Financial Planning

Tax Tools: Special Report on Taxes 2015

In this special feature: Timely RRSP and RRIF withdrawals; fixing errors on tax returns; helping your clients choose tax-preparation software; and much, much more from the Mid-October 2015 issue of Investment Executive.

In this Special Feature

  • Rethinking RRIF rates

    Many financial advocates applaud lower mandatory withdrawals, and some want them abolished altogether. But government depends upon the annual tax revenue

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  • Doing the “RRSP or TFSA” dance

    Tax professionals recommend that clients make maximum contributions to their TFSAs- by making withdrawals from RRSP or RRIF assets if no other funding is available. But it should be done in a tax-efficient way

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  • Most provinces hold the line on taxes

    With most regions still fighting deficits and facing murky economic forecasts, provincial governments have imposed only minor increases in taxes - or none at all

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  • Lower taxes on donations

    New rules proposed for proceeds from the sale of shares and real estate to be donated to charities

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  • The unexplored potential of TFSAs

    Often viewed as a simple savings account, tax-free savings accounts have new, higher limits and cumulative contribution room. But taxpayers who pile up large sums quickly should beware the CRA

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  • Global hunt for tax evasion widens

    Partly in response to the U.S.'s FATCA initiative to collect taxes from its citizens who live abroad, 60 other countries, including Canada, have signed on to the Common Reporting Standard, which creates an international tax-collection system

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  • A window of opportunity

    The rules governing how much tax-free cash a client can hold in a permanent life policy are changing. But advisors who act now may be able to help their clients benefit from the existing rules for years to come

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  • Probate more costly in Ontario

    Estate executors now will be required to file a new form estimating the value of an estate - with supporting documention. Failure to file or making false statements may lead to fines, penalties and even imprisonment

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  • Avoid missing medical expenses

    Many taxpayers miss the full range of medical expenses they can claim, expenses that can reduce their tax bill significantly. But the CRA often challenges such claims, so proper documentation is essential

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  • Getting it right, or fixing it

    Mistakes on income tax returns are common, as are objections to CRA assessments. You can help your clients prevent and fix errors and omissions in their returns - and advise clients about what to do when assessments go against them

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  • Timing and yearend tax planning

    Several tax strategies result in greater savings when executed near the beginning or the end of a calendar year. These tips can help you to ensure your clients meet deadlines and get the most from tax-saving programs

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  • Matching clients with tax-filing software

    The shift to digital filing means your clients will be searching for software applications that meet their particular needs. There are plenty of packages out there, and you can help your clients make the right choice

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