Tax News

IFRS: Managing change for the tax function

The move to International Financial Reporting Standards (IFRS) from the current Canadian Generally Accepted Accounting Principles (GAAP) will fundamentally change the way Canadian organizations report their business results. The tax function will not be immune to these changes. In fact, IFRS may affect the measurement and reporting of income taxes for financial statement purposes, the […]

By Spence McDonnell and John Gotts |June 4, 2009

4 min read

Taxing transaction fees

I’m asked regularly about whether commissions received by an advisor on the sale of life insurance and/or investment products for his or her own personal use are taxable. A 2003 tax case—Delisle v The Queen, 2003 TCC 751—dealt with such an advisor. Gilbert Delisle, an executive at Sun Life, became self-employed after leaving in July […]

By Jamie Golombek |June 1, 2009

3 min read

An estate freeze can be a good idea

Many of you have clients who implemented estate freezes in previous years. The planning strategy involves exchanging company shares— whether a family business or an investment holding company— for fixed value preferred shares, and then having other family members, or in many cases a trust for those family members, subscribe for nominal value common shares. […]

By Gena Katz |June 1, 2009

3 min read

Tax preparation opens doors with clients

Some years I wonder why I do it? The long hours. The time away from my family. The last-minute procrastinators. Given that our fee-only practice specializes in comprehensive fi nancial planning for affl uent individuals with challenging Canada/U.S. fi nancial, tax and estate matters, for many of our clients tax season doesn’t end on April […]

By Terry F. Ritchie |June 1, 2009

8 min read