Year-End Tax Tips – 2010

As the end of 2010 draws near, it is the perfect time to assess tax strategies and implement those tax-saving opportunities before the New Year arrives. Advisor.ca presents some tools and advice to help you make the best choices for you and your clients.

Up to Speed – 2010 Tax Changes As the year draws to a close, here’s a quick review of the key tax changes and planning opportunities for 2010.

Tax strategies for the HNW family With recent improvements in the financial markets, your clients may be more inclined to open their hearts and their wallets for charitable giving.

Charitable giving: A win-win-win proposition No two family scenarios are the same, and this is especially true when it comes to clients with significant sources of wealth.

Tax savings for the retiree Your client just finished his or her last day of work and tomorrow begins the new adventure of planning out the retirement years. He or she is now thinking about winter vacations, golf-course memberships, summer trips with grandchildren and possibly even a winter home down south.

Tax tips for the business owner Canadians like to complain about high taxes and the CRA, but despite these grumblings, there are some legitimate tax-planning strategies and opportunities for business owners.

Minimizing taxes on executive incomes Although an executive employee has fewer opportunities to minimize tax than a business owner, there are still a number of things an executive client may want to consider.

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Doing good is getting better Canada’s philanthropic landscape is undergoing a seismic shift. The days of charitable giving as one-off legacy bequest are over. Philanthropy today is all about giving while living, a strategic allocation incorporated into wealth accumulation and capital preservation plans.

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A late T1135 can be costly A full seven more cases have landed in Federal Court concerning the late filing of the much-maligned Form T1135 – the Foreign Income Verification Statement.

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