Tax Strategies

The importance of the principal residence exemption

For many Canadians, their home is their most valued asset. It is often considered the most significant purchase, and might provide the greatest return relative to risk. This return is enhanced by the fact that Canadians are not required to pay tax on increases in the value of a principal residence. The Income Tax Act […]

By Wilmot George |November 12, 2009

6 min read

How to justify employment expenses

If you’re a self-employed advisor and hire an assistant – be it your spouse or someone at arm’s length – as long as he or she actually performs the work and is paid a reasonable salary, you should have no trouble deducting the wages you pay. The ability of an advisor who’s considered an employee […]

By Jamie Golombek |November 1, 2009

3 min read

TFSAs will be potent tax-saving vehicles

Based on the evidence so far, we might conclude the Tax Free Savings Accounts (TFSAs) have had a rather lukewarm debut. In the six months since their January 1, 2009 introduction, Canadians opened 3.6 million TFSAs with an average balance of about $3,400, according to Investor Economics. Clients did catch on though: By the end […]

By Michelle Munro |November 1, 2009

8 min read

Help entrepreneurs create tax plans

If you work with high net worth clients, chances are a high percentage of them are business owners. The tax needs of this group, which makes up a large percentage of the higher net worth clients being served by Canadian advisors, are unique; especially when it comes to passing the business to new hands. Succession […]

By Jamie Golombek |November 1, 2009

9 min read