Tax

Disjointed rights part one: Two similar cases, two different rulings.

(February 2008) An issue which perennially rears its ugly head is the topic of joint ownership of assets, specifically “joint tenants with right of survivorship,” or JTWROS for short. Under a JTWROS account, which is available in all provinces other than Quebec, upon the death of one of the joint owners the property in the […]

January 31, 2008

5 min read

Tax News

Disjointed rights part two: What’s your client’s intention?

(February 2008) In part one, we discussed the first of two Ontario Court of Appeal cases (Pecore v. Pecore, 2005 CanLII31576 [ON C.A.]) involving joint accounts that the Supreme Court of Canada heard last May. In part 2 we will be discussing Saylor v. Brooks, (2005 CanLII 39857 [ON C.A.]), which surprisingly came to a […]

January 31, 2008

4 min read

Tax News

The joint tenancy trap: Joint names no longer ensure ownership

Joint ownership is nothing new. In fact, it’s as common a practice as naming beneficiaries in registered plans and life insurance. Still, in this day and age, the joint tenancy snafu can be one of the biggest traps in personal financial planning. In my practice, I get a lot of questions from financial advisors across […]

By Sandy Cardy |January 31, 2008

10 min read

Tax News

Determining inheritance is a matter of timing

(December 2007) When it comes to determining entitlement to an inheritance, nothing rings more true than the old adage, timing is everything. Back in 1991, Nora Mulligan’s will stated that the three adult children from her first marriage would get whatever money she had at her death, while her husband would continue as surviving joint […]

December 24, 2007

2 min read

T-Series offers retirees tax-free distributions

(December 2007) As more boomers inch toward retirement, helping them save enough cash is becoming increasingly important. That’s why most mutual fund companies now offer a T-Series class fund — a relatively new option for people who want their distributions tax free. The T in T-Series stands for tax-advantaged, and it’s easy to see why. […]

6 min read

Income splitting requires balance

(November 2007) Canadians receiving pension payments were probably happy with the federal government’s decision to allow income splitting in the 2007 budget, but most will still require guidance, according to one tax and retirement planning specialist. “They should be aware of what kinds of income are actually eligible for the splitting,” says Dave Ablett, manager, […]

By Steven Lamb |November 21, 2007

3 min read

Feds promise to help disabled

(October 2007) Families who care for disabled relatives frequently find themselves hard-pressed to come up with funding, but the upcoming registered disability savings plan may offer relief. The RDSP, expected to debut next year, will be open to anyone who qualifies for the Disability Tax Credit. That potentially covers some 742,000 Canadians, according to Statistics […]

By Romana King |October 23, 2007

5 min read

Disjointed rights part three: The Supreme Court decision

(February 2008) In May of last year, the Supreme Court of Canada released its two seminal decisions on joint accounts, upholding what at first seem to be seemingly contradictory results in each of the lower courts’ rulings. The cases in question were Pecore v. Pecore and Madsen Estate v. Saylor. While the cases are discussed […]

July 23, 2007

4 min read

Asset allocation gets more diverse

In an attempt to stay relevant in increasingly complex financial markets, more and more investment managers are thinking outside of the asset allocation box. Janet Rabovsky, senior consultant of Watson Wyatt Worldwide, says she’s starting to see a blurring of asset classes. “Private equity managers are getting involved in real estate, hedge funds have put […]

4 min read