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Faisal Hassan
Brad Fox
Erik Olesen
Suzanne Probyn
Bailey Solomon

Tel: 416-590-7620
Fax: 416-590-7601
Toll Free: 1 800-567-2626

Address
4881 Yonge Street
9th Floor, PO Box 37
Toronto, ON
M2N 5X3
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Monthly Market Commentary
June 2018
As many of our clients have recently, or soon-to-be, graduated students, in this month’s note we include an article on Financial Considerations for Recent Graduates as well as our regular piece on financial markets.
May 2018
Included is an article on Women and Wealth and also our thoughts on financial markets.
April 2018
Included is an article on estate planning and also our thoughts on financial markets.
March 2018
Included is an article on digital security and also our thoughts on equity markets.
February 2018
Included is an article on insurance options and also our thoughts on equity markets following recent activity.
January 2018
Included is an article on estate preservation and also our thoughts on equity markets following U.S. corporate tax cuts.
Education and Knowledge
Net Worth - Summer 2017
In this issue of net worth: Complex family dynamics call for clear and effective estate planning, Love and Marriage and... Contracts, and Who will take care of my pets when I die?
Net Worth - Spring 2017
In this issue of net worth: 2017 Federal Budget Summary and Tax Filing Updates
Net Worth - Fall 2016
In this issue of net worth: education planning, navigating your retirement income streams, relocation to the United States, and Executor vs. Trustee.
Net Worth - Summer 2016
In this month's issue: • Do you have a retirement game plan? • Personal Holding Companies - Taxation of Investment Income.
Net Worth - Summer 2015
My Summer Newsletter is now available. This quarter features an in depth, 2015 Federal Budget review and the advantages of designating a beneficiary.
Net Worth - Spring 2015
In this issue of Net Worth, topics covered include the value of a financial plan, your income tax refund, and newe rules in the most recent federal budget that affect your estate plan.
Estate & Succession Planning
Estate Preservation
Many Canadians are concerned about their financial security in retirement and preserving the value of their estates for the next generation. It’s a common and understandable situation.
The Mighty Power of Attorney
A comprehensive estate plan addresses important issues related to your property that impact you and your family throughout your lifetime, as well as after your death. Such comprehensive planning includes addressing your potential incapacity during your lifetime. The granting of authority to someone else to manage all of your financial affairs, and property worldwide, while you are unable to make decisions regarding the management of your property and financial affairs, is critical related to your property and financial affairs.
General
2018 Federal Budget Review
On February 27, Finance Minister Bill Morneau unveiled the Liberal government's third Federal Budget entitled "Equity + Growth: A Strong Middle Class" which continues with many of the themes of previous budgets, including an undertaking of a gender-based analysis in developing any budget proposals.
Registered Account Payment Schedule (ie. RRIF)
Details on RRIFs and the mandatory minimum income schedule
Wills that Work
This brochure provides an overview of why a Will is important and what you need to consider when drafting your Will.
US Citizens Living in Canada
This publication outlines some of the significant US tax issues that can arise for US citizens (including Green Card holders) who are Canadian residents for income tax purposes.
Tax and Estate Consequences of Investing in U.S.
As a Canadian resident you pay Canadian income taxes on your worldwide investment income. Since Canada represents only a small percentage of the world markets, it makes sense that your portfolio includes some foreign securities. If you own U.S. securities such as stocks issued by a U.S. corporation or real property located in the U.S., you may also have to pay U.S. income and estate tax. It is important to note that even though some U.S. securities also trade on a Canadian stock exchange, those securities are still considered U.S. property and the withholding and estate tax rules will apply. However, there are ways to take advantage of reduced U.S. withholding taxes on certain securities, and general planning techniques to minimize your U.S. estate tax.
Canadian Ownership of U.S. Real Property
This article briefly outlines the Canadian and US income and estate tax implications for a Canadian resident (who is not a US citizen or Green Card holder) who purchases US real property as a vacation property, and includes a summary of potential ownership structures when considering a US real property purchase. A discussion of strategies related to the ownership of US real property for the purposes of generating rental income is beyond the scope of this article; however, some US income tax considerations with respect to earning rental income and the sale of the property are provided at the end of the article.
