Tax

Life insurance commissions are taxable

In a decision sure to rock the insurance advisory world, the Tax Court of Canada has ruled that, notwithstanding the longstanding published administrative position of the Canada Revenue Agency, insurance commissions on the sale of two policies on the advisor’s own life were fully taxable. The case (Bilodeau v. the Queen, 2009 TCC 315) involved […]

By Jamie Golombek |October 1, 2009

4 min read

Health spending account use is rising

Since both kids had autism, Carolyn Plummer and her husband needed to drum up as much as $40,000 a year to cover treatment costs. And when they placed one of the kids in a special education class, those costs skyrocketed further. Three years ago, Plummer’s husband – an incorporated business owner – set up a […]

By Kanupriya Vashisht |October 1, 2009

7 min read

A tax-deferred solution that rivals RRSPs

Through the use of dividend-paying funds, clients engaged in a professional incorporation have a tax-deferment plan that may be more powerful than an RRSP for a select group of clients. Professional corporations for high-net-worth clients such as dentists, doctors, accountants and lawyers have become a powerful way to shelter a retirement income. Using corporate class […]

By Mark Noble |October 1, 2009

4 min read

Educate yourself on avoiding taxes

Kids heading off to college or university can be a big transition for both parents and children. Let’s not forget that it is also a time to be practical. As I reminded my neighbours as they helped their son pack for his first year of university, all those receipts for moving expenses should be held […]

By Michelle Munro |October 1, 2009

7 min read