Tax savings tips

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.

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.

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.

Tax planning with TFSAs (PDF, 160 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.”

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.

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).

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

So… you wanna be a landlord? Tax considerations for rental properties (PDF, 205 KB)  Opens in a new window.

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?

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.

For richer or poorer: Financial planning tips for newlyweds (PDF, 155 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.

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.

Hold the Holdco! Is a holding company right for you? (PDF, 185 KB) Opens in a new window.

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

Making the leap from employee to owner: Some tax considerations (PDF, 140 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.

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.

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.

Medical professionals: are you a sole proprietor? (PDF, 115 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.

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.