Carol Bezaire, vice-president of tax and estate planning at Mackenzie Investments, breaks it down. It’s clear why the government targeted these funds: their derivative structure means CRA gets less than if investors bought bonds directly.
With 2013 coming to a close, it’s a good time to see if you’ve done everything possible to minimize the tax bite for clients and maximize their net earnings. Part of that’s done with tax-loss harvesting. After ensuring the sale fits your client’s portfolio goals, check these eight things.
Jim Love, the chair of the Royal Canadian Mint helped arrange the transfer of millions of dollars from the descendents of a former prime minister to offshore tax havens, CBC reports.
If your head hurts when someone mentions FATCA, you’re not alone.
Sitting steady in the top 10 ranking for the last three studies, Canada remains in 8th place when it comes to its ease of paying taxes for businesses.
Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.
Post-secondary tax credits cost the federal and provincial governments billions of dollars each year, but are not distributed equitably and may have no proven effect in boosting enrolment, says the C.D. Howe Institute.
Why read this? › Your clients have university-age children › Your clients or their children have been selected for CRA reviews Why was the return selected for review? Random selection Doesn’t match the client’s other tax filings Client has a history of CRA reviews Less common triggers include certain credits and deductions that are automatically […]
The minimum interest rate for family loans rose from 1% to 2% in October 2013, and should fall back to 1% in January 2014. But changes in the interest rate don’t take the lustre off this income-splitting strategy, say tax advisory and wealth management experts. Families can still benefit; the keys are understanding how the […]
Penalties are harsh, so make sure clients include it correctly