Tax Matters Jamie Golombek

As managing director of tax and estate planning with Canadian Imperial Bank of Commerce's wealth advisory services division in Toronto, Jamie Golombek is quoted frequently in the national media as an expert on taxation. He is the immediate past chairman of the Investment Funds Institute of Canada's Tax Working Group as well as a member of the Ontario Institute of Chartered Accountants, the Illinois CPA Society, the Estate Planning Council of Toronto, the Canadian Tax Foundation and the Society of Trust and Estate Practitioners. Jamie also teaches an MBA course in personal finance at the Schulich School of Business at York University in Toronto.

Three tax resolutions for 2018

Here are three simple tax strategies you and your clients should keep in mind for minimizing taxes this year

Tips for yearend charitable donations

There are three key tax considerations you and your clients should keep in mind when making decisions on charitable donations for the end of 2017

Capital gains tax needs to be reduced or abolished

There are many benefits to be had for investors and the overall economy as a whole if the capital gains tax is eliminated

Submissions on passive income proposals bring up valid arguments

The government should take a close look at the Joint Committee on Taxation’s comments on the proposed passive investment income proposal

RESPs are like TFSAs for clients’ children

Encourage parents with excess funds to maximize the tax-deferred or tax-free compounding in a child’s RESP by making an additional lump-sum contribution of $14,000

Feds launch attack on corporate investing

The proposed change to the taxation of passive investment income arising from active business income retained inside a corporation is most concerning

Day trading in a TFSA or RRSP

There are several factors that must be taken into account when determining whether a taxpayer’s gains from securities constitute carrying on a business

The dangers of going to tax court

Although clients can take the CRA to the Tax Court of Canada, they need to be aware of the public exposure that may come their way

Helping clients through a tax audit

Advisors can often play an important role in helping to provide clients under audit with any missing information about their investment tax reporting

Not another tax refund?!

Getting a tax refund is a sign of poor tax planning, so help clients reduce the taxes their employers withhold for the rest of 2017

The fallout from Budget 2017

The feds didn’t tackle many expected tax issues, but made it clear they’re reviewing some tax planning strategies involving the use of private corporations

Are changes to capital gains in the offing?

Although the Liberals have not discussed increasing the capital gains inclusion rate, such a measure shouldn’t be ruled out

Trump’s tax plans to have impact on HNW clients

A reduction in the highest U.S. income tax bracket could encourage high earners to move stateside while a repeal of the estate tax means complex planning may not be needed

Taking advantage of tax-gain donating

If your clients are sitting on some significant accrued capital gains, you could remind them about donating appreciated securities “in-kind” to the charity of their choice

Tax simplification process just getting underway

Given the proliferation of “boutique” tax credits, it’s clear that all of us could benefit from a simpler tax system

What’s new for 2016 yearend tax planning

There are three tax strategies expiring at the end of the year that clients should take advantage of before Dec. 31

Help parents save enough for their children’s education

Advisors can play a key role in ensuring clients understand and prepare for the costs related to their kids’ post-secondary education

Help your newlywed clients

Advisors can play a huge role in facilitating a discussion about financial planning for newlywed couples, many of whom have not discussed their finances in great detail

Help clients take advantage of the new Canada child benefit

The new CCB monthly benefits could be best maximized if they’re contributed to a registered investment vehicle such as an RESP, RDSP, RRSP or TFSA

Help your clients object to a CRA assessment

If clients mention they have been reassessed, consider sharing a recent Tax Court of Canada decision to ensure they don’t miss their deadline to object

Getting rid of boutique tax credits

Could the potential elimination of boutique tax credits lead to a lowering of the general income tax rate for all Canadians?

Last minute tax-filing tips

Here are some reminders to share with your clients ahead of this year’s tax-filing deadline at end of day on Mon. May 2

Time to help clients consider their linked notes investments

This year’s federal budget proposes to change the tax laws governing linked notes to treat a gain realized on the sale as interest earned on the debt obligation

Prepare your clients for Budget 2016

Here are three potential changes to discuss with your clients before the Liberals deliver their first budget

Is RRSP season a thing of the past?

