Tax savings tips

Discover ways that can help you make the most of your tax savings.

Expert advice by:
Jamie Golombek
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Personal
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Tax Savings Tips

Tax strategies to help you achieve your goals

Tax planning can be an important strategy to help you achieve your financial goals. Here are some featured tax articles that can make tax planning easy to understand, relevant and actionable.

Featured advice

Sale of a business: Could alternative minimum tax apply?

Changes to the alternative minimum tax (AMT), set to take effect on January 1, 2024, could impact some business owners who sell their business in 2024, or beyond.

Sale of a business: Could alternative minimum tax apply? (PDF, 155 KB) Opens in a new window.

Alternative minimum tax: Impact on charitable giving

This report will summarize the proposed changes to the AMT regime that could impact charitable giving.

Alternative minimum tax: Impact on charitable giving (PDF, 135 KB) Opens in a new window.

Alternative minimum tax: What’s changing for 2024?

This report reviews how the AMT system works, the proposed changes, some examples where the AMT may or may not arise and some planning considerations.

Alternative minimum tax: What’s changing for 2024? (PDF, 195 KB) Opens in a new window.

Retirement Select to show or hide

Retirement

Retiring right: Understanding the taxation of retirement income (PDF, 285 KB) Opens in a new window.

This report provides an overview of the main ways to fund your retirement and describes how each source of funds is taxed.

Video: Planning your retirement income (3:45)
| Transcriptfor the video Planning your retirement income. Opens a new window in your browser.

Get insights and tips on how to maximize your income in retirement.

Registered plans Select to show or hide

Registered plans

Inside out: Fees for registered plans (PDF, 185 KB) Opens in a new window.

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) | Transcriptfor the video fees for registered plans: RRSP advantages. Opens a new window in your browser.

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.

Advanced Planning with RDSPs (PDF, 215 KB) Opens in a new window.

A Registered Disability Savings Plan (RDSP) is an effective long-term savings vehicle that can help provide for the financial security of eligible persons with disabilities.

Blinded by the refund (PDF, 180 KB) Opens in a new window.

Why TFSAs may beat RRSPs as better retirement savings vehicles for some Canadians.

Getting the most out of your RRSP (PDF, 155 KB) Opens in a new window.

An RRSP is one of the best ways to save for retirement. You get a tax deduction on contributions. Plus, you pay no tax on the accumulated investment income inside the plan.

In defence of RRSPs: Dispelling common myths (PDF, 165 KB) Opens in a new window.

This report debunks some of the myths that may be keeping Canadians from saving in an RRSP.

Video: Dispelling common RRSP myths (3:46) Video: Give a Little Bit: Tax Planning and Gifting. 4:53. | Transcriptfor Dispelling Common RRSP Myths video. Opens a new window in your browser

Just do it: The case for tax-free investing (PDF, 225 KB) Opens in a new window.

Whether you choose an RRSP or TFSA, most Canadians would be well served by simply making a contribution to either plan.

Mortgages or margaritas: Is paying down debt putting your retirement at risk? (PDF, 150 KB) Opens in a new window.

Paying down debt at the expense of retirement may harm your long-term savings.

Planning with RDSPs (PDF, 175 KB) Opens in a new window.

People with disabilities and their families have an important tool in their planning toolkit: Registered Disability Savings Plan (RDSP).

Tax planning with TFSAs (PDF, 170 KB) Opens in a new window.

According to the government, the TFSA is a “flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet lifetime savings needs.”

Ten RRSP hacks (PDF, 170 KB) Opens in a new window.

An RRSP allows you to set aside income for retirement. Here are 10 hacks that will help you reap the full benefits of your contributions.

The best school supply? RESPs (PDF, 105 KB) Opens in a new window.

The best school supply is a well-funded education savings plan, ideally in the form of a Registered Education Savings Plan.

The RRSP, the TFSA and the mortgage (PDF, 225 KB) Opens in a new window.

Making the best choice for saving via an RRSP, TFSA or debt repayment.

When it makes sense to maximize RESPs over RRSPs (PDF, 120 KB) Opens in a new window.

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).

Personal tax planning strategies Select to show or hide

Personal tax planning strategies

Alternative minimum tax: Impact on charitable giving (PDF, 135 KB) Opens in a new window.

This report will summarize the proposed changes to the AMT regime that could impact charitable giving.

2022 year end tax tips (PDF 180 KB) Opens in a new window.

As year end approaches, this report reviews some tax tips that you might want to consider.

Alternative minimum tax: What’s changing for 2024? (PDF, 195 KB) Opens in a new window.

