Tax

Decorative pattern

How does the TFSA stack up to its U.S. and U.K. counterparts?

One of the benefits of living in an interconnected world is that we can draw on the experiences and lessons from different countries to successfully manage new product rollouts in Canada. While other countries don’t have the exact same Tax-Free Savings Account setup as we will, it’s still worth looking at similar products around the […]

October 8, 2008

5 min read

Decorative pattern

Overcontributions hurt

Every so often, a decision of the court reminds us of the importance of ensuring our clients understand their RRSP Contribution Statement on their annual Notice of Assessment. If our clients don’t understand it, we should be there to explain it to them or they may ultimately face severe penalty tax and interest on RRSP […]

October 1, 2008

3 min read

Decorative pattern

Double trouble

Canadians who relocate to the U.S. for work assignments may find different tax rules in both countries expose them to double taxation. Fortunately for many of them, recent amendments to the Canada-U.S. Tax Treaty (Fifth Protocol) relating to pensions, stock options and capital gains will provide relief. For example, when individuals take on temporary assignments […]

By Gena Katz |October 1, 2008

3 min read

Decorative pattern

Estate Planning

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By Staff |September 16, 2008

1 min read

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Learning curve: Planning for post-secondary education

Although summer doesn’t officially end until September 21, for most of us Labour Day marked the end of the cottage months. It also means your client’s kids are kicking of another school year, with many of them entering university for the first time. With that in mind, we’ve compiled a list of back to school […]

By Staff |September 3, 2008

2 min read

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Advisors should embrace the TFSA

On June 18, the federal government passed its 2008 budget bill into law, making the Tax Free Savings Account (TFSA) available to millions of Canadians beginning in January 2009. This day likely failed to resonate with the average Canadian, but I can tell you I certainly paid attention. Ever since the federal government announced the […]

By Michelle Munro |September 2, 2008

5 min read

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Estate Planning

Legacy or executor fees

One of the issues that comes up regularly in an estate situation is whether amounts received by the executor from the estate are taxable executor’s fees or rather should be properly considered a tax-free legacy from the estate. It’s critically important to ensure that the will is properly drafted to minimize any ambiguity later as […]

September 1, 2008

3 min read

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The benefits of formal trusts

In many Canadian families or family-owned businesses, a simple and straightforward transfer of assets between generations is still very effective. But, as the complexities of today’s society bring issues of asset control, protection or tax reduction to the planning forefront, the use of formal trusts is increasing. Trusts are structures through which property or assets […]

By Carol Bezaire |August 15, 2008

4 min read

Decorative pattern

Offshore advantage

As discussed last month, in order for a former Canadian resident to establish a non-resident trust that escapes Canadian taxation, he or she must be a non-resident of Canada for at least five years before the trust is established, and for a period of at least five years before resuming residence in Canada. There may […]

By Gena Katz |August 1, 2008

4 min read

Decorative pattern

Unnamed persons

The Canada Revenue Agency announced last summer that it was in the process of auditing “all tax shelter gifting arrangements,” but now it will be much easier to find those donors thanks to a recent decision by the Supreme Court of Canada (SCC). Late last month, the highest court handed down its decision in a […]

August 1, 2008

3 min read

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