Most parents who have been in Canada 10 years or less would like to leave an inheritance for their children
After the initial costs of getting settled, immigrants have less than half of their savings left
There's much debate about whether the federal government's new immigrant-investor program will achieve its goals
New Canadians represent an important market
The proposed elimination of the immigrant trust exemption has implications for new immigrants to Canada
The elimination of non-resident trusts has generated debate among tax specialists about fairness in Canada's tax system
The feds have eliminated two commonly used tax planning techniques involving trusts
The feds are removing a widely promoted incentive program for wealthy immigrants, which will result in savings of $110 million over the next five fiscal years
Jamie Golombek, managing director, tax and estate planning, CIBC Private Wealth Management, reports that Budget 2014 proposes an immediate end to the 60-month exemption on immigration trusts, without grandfathering. The budget proposal requires that tax be paid immediately on investment income earned in non-resident trusts. He spoke from the Budget 2014 lockup in Ottawa.
Immigrants drive demand for housing and durable consumer goods