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Home
About Us
Our Team
Our Partners
Our Philosophy
Fees
Directions to our branch
About BMO Nesbitt Burns
Research-Commentary
Commentary
Economic & Market Updates
Managing Your Wealth
Financial Planning
Tax Free Savings Account (TFSA)
Personal Tax Calendar
Education Planning
Online Tools
Podcasts
Gateway - Online Access
Online Payment Instructions
Links
Contact Us
☰
Home
About Us
Our Team
Our Partners
Our Philosophy
Fees
Directions to our branch
About BMO Nesbitt Burns
Research-Commentary
Commentary
Economic & Market Updates
Managing Your Wealth
Financial Planning
Tax Free Savings Account (TFSA)
Personal Tax Calendar
Education Planning
Online Tools
Podcasts
Gateway - Online Access
Online Payment Instructions
Links
Contact Us
Managing Your Wealth
Tax Planning Strategies
One of the most important tax breaks offered to Canadians is the “Principal Residence Exemption” which can reduce or eliminate any capital gain otherwise occurring for income tax purposes on the disposition (or deemed disposition, such as upon death) of your home. In general, a resident of Canada who owns only one housing unit, which is situated on land of one-half hectare or less, and which has been used since its acquisition strictly as their residence, will qualify for the principal residence exemption. Although simple in concept, in situations other than the one described above the tax rules governing the exemption can quickly become complicated, particularly when more than one residence is owned by a family unit.
A Guide to the Principal Residence Exemption
Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.
Canadian Snowbirds and U.S. Income Tax
Towards the end of the year, many investors review their investment portfolios to determine the anticipated tax impact of any capital gains and losses realized during the year. For investors who have realized significant capital gains, this article examines various strategies to help reduce the impact of a potential tax liability of these gains, regardless of whether they were the result of a voluntary or involuntary sale.
Strategies to Minimize Capital Gains Tax
In an effort to help simplify your tax preparation efforts, we are providing you with a brief overview of the various tax slips and supporting documents you may receive from BMO, and their expected mailing dates.
Tax Slips Overview
Estate & Succession Planning
This article discusses common digital asset considerations and important information for making sure they are properly addressed in your estate plan.
Digital Assets and Your Estate Plan
Managing Your Wealth
Wealth Themes provides timely articles on a variety of wealth planning topics. This month, in recognition and celebration of International Women’s Day on March 8, 2023, we feature planning strategy articles and podcasts focused on supporting women.
Wealth Themes
This is a helpful resource summarizing important tax, retirement and estate planning information.
2023 Wealth Planning Facts & Figures
Peter Finnegan, Portfolio Manager
Managing Your Wealth
An Owner's Manual to Investing
Managing Your Wealth
Why Consolidating Your Accounts Make Sense
Why Consolidating Your Accounts Make Sense
Education and Knowledge
At BMO, we take your security seriously. We are committed to respecting and protecting the privacy and confidentiality of the personal information you entrust to us. It is also important to know how to keep your information secure. This article provides a few simple ways you can protect yourself online, as well as some key reminders for detecting fraud. Please be reminded that these are suggestions and we recommend that you speak to a technology professional about your digital security.
Digital Security: Keeping Your Personal and Account Information Safe
Understanding the Three Major Asset Classes:Cash, Bonds and Stocks
Investing Handbook