Tax

U.S. estate tax laws are changing

retain a step-up in basis; and allow a deduction for state death taxes. Alternative 4 would: repeal the estate tax in 2010; retain a U.S. $1 million gift tax exemption; and institute a carryover basis regime. The main purpose of the CBO’s alternatives is to analyze the financial impact of options already proposed. These reports […]

By Terry F. Ritchie |November 1, 2009

6 min read

Help entrepreneurs create tax plans

If you work with high net worth clients, chances are a high percentage of them are business owners. The tax needs of this group, which makes up a large percentage of the higher net worth clients being served by Canadian advisors, are unique; especially when it comes to passing the business to new hands. Succession […]

By Jamie Golombek |November 1, 2009

9 min read

Faceoff: TFSA vs RRSP

Which is better?

By Kanupriya Vashisht |November 1, 2009

8 min read

Cutting U.S. tax ties isn’t easy

Canadian and foreign pension plans; RRSPs; IRAs; qualified tuition, education and health savings accounts; and certain trust interests. The $626,000 exemption applies only to gains derived from capital property and does not reduce income inclusions resulting from treatment of special property. Tax on future gifts If Jim gives a gift to a U.S. person, the […]

By Beth Webel and Christopher Gandhu |October 21, 2009

4 min read