Tax News

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Capital losses top year-end tax planning priorities

Maybe more than in any other year, this tax season, tax loss planning will be a vital area where advisors can add value. In order to take advantage of capital losses this year, securities must be sold by December 24, which means advisors have to start strategizing now if their clients should be selling stock […]

By Mark Noble |October 23, 2008

4 min read

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Companies jockey for position on TFSA

Although never really in doubt, a new Conservative federal government ensures the tax-free savings account will be available January 1, 2009. The past two months have seen a deluge of financial institutions offering special registered TFSA accounts ready for action come January 1, 2009. With a contribution limit of $5,000 a year, it will be […]

By Mark Noble |October 21, 2008

1 min read

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Protecting RRSPs from creditors

Many people in the financial industry take the view that Registered Retirement Savings Plans (RRSPs) are inferior to registered pension plans (RPPs). The reason? Creditor protection. Members of RPPs have historically been able to sleep a little better at night, knowing their retirement plans cannot be seized by any personal creditors they may have, unless […]

By Frank Di Pietro |October 17, 2008

4 min read

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Nervous clients can take tax loss

Although most advisors would tell their clients not to sell, even as their portfolios take a big hit, a lot of investors are still getting out of the market. Luckily for panicky clients, bailing out of tanking investments means they’ve just accumulated capital losses. The benefit of a capital loss is that it can be […]

By Bryan Borzykowski |October 14, 2008

3 min read

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Tax Break: Untaxed savings

Canadians have been asking for it for years and finally, beginning 2009 they’ll have a new tax-assisted savings vehicle—the Tax-Free Savings Account (TFSA). The mechanics of the TFSA are relatively simple. All Canadian residents, 18 and older, will be permitted to contribute up to $5,000 annually. The contribution amount, which is not tax-deductible, will be […]

By Gena Katz |October 8, 2008

3 min read

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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

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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

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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

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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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