This report reviews how the AMT system works, the proposed changes, some examples where the AMT may or may not arise and some planning considerations.

Video: 2022 year-end tax tips (4:01)
| Transcriptfor the video 2022 year end tax tips. Opens in a new window.

Jamie Golombek discusses some tax tips that you might want to consider as year end approaches.

Investors should be aware of this quirk in the superficial loss rule (PDF, 130 KB) Opens in a new window.

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.

Mutual obligations — tax tips for mutual fund investors (PDF, 150 KB) Opens in a new window.

This report provides a brief overview of how mutual fund trusts are taxed and delves deeper into reporting redemptions of mutual fund units and handling a return of capital.

A warning on interest deductibility (PDF, 130 KB) Opens in a new window.

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.

Foreign income tax tips and traps (PDF, 125 KB) Opens in a new window.

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.

Tax filing in the ’20s: Mining the new tax return for extra money this spring (PDF, 195 KB) Opens in a new window.

The T1 Personal Income Tax Return has been redesigned for the 2019 tax year. This report lets you know where to look within the new form to claim valuable tax deductions and credits.

Video: Tax changes for 2020 (2:11)

Jamie Golombek discusses some important tax changes for 2020.

Transcriptfor the video tax changes for 2020. Opens a new window in your browser.

A portfolio less taxing: Understanding the taxation of investment income (PDF, 145 KB) Opens in a new window.

This report reviews the tax treatment of the most common forms of investment income and deductible investment expenses.

Video: How is investment income taxed? (3:45)

Debbie Pearl-Weinberg describes how different types of investment income can impact the after-tax amount you get to keep.

Transcriptfor the video How is investment income taxed. Opens a new window in your browser.

Intaxication: Why getting a tax refund may be a sign of poor financial planning (PDF, 135 KB) Opens in a new window.

Learn how to use your tax refund to your advantage. Even better, eliminate next year’s refund altogether and benefit from the taxes you save all year.

It's 2023: Do you know what your tax rate is? (PDF, 185 KB) Opens in a new window.

This report will help you understand how your income is taxed and why the “advertised” tax rate isn’t always what you end up paying.

Five ways to minimize your 2023 tax bill (PDF, 85 KB) Opens in a new window.

The start of the new year is the perfect time to review your tax minimization strategies for the year ahead. Here are 5 things to consider early in 2023.

Missing the point? Financial and tax considerations of loyalty point redemptions (PDF, 190 KB) Opens in a new window.

This report outlines some things to bear in mind before redeeming loyalty points for rewards, with a focus on tax considerations.

Top tax tips for kids heading back to school (PDF, 135 KB) Opens in a new window.

As kids head off to college or university, why not share some tips with them so they can be sure they’re taking full advantage of the tax system to maximize the cash in their pockets?

Tax and estate planning in uncertain times (PDF, 150 KB) Opens in a new window.

This report reviews some of the tax and estate planning opportunities in uncertain times, such as when stock markets or business revenues have declined.

Home-office expenses: COVID-19 edition (PDF, 150 KB) Opens in a new window.

Can you deduct home-office expenses if you’re forced to work from home during the pandemic?

CRA raises prescribed interest rate for employee loans (PDF, 495 KB) Opens in a new window.

If you receive an interest-free or reduced interest loan from your employer, you will generally have a taxable employment benefit.

Family wealth Select to show or hide

Strategic philanthropy (PDF, 800 KB) Opens in a new window.

There are many benefits to charitable giving — from the satisfaction of supporting worthy causes, to tax credits that can reduce taxes.

Holdcos for investment purposes (PDF, 275 KB) Opens in a new window.

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.

Key estate planning documents (PDF, 865 KB) Opens in a new window.

When putting together your estate plan, there are many issues to consider and having the right documents in place will go a long way toward your intentions being followed.

Building family wealth with registered plans (PDF, 395 KB) Opens in a new window.

Registered plans can have a big impact on family wealth.

U.S. estate tax planning for Canadians (PDF, 440 KB) Opens in a new window.

U.S. transfer taxes may arise when assets are transferred to others during lifetime or upon death.

The strategic use of trusts (PDF, 630 KB) Opens in a new window.

For many families, trusts can play an integral role in the planning process.

Employee stock options (PDF, 115 KB) Opens in a new window.

Here’s a quick overview of how employee stock options work, the tax treatment for options granted prior to July 1, 2021, and the new tax treatment for some options granted as of July 1, 2021.

Tax and estate planning for your vacation property

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.

The tax treatment of art and other collectibles (PDF, 115 KB) Opens in a new window.

