Conventional wisdom says clients should contribute as much as possible to an RRSP and wait as long as possible to start taking withdrawals.
On both sides of the Altantic, outspoken members of the uber-wealthy are demanding their politicians raise their taxes.
Here’s how to use an inter vivos trust (a trust created while the donor is alive to hold property for the benefit of others – usually family members) for income splitting.
If you’ve never read the income tax note in a company’s annual report, you’re not alone. Many portfolio managers and sell-side analysts don’t bother, either. It’s a mundane and coma-inducing part of the financial statements. So you won’t like this advice: read the tax note.
Given the number of Canadians who vacation in the U.S. each year, as well as those who move between borders for employment or other reasons, it’s important for financial advisors to be aware of the regulatory and income tax issues faced by clients who regularly spend time south of the border.
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.
If you have clients who own a hefty chunk of a listed company in their registered accounts, you'd better get on the phone with them—and a tax expert.
We’re about to enter tax season. Not only will clients be calling with tax return preparation questions, but now is also a good time to get a head start on your own tax return by gathering documentation, slips and other records needed to substantiate your own business expenses.
Just when it looked like the trend towards layoffs had slowed, Waterloo-based Research In Motion recently announced plans to lay off 2000 employees. Some of those who received pink slips likely called their advisors to discuss finances and possibly even for a pep talk.
When people think of income planning, they usually think of retirement. Prior to retirement, Canadians are mainly concerned with paying debt and accumulating retirement assets, so they ignore income-planning opportunities.