Since we’re all about tax this month, I’ve polled some of my colleagues to come up with a list of common tax-related blunders they’ve seen in relation to investment advisor assistance or recommendations. Hopefully, you don’t spot any of your handiwork in this list, in which case you can use it as a reminder of […]
Canada’s revenue agency met with officials at Switzerland’s largest bank, UBS, in an effort to obtain more information on Canadian clients who may not be reporting foreign investment information to the Canadian tax authorities. The visit followed on the heels of the IRS success in forcing UBS to provide account- holder detail for thousands of […]
Is it the growing competition in the workforce, the sluggish economy, or just plain inertia? Whatever the reason, kids are spending more years in university, many of them pursuing expensive graduate studies overseas . For many parents this means outlays for education are higher and longer than originally anticipated. And with these high costs, it’s […]
Many of you have clients who implemented estate freezes in previous years. The planning strategy involves exchanging company shares— whether a family business or an investment holding company— for fixed value preferred shares, and then having other family members, or in many cases a trust for those family members, subscribe for nominal value common shares. […]
Whether it’s because they’ve decided to leave the corporate world to venture out on their own, reenter the business world after taking some time to raise children, or just capitalize on their skills and talents, more and more women are entering the ranks of business owners. According to Statistics Canada, in 2006 women accounted for […]
With record-breaking low interest rates, borrowing to invest can be particularly effective right now. And in this low-interest environment, certain planning opportunities that relate to family income splitting, and certain employee loans become particularly attractive. Generally, income arising from an investment that’s funded by a loan made to a spouse, partner, minor children and/or grandchildren, […]
March 15 is around the corner for many of your clients to pay their first income tax instalment for 2009. With people feeling a little financially strapped, you may get some questions as to whether they really have to pay the full amount the CRA has asked for in the request it sent in February. […]
Last month’s column outlined various decisions surrounding termination payments. So let’s look at related considerations for your clients, including replacing benefits and what to do with pension plans and remaining stock options. The cessation of health insurance benefits with job loss could be particularly problematic if the terminated employee has a family and no access […]
Every recession brings significant job losses. If any of your clients have become unemployed recently, help them sort through the various decisions that must be made to ease both immediate and long-term financial burdens. Compensation stemming from job loss is generally salary continuance or a retiring allowance. Salary continuance (including accumulated vacation pay and pay […]
The current investment landscape is painted red with significant accrued losses just waiting to be realized. You can help your clients make the most of these losses in difficult times by offering them some tips about tax-loss selling. To benefit from capital losses, there must be capital gains against which to apply them. If capital […]