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.
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).
If you’re an investor who buys and sells stocks, mutual funds or other securities with some regularity in your non-registered trading or brokerage account, one of the things you need to pay attention to is whether you have triggered the superficial loss rule.
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.
This report will look at the combined tax effects of earning investment income inside a Holdco, taking into consideration both the corporate level tax and the shareholder tax on the distributed dividends.
With real estate values increasing significantly in the past year, and notably so for vacation properties, it’s also a good time to do some estate planning for the potential transfer of your cottage, chalet or cabin to future generations. This report focuses on tax and estate planning strategies for Canadian vacation properties.
An estate plan sets out who you’d like to receive your property upon your death. Done properly, this plan takes into account how the various assets you own should be transferred so that as much of your estate value as possible is preserved for your beneficiaries.
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.
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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