Tax News

Closer look at RRSPs and TFSAs

Since the presentation of the 2008 federal budget, the Tax-Free Savings Account (TFSA) has been receiving extensive coverage in the media and rave reviews from fi- nancial institutions. The perceived advantages of the TFSA are its similarities to the Registered Retirement Savings Plan (RRSP), with the opportunity for high taxadjusted investment returns and tax-advantaged savings […]

By Ashraf Al Zaman |August 1, 2008

10 min read

Feds urged to reconsider RRIF withdrawal rules

Currently, after Canadians reaches age 71, they must transfer their RRSP assets into a RRIF or annuity. The Income Tax Act requires RRIF holders to withdraw a minimum of 4% of the beginning-of-year balance at age 65, then an escalating minimum until, from 94 onward, they must withdraw 20% of their balance each year. Of […]

By Mark Noble |July 11, 2008

4 min read

There’s more to buying U.S. real estate than finding a deal

(May 2008) While the sub-prime meltdown has been a disaster for stock markets, it’s been a boon for snowbirds. The S&P/Case-Shiller home-price index, which tracks changes in real estate value changes in 20 metropolitan regions across the United States, dropped 12.7% in April, which means more affordable housing for sun-loving Canadians. But buying a home […]

By Bryan Borzykowski |May 12, 2008

6 min read

Supreme Court hears interest deductibility case

Wednesday morning, in a jam-packed Supreme Court of Canada, the country’s highest court heard arguments in the now-infamous Lipson tax case, involving interest deductibility and the General Anti-Avoidance Rule (GAAR). So great was the interest in the case that a line snaked its way outside of the courthouse onto the front steps as anxious observers […]

April 23, 2008

4 min read