How to minimize OAS clawback

How to minimize OAS clawback Higher-income senior clients are often disappointed when their Old Age Security (OAS) benefit gets clawed back – and as their advisor, you could bear the brunt of that disappointment. Here’s how to answer common client questions about OAS reductions, and how to help them avoid the clawback in the first […]

Read more

Tax-News.com: Canada Extends Consultation On Farming Tax Break

Tax-News.com: Canada Extends Consultation On Farming Tax Break by Mike Godfrey, Tax-news.com, Washington 24 May 2017 The Canadian Finance Department has extended to July 24 a consultation on the future of the income tax deferral available in respect of cash purchase tickets for deliveries of certain grains. The consultation was announced as part of Budget […]

Read more

Tax tips for parents

Tax tips for parents Why read this? › Your client is a new parent or has had a child come to live with her › Your client has a child and is a new Canadian resident. What to do? 1. Apply for and report benefits Use the RC66 Canada Child Benefits Application to apply for […]

Read more

Why inherited IRAs are taxable in Canada

Why inherited IRAs are taxable in Canada As we discussed in my March AER column, “When a pension isn’t a pension,” pension income is taxable. That’s true whether the pension income is from a Canadian or a foreign plan. A recent tax case (McKenzie v The Queen, 2017 TCC 56), however, looked at whether Canada […]

Read more

For many boomers, their wealth is in their home

For many boomers, their wealth is in their home A new survey by Manulife Bank indicates many baby boomers hold household wealth in home equity, and may need to rely on the sale of their primary residence to fund retirement. About 41% of baby boomer respondents to the poll said home equity accounted for more than […]

Read more

Tax-News.com: Canada Criticizes Latest US Anti-Dumping Investigations

Tax-News.com: Canada Criticizes Latest US Anti-Dumping Investigations by Mike Godfrey, Tax-news.com, Washington 22 May 2017 The Canadian Government has said that it strongly disagrees with the US Department of Commerce’s decision to initiate anti-dumping and countervailing duty investigations into imports of Canadian large civil aircraft. On May 18, US Commerce Secretary Wilbur Ross announced the […]

Read more

Tax-News.com: TPP Nations Agree To Continue Without US

Tax-News.com: TPP Nations Agree To Continue Without US by Mary Swire, Tax-News.com, Hong Kong 22 May 2017 The remaining eleven signatories to the Trans Pacific Partnership (TPP) pact have agreed to seek an accord without the United States. Member nations Australia, Brunei, Canada, Chile, Japan, Mexico, New Zealand, Malaysia, Peru, Singapore, and Vietnam met in […]

Read more

Posts navigation