News and resources for Canada's top financial advisors
Est. 1998
Tax News
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
Since the presentation of the 2008 federal budget, the Tax-Free Savings Account (TFSA) has been receiving extensive coverage in the media and rave reviews from fi- nancial institutions. The perceived advantages of the TFSA are its similarities to the Registered Retirement Savings Plan (RRSP), with the opportunity for high taxadjusted investment returns and tax-advantaged savings […]
By Ashraf Al Zaman |August 1, 2008
10 min read
Currently, after Canadians reaches age 71, they must transfer their RRSP assets into a RRIF or annuity. The Income Tax Act requires RRIF holders to withdraw a minimum of 4% of the beginning-of-year balance at age 65, then an escalating minimum until, from 94 onward, they must withdraw 20% of their balance each year. Of […]
By Mark Noble |July 11, 2008
4 min read
(May 2008) While the sub-prime meltdown has been a disaster for stock markets, it’s been a boon for snowbirds. The S&P/Case-Shiller home-price index, which tracks changes in real estate value changes in 20 metropolitan regions across the United States, dropped 12.7% in April, which means more affordable housing for sun-loving Canadians. But buying a home […]
By Bryan Borzykowski |May 12, 2008
6 min read
Wednesday morning, in a jam-packed Supreme Court of Canada, the country’s highest court heard arguments in the now-infamous Lipson tax case, involving interest deductibility and the General Anti-Avoidance Rule (GAAR). So great was the interest in the case that a line snaked its way outside of the courthouse onto the front steps as anxious observers […]
April 23, 2008
(April 2008) It’s likely that most advisors remind their clients at least once a year to contribute to an RRSP. But how many tell them to withdraw? A new TriDelta Financial Partners report notes that many clients accumulate a tax bill of more than $1 million between age 55 and when they die. Frank Wiginton, […]
By Bryan Borzykowski |April 18, 2008
(April 2008) With the country’s tax filing deadline just three weeks away, clients are likely scrambling to get their returns done. To make it easier on them, Ernst & Young has compiled its “top 12 tips” to take on taxes. The most important change for the 2007 tax season, says Gena Katz, a tax specialist […]
By Bryan Borzykowski |April 7, 2008
(February 2008) Since their introduction in 1957, the RRSP has been the cornerstone of millions of Canadian retirement plans. For many advisors, RRSPs are integral to their book of business and it’s unlikely that will change any time soon. In fact, the buzz around retirement planning has been growing for the last few years — […]
By Staff |February 4, 2008
2 min read
There’s a good chance at least some of your clients share their bank account with a family member. A husband and wife, a father and daughter — joint accounts have been around since banking began. But just because your client and her son can both access the same cash, survivorship does not guarantee ownership. The […]
By Staff |February 1, 2008
(February 2008) Older Canadians are increasingly being advised to transfer assets to their children by making them joint owners of bank or brokerage accounts. This is often bad advice. Merely adding an additional name as co-owner to an existing account is generally not enough. Advisors must take care to ensure that they have created the […]
By Arthur J. Fish and Richard E. Austin |January 31, 2008
8 min read
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