investments is fairly straightforward
The amount has been falling in real terms
Clients are paying in but increases to benefits remain minimal for now
Three case studies to help clients choose when to begin their benefits
The higher the inflation rate, the bigger the benefit of waiting
Failure to report foreign-source income can result in high penalties
Help your client benefit from these important tools
These initiatives can help clients enter the housing market
Use these tips to make the most of a donation tax credit
Help clients realize a capital loss while maintaining market exposure
Transactions, including property flipping, require proper tax reporting
A client scenario illustrates whether withholding taxes apply
Tax rules offer flexibility when a client has both a spouse and a common-law partner
Is the latest ETF craze too good to be true?
Some good news — but mostly bad
Widespread awareness has not translated into widespread impact
New risks and rewards from Canada’s second-largest sector
Tax tips when tapping the Bank of Mom and Dad
Indexing helps your clients’ after-tax income keep pace
Help clients turn investment losses into a tax win
Avoid the tax consequences of not distributing a TFSA quickly after the account holder dies
A Tax Court case led to a hefty tax bill
Federal Court case is the latest reminder of the costs
A Tax Court case offers a warning about missing corporate returns
A lack of understanding about spousal RRSP limits was no excuse
The demise of the financial advice industry has been predicted frequently over the past quarter century. But you’re still here — and so are we.
The advice channel’s survival depends on seasoned veterans who are willing to impart knowledge
Editorial: Financial firms still have work to do in acknowledging their role in systemic racism
Advisor's Edge asked 20 banks, asset managers, insurers and advisory firms how they are addressing anti-Black racism
Lack of long-term gains might mean it’s time to exit a stock instead
Better to focus on whether a company is evolving or stagnating
Court decision serves as a warning about property distribution, executor renunciation
A sample scenario illustrates the savings
Help your client claim these non-refundable tax credits
A sample case illustrates the impacts for the surviving spouse
A case study explains the challenges
Addressing estate planning’s ignored middle child
Keeping it in the family and maintaining harmony
A recent court case illustrates the risks that come with longer lives
The traditional idea is increasingly outdated
What I learned from taking four firms’ personality or behavioural assessments
Building trust remotely is still a challenge
The loss of that loathsome ritual may be contributing to stress
Business owners planning for succession must meet certain criteria
For the best tax treatment, distinguish between current and capital expenses
A client scenario with a family cottage shows the importance of planning
A change in use could result in a deemed disposition
Creating value by shrinking
Claims of novel technology are at the centre of many collapses
When does accounting become important?
Use the fraud triangle to root out problem investments
Help business-owner clients manage foreign dividend investments
It’s time to stress-test client portfolios
Don’t underestimate the behavioural element
Using historical returns to forecast a recovery
Factors to consider when setting aside funds for minors
Qualification is a gateway to additional tax savings
Here’s what your clients need to know for the 2020 tax year
Issues and strategies for Canadians thinking about transferring their U.S.-based retirement plans
Projections are essential for planning but they rely on the quality of the variables used
This example highlights tax and planning considerations
What to consider regarding the use of LBTs
Why people living with Type 1 diabetes have been refused the Disability Tax Credit
Clients may need to revise their wills if they’ve named out-of-jurisdiction executors
Help your client avoid these estate planning pitfalls
Knowing the answer will help you and your client prepare for incapacity
Know the tax implications when moving into care