Estate Planning

TFSAs and estate planning

Much has been written about the new tax-free savings accounts: the accumulation of tax-free income, the ability to re-contribute withdrawals and the capacity to access funds without impact to federally sponsored benefits. But what happens to the TFSA on death of the TFSA holder? Generally, clients who have a TFSA can name a “successor holder” […]

By Wilmot George |January 19, 2009

4 min read

Estate Planning

Case study: How to use TFSAs for different client types

They say bad news travels fast, and this has undeniably been the case in the markets of late. I’ve been dismayed to see my equity-weighted RRSPs shrink in recent weeks, and it’s likely most of your clients have witnessed this happening to their accounts too. While that might make your clients nervous, remember that what […]

November 21, 2008

8 min read

Estate Planning

Up to speed: An overview of tax changes in 2008

charitable donations; child care expenses; interest expense on money borrowed to earn investment income; and investment counselling fees. Tax-Free Savings Accounts (TFSAs) Finally, perhaps the biggest tax announcement in 2008 was the introduction of the new TFSA, set to be launched on January 1, 2009. These new accounts will allow Canadian residents 18 years of […]

November 21, 2008

5 min read

Estate Planning

More tax planning reading, resources and tools

Over the course of the year, the staff at Advisor.ca has written a plethora of articles about pressing tax issues. Don’t worry if you’ve missed some of these gems — we’ve made sure to highlight a few of the more noteworthy pieces that have appeared online in 2008. Protecting RRSPs from creditors New bankruptcy legislation […]

By Staff |November 3, 2008

2 min read

Tax-loss selling might ease your clients’ pain

It’s not easy to find a silver lining in this economic downturn, but tax-savvy advisors don’t need to look too hard to uncover a saving grace: tax-loss selling. This year — maybe more than any other — tax-loss planning will be a vital area in which advisors can add value, though stocks have to be […]

4 min read

Legally speaking: Botched beneficiary designations

Frequently when I review an insurance agent’s or investment advisor’s files I am surprised to see that a simple estate planning step has gone awry. In an RRSP or RIF there should always be a beneficiary designation. In life insurance especially, failing to have a designated beneficiary simply makes no sense. Given the role both […]

By Harold Geller |October 23, 2008

4 min read

Legacy or executor fees

One of the issues that comes up regularly in an estate situation is whether amounts received by the executor from the estate are taxable executor’s fees or rather should be properly considered a tax-free legacy from the estate. It’s critically important to ensure that the will is properly drafted to minimize any ambiguity later as […]

September 1, 2008

3 min read

Structural advantage

Not long ago, a mutual fund wholesaler was in my office touting the benefits of his product offering to my business partner. While the two agreed on the value of the product, they agreed to disagree about its tax efficiency in non-registered portfolios. My partner observed the product wouldn’t be as tax-efficient as some of […]

7 min read

Do you take this prenuptial?

(June 2008) Second marriages, an inheritance from your grandmother, or sizeable retirement assets are a few of the many reasons why more and more Canadians are signing on the prenuptial dotted line. Prenuptial arrangements, while not yet the rage, are becoming more and more commonplace, explains Jim Stoffman, a Winnipeg-based lawyer with 34 years of […]

By Romana King |June 3, 2008

6 min read