Month: April 2017

How to bring global pensions home

How to bring global pensions home Many Canadians are pursuing career opportunities across the globe. While they learn new languages and discover new cultures and experiences, they may also be accumulating new retirement assets. When they return home, they may want to consolidate these savings on Canadian soil. Thanks to the Canadian Income Tax Act

Continue Reading…

Month: April 2017

4 ways to negotiate a marriage agreement

4 ways to negotiate a marriage agreement Despite high divorce rates, people still can’t help but fall in love. As advisors, it’s your role to protect clients in case their relationships don’t work out. In Ontario, family law stipulates that all property accumulated during the marriage, and the increase in value of any property owned

Continue Reading…

Month: April 2017

Tax-News.com: Canada To Investigate Real Estate Tax Compliance

Tax-News.com: Canada To Investigate Real Estate Tax Compliance by Mike Godfrey, Tax-news.com, Washington 19 April 2017 The Canada Revenue Agency (CRA) will dedicate resources to ensuring that the real estate sector in the Greater Toronto Area (GTA) complies with the tax laws. The commitment of CRA resources was one of the outcomes of a meeting

Continue Reading…

Month: April 2017

Tax-News.com: Canadian Governments Agree Internal Trade Deal

Tax-News.com: Canadian Governments Agree Internal Trade Deal by Mike Godfrey, Tax-news.com, Washington 19 April 2017 Canada’s federal, provincial, and territorial governments have signed a new free trade agreement, which will reduce internal barriers to trade, investment, and worker mobility. The Canadian Free Trade Agreement (CFTA) will enter into force on July 1, and replace the

Continue Reading…

Month: April 2017

Paperwork, complexity challenge taxpayers

Paperwork, complexity challenge taxpayers Is your client part of the 40% of Canadians who have yet to file their taxes? Read: Help young clients become tax-savvy A study by H&R Block reveals that two out of five Canadians (40%) still must file their 2016 taxes. Most Canadians (55%) consider themselves in-betweeners, who file a couple of

Continue Reading…

Month: April 2017

Tax-News.com: Bank Of Canada Cautious Over US Tax Changes

Tax-News.com: Bank Of Canada Cautious Over US Tax Changes by Mike Godfrey, Tax-news.com, Washington 18 April 2017 The Governor of the Bank of Canada has said that Canadian companies are “dealing with heightened levels of uncertainty related to US tax and trade policies.” In a statement to the House of Commons Standing Committee on Finance,

Continue Reading…

Month: April 2017

All about dividend taxation

All about dividend taxation Ask an average person what a dividend is and, if they don’t know, they’ll at least say it’s something positive. For the most part, they’d be right. Dividends are distributions of a corporation’s after-tax earnings to its shareholders. They’re optional to distribute, but corporations often use them to entice or pay

Continue Reading…

Month: April 2017

What to do when an adult child dies intestate

What to do when an adult child dies intestate Client profile Amira Ghosh*, 34, has died unexpectedly of a brain aneurysm. A successful computer programmer, Amira had $10,000 in a bank account, $50,000 in a TFSA (with her mother named as beneficiary), a defined benefit pension with no named beneficiary (she joined a few years

Continue Reading…

Month: April 2017

When the executor is also a beneficiary

When the executor is also a beneficiary It seems like a logical choice. Instead of paying a professional to be your executor, why not choose a beneficiary to do the job instead? It can work, but mixing those roles can create complications for an estate. A structure that can make sense (or not) Joseph Carpio,

Continue Reading…

Month: April 2017

Tax-News.com: Canada Tables Budget Implementation Bill

Tax-News.com: Canada Tables Budget Implementation Bill by Mike Godfrey, Tax-News.com, Washington 14 April 2017 Canadian Finance Minister Bill Morneau has introduced legislation into the House of Commons to implement changes to individual tax credits announced in last month’s Budget. The Budget Implementation Act, 2017, No. 1, introduced on April 11, 2017, simplifies

Continue Reading…