Financial Planning

Special Report on Taxes 2016

In this special feature: The CRA eyes the principal residence exemption; changes in the insurance "exempt test"; bad news for offshore tax cheats; cross-border tax planning and much, much more from the Mid-October 2016 issue of Investment Executive.

In this Special Feature

  • A trimmer, more efficient tax system?

    Numerous changes are in the works to make the tax code more coherent while making the pursuit of tax evaders and closing the so-called "tax gap" easier. But these efforts could run afoul of political, economic and fiscal realities

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  • Assessing the real cost of tax credits

    While the Harper government was a strong proponent of tax credits, many experts suggest that these credits cost Canada more than they are worth because of compliance costs and inefficiency

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  • Corporate-class funds are changing

    Investors will no longer be able to switch from one fund to another within these structures without potential tax liability, but tax strategies such as income withdrawals at lower rates will remain viable

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  • Taking advantage of the CCB

    The new Canada child benefit, introduced this past summer, replaces the Canada child tax benefit and the universal child care benefit. The CCB can be used in a variety of ways, from covering child-care costs to saving for post-secondary education

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  • The consequences of late filing

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  • PFICs: Tax traps for American clients

    The Internal Revenue Service now extends its reach to Canadian mutual funds held by American citizens who live in Canada. Know the rules so you can protect these clients from unnecessary taxes on their Canadian fund holdings

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  • Two takes on estate taxes

    Hillary Clinton and Donald Trump have completely divergent proposals on how to deal with U.S. estate taxes. Here's what to keep in mind for your clients who reside in the U.S. or who own property in the U.S.

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  • Managing TFSAs upon death

    Clients can designate three main types of beneficiaries for their TFSAs: a successor holder a named beneficiary or an estate. Each type is subject to different taxation and transfer rules

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  • Tax pain in the East

    Three of the Atlantic provinces, hobbled by debt and population losses, resorted to tax hikes in their latest budgets

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  • Insurance exemption deadline looms

    While tax exemptions that apply to some permanent life insurance policies will be tightened up next year, advisors insist insurance will remain a valuable tax-planning tool: "It's just going to be a new reality"

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  • It’s getting harder to hide

    The pursuit of tax evaders and avoiders is ramping up around the world. Canada has several new measures and programs to track offshore accounts, including new reports required from Canadian financial institutions

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  • Real estate flips and the CRA

    Skyrocketing home prices in Vancouver and Toronto are attracting the attention of the CRA, which is boosting its surveillance of the higher-value transactions to look for unpaid taxes. Keep your clients informed of the rules

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  • Tax filing online has its risks

    The CRA is marching Canadians toward filing their taxes online for convenience and efficiency. But with that convenience comes vulnerability. How can your clients protect their privacy?

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  • Staying ahead of the changes

    As the end of the tax year approaches, advisors can help their clients by alerting them to potential savings in their taxes owed. These strategies range from strategic withdrawals and contributions to making the best use of tax credits

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