Tax News

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Fluid giving

(September 2006) Starting with donations of publicly listed securities made after May 1, 2006, there will be no capital gains to report in relation to most appreciated securities that have been gifted to a registered charity. The fact there is no income inclusion resulting from the donation of eligible securities means that the larger the […]

By Gena Katz |September 14, 2006

2 min read

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Disjointed rights – Part two

(September 2006) In last month’s column, we discussed the first of two Ontario Court of Appeal cases (Pecore v. Pecore, 2005 CanLII 31576 (ON C.A.)) involving joint accounts that will heading to the Supreme Court of Canada this December. This month we will be discussing Saylor v. Brooks, (2005 CanLII 39857 (ON C.A.)), which surprisingly […]

September 1, 2006

5 min read

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The new rules

(July 2006) The Conservatives made good on their pre-election promise to encourage the donation of publicly traded securities (including mutual funds and segregated funds) to charity by completely eliminating the tax on any accrued capital gains arising from the disposition to charity. This change opens a huge window for you to broach the topic of […]

July 25, 2006

4 min read

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Expenses for advice

(July 2006) A recent tax case (Emmons v. The Queen, 2006 TCC 269) decided last month will be of particular interest to advisors as it deals with a broker’s ability — and inability — to deduct various work-related expenses from their employment income. Ronald Emmons is a financial advisor with BMO Nesbitt Burns in Saskatoon. […]

July 7, 2006

3 min read

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Taking opportunities

(June 2006) Batina and Armand Milo live very comfortably in Vancouver with their two teenage children. Batina is an ad exec who earns $180,000 annually. Armand left the business world a few years ago to pursue his real love, sculpture; and he’s now earning about $25,000 annually as an artist. They’ve been good savers and […]

By Gena Katz |June 16, 2006

3 min read

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Clawbacks issue for some

(May 2006) In 2005, the Old Age Security clawback, equal to 15 cents on the dollar, began at income over $60,806. That being said, there are very few seniors in Canada that have income that even approaches this level. If you examine the data, 95% of all eligible seniors receive their full OAS, while 98% […]

May 24, 2006

3 min read

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No slip, no excuses…

(May 2006) As clients clamour to finalize their tax returns by the end of the month, it may be a good time to remind them that just because they may be missing a slip or two, doesn’t mean they should avoid reporting the income on that slip on their tax returns. According to the Canada […]

May 12, 2006

3 min read

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Pop Quiz!

Test your knowledge on income sources for your retiring clients. Q: Can CPP benefits commence early (before age 65) if you are over age 60 and earning $50,000 per year in fulltime employment? A: Yes, as long as the client is at least age 60 and has at least two consecutive months where employment income […]

By Staff |March 17, 2006

2 min read

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Over the limit: Withdrawing RRSP over-contributions

(February 2006) With the 2006 RRSP season soon drawing to a close, it’s inevitable that one or two of your clients may have inadvertently got themselves into an RRSP over-contribution situation. The most common source of over-contributions arises from clients who have a group RRSP program in which their employer makes contributions on your clients’ […]

February 24, 2006

3 min read

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Report everything

(February 2006) At the end of the month, your clients will begin receiving their year-end statements. If they disposed of securities in 2005 they will also receive either a Canada Revenue Agency T5008 slip, known as a Statement of Securities Transactions or a customized statement from their dealer, broker or fund company detailing a list […]

February 2, 2006

4 min read

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