With the TFSA having become a worthwhile option for your clients, it’s time to consider whether an RRSP has the same allure as it once did for certain investors

Increasing your clients’ take-home pay

Here are two ways you may help keep your clients from being interest-free lenders to the government

Help your clients make the most of their year end charitable giving (Updated)

The holiday season is the best time to help your clients minimize the after-tax cost of their charitable donations

Could Trudeau’s Liberals spell trouble for professional corporations?

The new federal government wants to ensure some professional corporations are not used to reduce personal income tax obligations for high-income earners

Are TFSAs a good idea for small business owner clients?

The increase in the TFSA’s annual contribution limit this past spring has small business owner clients wondering if leaving funds in their corporations still makes sense

Heading back to school shouldn’t be a financial headache

Advisors should help clients discuss the importance of money management with their children

Home-office expenses for financial advisors

Make sure you keep a record of the clients you meet at your home office to be able to deduct expenses

Who exactly is a “high-income” earner?

Federally, the top tax kicks in once taxable income is above $138,586, but provincially, the threshold is all over the map

Clients need not panic over “large” TFSAs

The vast majority of clients can continue to contribute and invest in their TFSAs without worrying about the CRA

A closer look at the new RRIF rules

The draft legislation to put the new RRIF rules into law includes a provision stating that the old rules still apply in three situations

Increase of TFSA annual limit to benefit all

Now double the limit of when the TFSA was first introduced, the savings vehicle has many benefits for higher- and lower-income clients alike

Income splitting beyond the family tax cut

There are several income-splitting strategies that can save your clients significantly more money than the new family tax cut

RRSP deadline looms

With just hours to go in this year’s RRSP deadline, emphasize retirement savings over debt repayment

Help your U.S. citizen clients prepare for tax season

The situation facing these clients is more complex as they have certain filing requirements in the U.S. in addition to their U.S. and Canadian tax returns

Start the year off right with a prescribed rate loan

Now is the time to help your clients set up a prescribed rate loan because the rate of 1% is the lowest it will ever be — and it is fixed until March 31

The truth about the new family tax cut

You need to help your clients understand their true savings for 2015

Don’t forget to report foreign assets on time

Taxpayer gets harsh treatment from the CRA for late-filing Form T1135

Canada’s corporate tax policy gets it right

If the U.S. wants to avoid more corporate tax inversions, it should implement a corporate tax policy similar to that of its northern neighbour

Back to school tax tips

Here are some ways to help your clients and their children save and budget for post-secondary education

The CRA makes key changes to T1135 reporting

The federal tax agency has altered the reporting requirements for clients who own foreign securities in their Canadian brokerage accounts

Don’t lose out on the pension income credit

RRSP withdrawals aren’t treated the same as RRIF withdrawals

Owning a vacation property can have major tax implications

Here are some key talking tips to assist clients with their vacation property tax planning

Tax season is never over

Although the tax-filing deadline has passed, taxes need to be top of mind year-round

Adding ‘true value’ during tax season

Helping your clients make sure they have all their tax information can go a long way

Relief for T1135 reporting doesn’t go far enough

Although concerted lobbying effort led to a temporary reprieve for T1135 reporting in the 2013 taxation year, a more permanent solution is required

Budget 2014 hits trust tax planning hard

The feds have eliminated two commonly used tax planning techniques involving trusts

Tax season begins early

There are three key strategies you can discuss with clients to help them get a head start on the 2014 taxation year

Two key yearend tax tips

Tax-loss selling and tax-gain donating are two of the best ways financial advisors can assist their clients toward the end of the year

Will graduated tax rates for trusts be eliminated?

The government is open to comments from the public on its intention to tax testamentary trusts at the highest marginal tax rate until Dec. 2

Maximizing the tax benefits of charitable giving

There are three areas, in particular, in which financial advisors can really help their clients take advantage of the tax-related opportunities involved with charitable giving

Are we serving our clients properly?

Advisors should help clients understand how taxes can impact every financial decision that they make — especially when it comes to investing