Tax & Estate

Tax and estate planning: How do fund distributions affect ACB?

Most investors who hold funds (e.g., mutual funds and exchange-traded funds) in non-registered accounts are familiar with how purchases and redemptions affect their adjusted cost base (ACB). However, many are not aware of how distributions affect their ACB. Distributions can impact an investor’s ACB depending  on the income characterization of those distributions and whether they are reinvested or paid out in cash.

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Tax and estate planning: What you need to know about gifting to family members (Part three)

Our previous two blog posts talked about income tax implications when gifting to spouses and adult children. While the income tax implications are significant, the non-tax considerations outlined below may be just as important to keep in mind when making a gift. As always, please consult your advisors and/or other professionals regarding your personal situation.

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Tax and estate planning: What you need to know about gifting to family members (Part two)

Income tax considerations – Gifts to adult children

Our last blog post discussed gifting assets to a spouse. In this blog, we talk about the income tax implications of gifting assets to adult children.

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Tax and estate planning: What you need to know about gifting to family members

Planning to gift non-registered assets to your spouse or family member? Find out income tax attribution rules and how to do it in a tax-efficient way.

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Federal Budget 2021: Sales and Excise Tax Measures

Our final blog post in the 2021 Federal Budget series covers Sales and Excise Tax Measures.

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Federal Budget: Business Income Tax Measures

This is part two of a three-part series focused on the 2021 Federal Budget. Picking up from the first blog post on Personal Income Tax Measures, we’ll cover Business Income Tax Measures.

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Federal Budget 2021: Personal Income Tax Measures

This is a three-part series focused on the 2021 Federal Budget. In this series, we’ll cover Personal Income Tax Measures, Business Income Tax Measures, and Sales and Excise Tax Measures, International Tax Measures & Other Measures. We’ll first review the tax-specific measures and then summarize the non-tax-specific measures.

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Foreign withholding taxes on ETF and mutual fund investments

Depending on how an investor holds foreign securities, foreign withholding taxes may apply. Here is a quick reference that walks through four different scenarios. 

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Resulting trusts and registered plan beneficiary designations

A recent court decision in Ontario may have far-reaching implications, raising questions about the outcome of registered plan beneficiary designations when the beneficiary is a financially independent adult child.

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Canada Revenue Agency makes it simpler to claim home office expenses due to COVID-19

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Year-end tax tips for 2020

This year has been a roller coaster for many people – but, as 2020 draws to a close, we must turn our attention to end-of-year tax planning. Consider these year-end tax tips for your clients.

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Transitioning from CERB to EI benefits or the new CRB

Learn how Employment Insurance (EI) benefits and the new Canada Recovery Benefit (CRB) are replacing support offered by the Canada Emergency Response Benefit (CERB).

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Power of attorney arrangements and beneficiary designations on registered plans

Descriptor: An attorney designated in a power of attorney cannot make testamentary dispositions on behalf of a grantor, and this can pose problems in certain situations involving registered plans.

RESP withdrawals: basic rules and strategic considerations

A registered education savings plan (RESP) is an effective vehicle for funding post-secondary education expenses, although the complex withdrawal rules can be confusing. Parents with children who are currently attending or who will be pursuing post-secondary education want to make sure tuition and living expenses are well funded through RESP withdrawals. Parents whose children have already completed their post-secondary education or who have decided not to pursue post-secondary education at all, want to wind down the RESP in the most tax-efficient way. In this article, we go back to basics and review the three types of withdrawals available from an RESP, along with offering some strategic considerations when making a withdrawal.

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Locked-in plans: Beneficiary entitlements and creditor protection

Our final blog post in this series covers beneficiary entitlements and creditor protection as they relate specifically to locked-in plans.

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Locked-in plans: Types of plans and unlocking options

Picking up from last month’s blog post, let’s continue our look at locked-in plans. Similar to Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), locked-in plans also consist of pre-retirement plans and post-retirement plans. In addition, specific rules relate to unlocking amounts from these plans.

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Locked-in plans: understanding the basics

This is a three-part series focused on locked-in plans. In this series, you’ll learn the basics to help clients with these less-understood plans, explore pre-retirement and post-retirement plans and unlocking options, and get an overview of issues surrounding beneficiaries and creditors. Let’s first understand the basics in this part.

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An overview of COVID-19 government support programs

Learn about the measures the federal government has introduced to help Canadians manage the impact of the COVID-19 pandemic.

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Planning strategies for Registered Retirement Income Funds

The 25 per cent reduction in mandatory Registered Retirement Income Fund (RRIF) minimums for 2020 was one of a handful of tax relief measures the Canadian federal government implemented as part of its COVID-19 economic stimulus. The government has made similar changes in the past, with the RRIF minimums temporarily reduced by 25 per cent in 2008 amid the global financial crisis. RRIF minimums also came into focus in 2015, with the government lowering the prescribed factors it uses to calculate minimum withdrawals. Reducing RRIF minimums is aimed at increasing financial longevity for individuals in retirement who are living longer. The government has also changed the age at which Registered Retirement Savings Plans (RRSPs) mature several times over the years. Originally set at age 71, it changed to age 69 in 1996 and changed back to age 71 in 2007.

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COVID-19 economic stimulus package

Updated March 25, 2020

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