At Year End, Increase Investment Returns with Tax Planning

Tax planning is about what you keep to live your happy life with. It’s too bad so many people miss out by failing to think about year end tax planning in the family. Understanding your lifetime tax obligation is an important motivator because it will help you understand the magnitude of tax savings possible. Consider this reality check: Find the amount of taxes you paid last year on Line 435 of your tax return. Now multiply that figure by an […]

Income Splitting for Canadian Families

Income splitting and higher limits to TFSAs could make a big difference in Real Wealth Management™ for Canadians families, reducing tax on income both today and in the future when retirement income is drawn completely tax free. It will all depend on how the final legislation is written and whether the government is elected to implement the plan. But because this is an election issue, it’s important that the significance of the potential double gift – income splitting and new […]

Family Lifecycle Planning Leads to Tax Savings

Birth, marriage, death, separation or divorce, university entrance, sale of business, unemployment, illness, career change, self-employment, inheritances, even certain birthdays — all of these life events can have tax consequences. Yet many taxpayers miss significant tax saving opportunities because they don’t keep their advisors informed about personal change. Whenever possible, taxpayers and their advisors should get together before personal milestones occur to discuss their tax consequences. Become familiar with the events that can influence your taxes. Embrace a process of […]

How to Postpone Your OAS

As of July 2013, OAS recipients can elect to defer taking their OAS pension for up to five years. This would provide for a larger pension then. For those who have already started to receive their Old Age Security, you must make the decision to defer within 6 months of your start date. After this, you can’t change your mind and decide to defer your pension. But if you have already started receiving your OAS and are in the first […]

Retirees Need Help Understanding Public Pensions

People can retire at any age, but it is increasingly rare for people to simply go from earning income from employment or self-employment directly to withdrawing income from investments and other sources including pensions. After the financial crisis, and as a result of changing demographics, most people will continue to work well into their 60s and possibly 70s, if they can maintain their health. Close to five million Canadians are reporting Old Age Security (OAS) income today, and over six […]

When Are You In The Business Of Buying and Selling Land?

Lots of people like to dabble in real estate when markets are hot. But there could be an unintended tax issue which could significantly erode wealth. The issue is this: do you hold the property for personal use, or are you in fact in the business of buying and selling real estate? When real estate is held for investment purposes, any income it earns will be “income from property,” generally in the form of rent. Upon disposition of the property, […]

Be a Hero – Be a Tax Pro

If you have ever wanted to be a hero, consider the gratitude that comes from helping business owners understand how to steer clear of trouble on a tax audit or making sure seniors don’t overpay their September 15 or December 15 quarterly tax instalment. This is the happy role of a certified professional tax practitioner – one that features highly valued work that builds clients for life. The most successful tax practitioners are people who love helping people, love learning […]

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Tax Efficiency Boosts Self Sufficiency For Retirees

Tomorrow’s retirees may be well advised to seek help in planning for tax-efficiency in retirement, because their taxes on both income and capital could soon rise and this needs to be taken into account in wealth management. Two recent studies provide insight:  one by the OECD in May 2014,  (  found that there has been a spectacular rise in top income earners in the US and Canada, some of that resulting from favorable taxation policies. The study noted that lower […]

Evelyn Jacks: Back to Retirement Planning School

The fall “back to school” time provides a great opportunity enhance knowledge-based careers. It’s a time to start again, take on a new challenge, get out of your comfort zone, meet new people, reconnect with your best friends. Back to school time is about challenging your potential to add to your “knowledge kit” by setting new goals for achievement. In today’s financial world that’s important because “old” knowledge and skills may not cut it anymore. That could be scary for […]