The Government of Canada announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. This is a quick summary of the major tax changes affecting individuals.
Video: Overview of COVID-19 financial relief measures for individuals (2:42)
Jamie Golombek breaks down the details of the tax changes available to help Canadians cope with the financial impacts of COVID-19.
The Government of Canada announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 outbreak. This is a quick summary of the major tax changes affecting businesses.
Video: Overview of COVID-19 financial relief measures for business owners (2:42)
Jamie Golombek provides a summary of the major tax changes affecting businesses.
It’s very important to review your cash inflow and outflow. When you do, you’ll be in a position to determine if there are any ways to reduce or eliminate a shortfall or consider whether excess amounts are being effectively used.
For some benefits, income tax isn’t withheld or the amount withheld may be lower than the tax that you ultimately need to pay, which could come as an unexpected surprise next year when you file your 2020 tax return.
This report looks at some trends in taxation of capital gains, both in Canada and globally, as well as some potential planning that could help you minimize the tax impact of any increase in the capital gains inclusion rate.
This report reviews the tax rules surrounding the payment of fees for registered plans. It also tackles the question of the best place to pay fees based on a variety of factors, such as time horizon, rate of return and tax rates.
Video: Fees for registered plans – RRSP advantages (2:38)
Jamie Golombek discusses some of the tax rules about the payment of fees for registered plans, as well as where to pay the fees from.
An individual could come out ahead if they were to bypass their RRSP contribution for the time being in favour of maximizing contributions to their RESP, to start catching up on missed Canada Education Savings Grants (CESGs).
This report will provide a brief overview of how mutual fund trusts are taxed and then delve deeper into each specific issue: reporting redemptions of mutual fund units and handling a return of capital.
If you have borrowed money to invest, and hope to write off interest expenses come tax time, you need to be particularly careful when you invest those borrowed funds in mutual funds that distribute return of capital.
If you invest in foreign securities, you need to ensure that you are properly reporting your income and any gains or losses. It’s also important to understand the type of account holding your foreign investment and any tax considerations that come with it.
There are a number of ways to use your tax refund to your advantage or, even better, ensure that your tax refund next year is eliminated altogether and the taxes saved are used throughout the entire year to your benefit.
People often choose to make assets joint with their adult children for estate planning purposes in an attempt to avoid probate fees on death. In the haste to avoid a fee, there may be unintended income tax consequences.
A comprehensive estate plan should include plans for the needs of your surviving beneficiaries in case of death, as well as plans for management of your finances if you become unable to manage them by yourself.
Many estate planning mistakes are a result of inexperience and lack of knowledge. This report will help identify 2 of the most common mistakes people make with their estate plans, as well as some strategies to remedy them.
Whether you’re purchasing a residential or commercial property for the purpose of leasing it out or considering renting your home or a part of it, this report highlights some of the more common tax issues you should consider before taking the plunge.
Whether you’re a couple who’s about to get married or you’re simply considering moving in together, it’s important to have an open and frank discussion about finances before you take the big step so you can agree on how your finances will be handled.
It’s critical for couples to get professional assistance with their finances when entering a blended family relationship, such as remarrying with children from a previous relationship, or if partners have accumulated significant assets before uniting.
This report examines some tax relief that may be available to individuals or their caregivers to help offset the costs of care. It also explores some financial considerations related to Powers of Attorney and joint assets for proper planning for the care years ahead.
If you’re making the leap from employee to small business owner, it’s important to consider to structure your business, since choosing to operate as a sole proprietorship, corporation or partnership can impact the taxes you will pay.
If you’re a business owner who operates through a corporation, you have 2 main options for deferring taxes when investing your business profits. You can leave excess funds in your corporation for investing or withdraw funds and invest in a Registered Retirement Savings Plan (RRSP). For many business owners, withdrawing excess funds and investing in an RRSP may be the better choice.
Incorporated business owners can choose to invest surplus funds within their corporation or to withdraw these funds and invest personally. In this article, Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, explains that by investing in a TFSA, business owners will generally end up with more after-tax cash at the end of the day, especially when the time horizon is significant.
Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, highlights the advantages and disadvantages of different compensation decisions of owner-managers, discusses strategies to minimize taxes and advises on effectively managing business and personal finances.
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