Tax

Reporting gains

Most clients generally understand that they must report all their investment income annually on their tax returns. But clients are also responsible for tracking and reporting their capital gains on the disposition of their investments, despite the fact that very often they don’t receive a formal T5008 Slip (“Statement of Securities Transactions”) since the Canada […]

December 12, 2008

3 min read

Pricey paradise

Canada’s retirees often seek the Epicurean delights of the West Coast—a rather pricey paradise. But are the expectations of pleasure- seeking boomers and their savings really in sync? Pension and retirement portfolios need to deliver the goods for clients seeking the ultimate retirement lifestyle, and ultimately careful planning and tax efficiency are the deciding factors. […]

By Evelyn Jacks & Doug Nelson |December 12, 2008

6 min read

TFSA vs. RRSP: How should your client save?

Come January, one of the biggest questions facing financial planners will be “where should your clients put their money — into TFSAs or RRSPs?” There are obvious and not-so-obvious similarities and differences between the two, and this column will evaluate the comparative advantages and disadvantages of TFSAs as well as show how they can be […]

By Michelle Munro |December 8, 2008

5 min read

RRSP justice

With the start of RRSP season just a couple of weeks away, advisors should pay close attention to the RRSP contribution limits, lest clients get reassessed by the Canada Revenue Agency on RRSP overcontributions. A case decided this past fall (Kerr v AGC, 2008 FC 1073) illustrates just such a scenario. Lindsay Kerr was advised […]

December 1, 2008

3 min read