Tax News

Estate planning for blended families

Blended families are increasingly common and as an advisor you’ll likely have clients with children from one or more prior relationships. In most blended family situations, each partner wants to ensure that when they die, their children, as well as their new love, will be treated fairly and will receive as much financial support as possible.

By Floyd Gradley |February 4, 2011

9 min read

The case for spousal RRSPs

It’s RRSP season. Inevitably, clients who have waited until this final month to make 2010 contributions will ask lots of questions. Beyond “Should I make a contribution at all?” and “What should I invest in?” there is, “Should I contribute to a spousal RRSP?”

By Gena Katz |February 2, 2011

3 min read

TFSAs: Who has them and why

Recent RBC survey data shows how many Canadians have TFSAs, and what they’re doing with them. Looking at the Canadian public as a whole, an overwhelming majority—77%—have heard about TFSAs, but less than half of this group has actually opened one. About 20% have withdrawn money from their TFSAs—most often to cover an emergency. Younger […]

By Staff |February 1, 2011

1 min read

Beware those missing tax slips

Tax slips — whether T4s for employment income, T3s for trust distributions or T5s for investment income — are the CRA’s way of ensuring taxpayers don’t forget to report all their income under Canada’s self-assessment tax system.

By Jamie Golombek |January 28, 2011

3 min read