Tax

Managing a financial windfall

What are the odds that you or someone close to you will enjoy a financial windfall during your lifetime? If you’re counting on winning a lottery, the odds are ridiculously bad. For example, the chance that you could draw the right six numbers out of a set of 49 in one of the big national lotteries is somewhere in the range of one in 14 million.

By Michelle Munro |May 17, 2011

4 min read

International income isn’t always tax-free

It’s common these days for nearly every financial advisor to have at least one client with a foreign connection. That could mean a client with a foreign parent living overseas or a child living in the United States. It could also be a client who has previously lived in Europe and then immigrated to Canada, but still has financial ties with the foreign jurisdiction.

By Jamie Golombek |May 12, 2011

3 min read

U.S. transplants face harsh FBAR penalties

In recent years, the Internal Revenue Service (IRS) has increased its focus on reporting of foreign financial accounts by U.S. persons. This is evidenced by the renewed IRS emphasis on receiving the Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, (also known as FBAR reporting).

By Frank Di Pietro |May 3, 2011

4 min read

Tax developments for philanthropists

Anne Brayley, vice president, professional advisory services at the Toronto Community Foundation, speaks with Heather Evans, managing partner, tax at Deloitte & Touche, about how the current tax environment influences trends in philanthropy.

By Anne Brayley |May 1, 2011

3 min read