Astute advisors often promote planning that can help minimize taxes at the time of death. But there are a number of filing and election strategies, even for the unprepared clients, that can result in considerable tax savings to their estates. For advisors assisting clients who have recently suffered a death in the family, here are […]
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 […]
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 […]
As discussed last month, in order for a former Canadian resident to establish a non-resident trust that escapes Canadian taxation, he or she must be a non-resident of Canada for at least five years before the trust is established, and for a period of at least five years before resuming residence in Canada. There may […]
(December 2006) A new job is often accompanied with a number of decisions relating to the benefits package. And not surprisingly it’s the flashy ones, like company cars and club memberships that get the most attention. So when your clients ask for guidance, bring them down to earth. First, point out the value of employment […]
(September 2006) Starting with donations of publicly listed securities made after May 1, 2006, there will be no capital gains to report in relation to most appreciated securities that have been gifted to a registered charity. The fact there is no income inclusion resulting from the donation of eligible securities means that the larger the […]
(June 2006) Batina and Armand Milo live very comfortably in Vancouver with their two teenage children. Batina is an ad exec who earns $180,000 annually. Armand left the business world a few years ago to pursue his real love, sculpture; and he’s now earning about $25,000 annually as an artist. They’ve been good savers and […]