Tax Strategies

Be prepared: Year-end tax tips

For all of us, December is just about the busiest month of the year. For your high-net worth clients there are also tax issues that should be dealt with despite the seasonal distractions. As an advisor, you are uniquely positioned to help clients minimize their 2009 tax bills. The following are some of the key […]

By Michelle Munro |December 14, 2009

6 min read

Know the rules for expense write offs

The ability to deduct myriad business expenses is one of the biggest tax advantages of being a self-employed financial advisor as opposed to being an employee. That being said, there are still limits to what an advisor can legitimately deduct for tax purposes as B.C. advisor Hans Rupprecht recently learned in a Federal Court of […]

By Jamie Golombek |December 1, 2009

3 min read

The importance of the principal residence exemption

For many Canadians, their home is their most valued asset. It is often considered the most significant purchase, and might provide the greatest return relative to risk. This return is enhanced by the fact that Canadians are not required to pay tax on increases in the value of a principal residence. The Income Tax Act […]

By Wilmot George |November 12, 2009

6 min read

How to justify employment expenses

If you’re a self-employed advisor and hire an assistant – be it your spouse or someone at arm’s length – as long as he or she actually performs the work and is paid a reasonable salary, you should have no trouble deducting the wages you pay. The ability of an advisor who’s considered an employee […]

By Jamie Golombek |November 1, 2009

3 min read