Whether you collect art, stamps or antique furniture, you should be aware of the tax consequences that occur when you ultimately dispose of these items, either by sale, gift or upon death.

Estate preservation and enhancement (PDF, 495 KB) Opens in a new window.

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.

Philanthropy Select to show or hide

The tax incentive to gift securities (PDF, 150 KB) Opens in a new window.

If you want to make a gift to your favorite charity and save more on your taxes, consider donating publicly-traded securities.

Understanding endowments: The gift that keeps on giving (PDF, 120 KB) Opens in a new window.

This article provides an overview of some options regarding endowments to help you fulfill your charitable goals.

Charitable gifts: Wills vs. beneficiary designations (PDF, 595 KB) Opens in a new window.

The pros and cons of naming a charity in your will versus designating the charity as a beneficiary of a registered plan.

Ten tax tips for charitable giving as December deadline nears (PDF, 116 KB) Opens in a new window.

If you have plans to donate this year, check out our list of the top 10 tax tips for charitable giving.

Estate planning Select to show or hide

Estate planning

Give a little bit (PDF, 150 KB) Opens in a new window.

To help you with your gifting plans, Jamie Golombek gives answers to some common questions.

Video: give a little bit: Tax planning and gifting (4:53)
Video: Give a Little Bit: Tax Planning and Gifting. 4:53. | Transcriptfor the Give a Little Bit: Tax Planning and Gifting video. Opens a new window in your browser.

Heir un-apparent: Estate planning for U.S. beneficiaries (PDF, 120 KB) Opens in a new window.

If your heirs are U.S. citizens or residents, taxes may erode their inheritance. Estate planning may help them to preserve family wealth.

In trusts we trust: Tax and estate planning using inter vivos trusts (PDF, 145 KB) Opens in a new window.

While people often think of transferring property upon death, you may also wish to consider transferring property during your lifetime.

Income tax consequences of making an asset joint with an adult child (PDF, 110 KB) Opens in a new window.

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.

Planning from the grave – Testamentary trust (PDF, 155 KB) Opens in a new window.

Leaving assets in a trust rather than naming direct beneficiaries who will receive assets outright upon your death can help solve some common estate planning mistakes.

What happens when a TFSA holder dies? (PDF, 125 KB) Opens a new window in your browser.

Despite the reams of advertising and promotion surrounding TFSAs, there is still some confusion about what happens when a TFSA holder dies.

Willpower — Common will planning mistakes and how to avoid them (PDF, 140 KB) Opens in a new window.

In this report, we explore some common mistakes, even when a will has been executed as part of an estate plan.

You’ve got the power! Planning for incapacity (PDF, 145 KB) Opens in a new window.

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.

Your estate matters! Common traps and how to avoid them (PDF, 145 KB) Opens in a new window.

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.

Enhanced trust reporting rules (PDF, 115 KB) Opens in a new window.

This report reviews what trusts will be subject to these new rules, which are effective for years ending on or after December 31, 2023. It also provides information on the enhanced reporting required.

Property ownership Select to show or hide

Property ownership

Beware the big tax hit (PDF, 120 KB) Opens in a new window.

Beware the big tax hit that could be lurking in your house, if you decide to rent part of it out or have your office in it.

Home sweet home (PDF, 130 KB) Opens in a new window.

Whether you’re looking to buy your first home, you’re already a homeowner or you sold your home during the year, here are some tax tips to keep in mind.

So… you wanna be a landlord? Tax considerations for rental properties (PDF, 215 KB) Opens in a new window.

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.

Tax tips for U.S. vacation property owners (PDF, 145 KB) Opens in a new window.

Jamie Golombek discusses Canadian and U.S. tax implications of owning a U.S. vacation property.

What’s up dock? Tax and estate planning for your vacation property (PDF, 205 KB) Opens in a new window.

During the summer months, many families spend time together away from the hustle and bustle of daily living, but what is your transition plan for your vacation home?

Converting your principal residence into a rental property (or vice versa)? (PDF, 105 KB) Opens in a new window.

Here's a quick review of the “change in use” rules that apply when a principal residence is converted to a rental property and vice versa.

Tax-Free First Home Savings Accounts: An overview (PDF, 140 KB) Opens in a new window.

The FHSA is expected to launch at some point in 2023, so to get you prepared, here’s a guide to what we know so far.

U.S. vacation property planning for Canadians (PDF, 290 KB) Opens in a new window.

If you own a vacation property in the United States, taxes could be substantial when you eventually gift, transfer or sell the property.

