Michelle Munro is director, tax planning, for Fidelity Investments Canada ULC.
Michelle Munro is director, tax planning, for Fidelity Investments Canada ULC.
It’s a truism in the advisory business that client relationships can very often turn into family affairs. Building a sound relationship with one person can lead to relationships with spouses, close relatives and, eventually, the children. When we talk about clients, we often focus on baby boomers, the generation with the greatest numbers and the […]
In my last column, I wrote about the extraordinary unused potential of registered education savings programs (RESPs). I also discussed in general terms the importance of helping clients take advantage of federal and provincial grants and incentives to maximize tax sheltered savings for their children’s or grandchildren’s higher education. RESPs should appeal greatly to investors, […]
Any parent with children heading off to university knows that post-secondary education is an expensive business. This fall, students attending a first year arts program at a typical Canadian university can expect to pay upwards of $10,000 for tuition, fees, room and board. Now, take that first year cost, factor in inflation, multiply by four, […]
Here is a situation that could be described as a financial advisor’s dream. An advisor has been referred a well-to-do retired couple who are seeking a second opinion on their finances. Their main goal, naturally, is to generate enough income to keep them in the style to which they have become accustomed. But, they also […]
Here’s a know-your-clients question. How many of your clients own vacation homes? If you were to add up all the cottages, condos and time shares, you might be surprised at the extent of second home ownership. Indeed, the value of vacation homes in Canada seems to have exploded over the past decade. Statistics Canada, which […]
No one likes talking about estate planning. It’s fraught with emotion and can be uncomfortable—after all, it anticipates someone’s death. And women are traditionally even more reticent on the topic than men, preferring to leave the unpleasant details to a spouse or partner. But this is changing, fast. Estate planning is more complex than ever, […]
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. […]
Canadians love Florida, especially its real estate. According to the U.S. National Association of Realtors, Canadians were the largest single group of foreign residential property buyers last year, accounting for 26% of all nonresident purchases. That’s not surprising when there is a sub-prime lending crisis, house prices remain 40% to 50% below peak levels in […]
Not impressed by the debut of Tax Free Savings Account (TFSA)? You aren’t alone. In the first six months following their January 1, 2009 introduction, Canadians had opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. By the end of June, total assets in the accounts stood at $12.4 […]
For all of us, December is just about the busiest month of the year. For your high-net worth clients there are also tax issues that should be dealt with despite the seasonal distractions. As an advisor, you are uniquely positioned to help clients minimize their 2009 tax bills. The following are some of the key […]
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
Completing the T1’s marital status isn’t always straightforward
Three case studies to help clients choose when to begin their benefits
The higher the inflation rate, the bigger the benefit of waiting
The additional guidance reduces the risk of purchasing a non-compliant annuity
What clients need to know when commuting a DB pension
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
Some good news — but mostly bad
Widespread awareness has not translated into widespread impact
New risks and rewards from Canada’s second-largest sector
Things are about to get (more) complicated for investors
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
After starting a side business selling insurance, an advisor went too far in claiming expenses
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
Make sure clients don’t run afoul of the attribution rules
Better to focus on whether a company is evolving or stagnating
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
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
U.S. tax rules can lead to TFSA troubles
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
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
The regulatory regime has not caught up to investors’ needs
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
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
Find out when your client’s investment income could be subject to the tax on split income
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
A trustee’s tax liability has limits, a court case suggests
The decumulation game requires a dynamic strategy
Will the pandemic lead to higher future premiums?
What Seinfeld can teach us about the value of staying the course