Jamie Golombek is Managing Director, Tax and Estate Planning at CIBC Private Wealth Management, where he works closely with advisors and clients from CIBC Private Wealth Management, Wood Gundy, Imperial Service and other CIBC partners to deliver integrated financial planning and strong advisory solutions. Jamie is quoted frequently in the national media as an expert on taxation.
With December 31st fast approaching, here’s our updated, annual look at some year-end tax tips you may wish to keep in mind as we enter the final weeks of 2013.
How to divide pensions between spouses
The consequences of over-contributing to RRSPs and TFSAs can be costly. Here’s what to do if it happens.
Why business owners should pay themselves with dividends, not salary
Can’t write off expenses related to exploring pre-business activity
One of the most popular methods of legal income splitting in the 1990s was to have a business owner issue shares directly or indirectly (via a family trust) to his or her minor children.
In 1991, the federal government introduced fairness legislation, this legislation gives the CRA the discretion to cancel or waive either all or a portion of any interest or penalties (but not the actual tax) payable.
One of the most popular methods of legal income splitting in the 1990s was to have a business owner issue shares directly or indirectly (via a family trust) to his or her minor children
With so many plans to choose from, how do we best advise our clients on the optimal tax-preferred savings strategy?
The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSPs to assist them with the purchase of a home. The funds need to be paid back over a 15-year period. If payment is missed in a particular year, the amount not repaid must be included in the participant’s income for that year.