Family finances Select to show or hide

Family finances

Trusts and other alternatives for making financial gifts (PDF, 130 KB) Opens in a new window.

This report discusses how a trust may be used to make gifts, along with some alternatives.

Loans to family members: The debt forgiveness rules (PDF, 105 KB) Opens in a new window.

This report will review some of the potential tax consequences of debt forgiveness for different types of personal loans made to family members.

Prescribed rate loans for family income splitting (PDF, 130 KB) Opens in a new window.

Here's how to use prescribed rate loans to split income with family members.

Act now for income splitting loans: CRA’s prescribed rate set to increase — once again! (PDF, 135 KB) Opens in a new window.

Find out how you can take advantage of loans made at the prescribed rate for family income splitting.

Prescribed rate loan deadline fast approaching (PDF, 135 KB) Opens in a new window.

For prescribed rate loans, it's critical that the borrower pay the loan interest no later than 30 days after the end of the year.

For richer or poorer: Financial planning tips for newlyweds (PDF, 165 KB) Opens in a new window.

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.

Starting over: Financial planning tips for blended families (PDF, 179 KB) Opens a new window in your browser.

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.

The Great Divide: Income-splitting strategies may lower your family’s taxes (PDF, 180 KB) Opens in a new window.

Now is a great time to revisit some income-splitting strategies, both old and new.

Who cares? Easing the financial burden for caregivers (PDF, 150 KB) Opens in a new window.

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.

Business owners Select to show or hide

Business owners

REALTOR^® Inc. — Tax benefits of Personal Real Estate Corporations (PDF, 215 KB) Opens in a new window.

This report looks at some of the tax advantages, benefits and opportunities that may be available with a personal real estate corporation.

Business transition planning: Unleashing the tax opportunities (PDF, 170 KB) Opens in a new window.

This report highlights some of the key tax and estate planning opportunities in the context of a properly structured transition plan.

Bye-bye bonus! (PDF, 280 KB) Opens in a new window.

Why small business owners should favour dividends over a bonus.

CCPC tax planning for passive income (PDF, 270 KB) Opens in a new window.

Learn why new tax rules may limit access to the small business deduction for CCPCs with more than $50,000 of passive income and strategies to minimize the impact.

Hold the Holdco! Is a holding company right for you? (PDF, 175 KB) Opens in a new window.

This report provides an overview of the tax consequences for use of a holding company.

In good company: Earning investment income in your corporation (PDF, 475 KB) Opens in a new window.

Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, examines how investment income earned in a private Canadian corporation is taxed.

Making the leap from employee to owner: Some tax considerations (PDF, 135 KB) Opens in a new window.

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.

Professional Inc. (PDF, 180 KB) Opens a new window in your browser.

By understanding the tax advantages of professional corporations, some value-added financial solutions are available for professionals.

RRSPs: A smart choice for business owners (PDF, 255 KB) Opens in a new window.

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.

TFSAs for business owners… A smart choice (PDF, 310 KB) Opens in a new window.

Incorporated business owners can choose to invest surplus funds within their corporation or to withdraw these funds and invest personally.

The compensation conundrum (PDF, 205 KB) Opens in a new window.

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.

The new CCPC tax rules (PDF, 185 KB) Opens in a new window.

Jamie Golombek and Debbie Pearl-Weinberg review the new Canadian-controlled Private Corporation (CCPC) tax rules and set out steps to consider if you have a private corporation structure.

Medical professionals: are you a sole proprietor? (PDF, 110 KB) Opens in a new window.

The taxation of professional income, including a medical practice operated as a sole proprietorship, can be complex. This report explores a few of the tax matters to be considered.

Compensation planning (PDF, 125 KB) Opens in a new window.

If you operate a business through a corporation, there is flexibility in how you can be remunerated.

General tips Select to show or hide

General tips

2023 Tax toolkit (PDF, 2.6 MB) Opens in a new window.

Discover Jamie’s 2023 top tax tips for investors, plus 2023 tax tables, rates and much more in the CIBC Tax Toolkit.

2023 federal budget (PDF, 155 KB) Opens in a new window.

Learn how this year’s federal budget could affect you.

Doing it right the first time! Avoiding the most common tax return errors (PDF, 190 KB) Opens in a new window.

Timely tax return advice to help you avoid common, potentially costly errors when preparing your tax return.

Retirement planning

It’s time for retirement planning to evolve into life planning. Explore the stages of life and retirement planning

Learn moreabout stages of life and retirement planning

Registered Education Savings Plan (RESP)

It’s never too early to begin investing in your child's post-secondary education.

Learn moreabout RESPs

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