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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.

October 12, 2016

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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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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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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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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The consequences of late filing

The 2016 tax-filing deadline may seem far off, but filing an annual income tax return is a task your clients should be mulling over during the entire year to ensure they file on time and don’t fall into the ranks of “chronically late filers.” “People should think about income taxes and their implications throughout the […]

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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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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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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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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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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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