Probate Fees & Taxes
Although common in many countries, there are currently no estate taxes or succession duties in Canada. Instead, Canadians may be liable for personal income taxes as well as probate costs on death. Read on...
US Estate Tax for Canadians
As a Canadian resident you pay Canadian income taxes on your worldwide investment income. Since Canada represents only a small percentage of the world markets, it makes sense that your portfolio includes some foreign securities. If you own U.S. securities such as stocks issued by a U.S. corporation or real property located in the U.S., you may also have to pay U.S. income and estate tax. It is important to note that even though some U.S. securities also trade on a Canadian stock exchange, those securities are still considered U.S. property and the withholding and estate tax rules will apply. However, there are ways to take advantage of reduced U.S. withholding taxes on certain securities, and general planning techniques to minimize your U.S. estate tax.
How Investment Income is Taxed
When it comes to investment income, all is not equal after tax. Knowing how tax rules affect your investments is essential in order to maximize your after tax return. This publication explains the taxation of investment income held in a taxable account as it pertains to an individual resident in Canada.
Eligible Dividends
Given the changes in the taxation of dividend income over the last few years, you should revisit the taxation of all investment income, including interest, dividends and capital gains. If you compare the different tax rates on these sources of investment income, it’s clear that not all investment income is equal on an after-tax basis. However, even tax-conscious investors may not appreciate how changes to the taxation of eligible dividends may impact their after-tax returns. This report provides an overview on the taxation of eligible dividends, in light of recent changes.
CRAs Foreign Reporting Requirements
Since Canada represents only a small portion of the world’s capitalization it may make sense to include some foreign investments in your portfolio. However, it is important to understand Canadian and other foreign tax implications of owning investments outside of Canada. For example, there may be withholding and estate tax implications for Canadians investing in foreign securities. Another important Canadian tax implication is the Canada Revenue Agency’s (CRA) foreign reporting requirement for Canadian residents.
Tax Tips for Investors
Knowing how the tax rules affect your investments is essential to maximize your after-tax return. Keeping up to date on changes to the tax rules may open up new opportunities that could affect how your financial affairs should be structured. This edition of Tax Tips for Investors (updated to include proposals introduced in the 2014 Federal Budget and reflecting 2014 federal and provincial tax rates) provides you with ideas that you may want to incorporate into your wealth management strategy. As always, we recommend that you consult an independent tax professional to determine whether any of these tips would be appropriate for your particular situation and to ensure the proper implementation of any tax strategies.
Wealth Management is a Family Affair
The range of services available to you as a client of Hassan Fox Wealth Management
Tax Planning for the Family Business
The rules are very complex regarding tax planning fo rthe family buisness and only a general discussion is provided here. As with all tax planning, professional advice is critical to understand the specific implications in your situation.
Executor's Task List
Executors are responsible for a variety of tasks ranging from funeral arrangements to filing income tax returns with the Canada Revenue Agency (CRA), to the final distribution of estate assets. If you are appointed Executor, our Task List will provide you with some guidance by describing the types of duties you will be required to perform.
In a Time of Loss
Sorting through someone’s life and legacy is not a simple matter. BMO Financial Group can assist with this responsibility should you require legal counsel or accounting services. We can provide guidance to help you in finding local professionals in the areas of estate settlement and litigation.
Financial Planning Questionairre
A template to organize your current finanical affairs, detail your future goals and facilitate the process of creating your retirement plan together with us.
Continuing Power of Attorney for Property
A Continuing Power of Attorney for Property (often referred to as a POA) is an important part of estate and succession planning. When planning for incapacity, granting a POA to a spouse, adult child, family member, friend or a corporate trustee, can provide you with peace of mind knowing that in the event of your incapacity to make decisions and manage your financial affairs, there will be a trusted substitute decision maker (attorney) who is authorized to manage your financial affairs on your behalf. Read on...
Tax Planning for an Inheritance & Trusts
Having a valid Will and keeping it up-to-date is important. A valid Will enables you to protect the value of your assets, choose the manner and timeline in which your estate will be divided and to whom. If you die without a valid Will, the rules of intestacy would govern the administration of your estate and the distribution of your assets. In that case, your assets may pass to individuals who are not your intended beneficiaries. Read On...
Estate Information Organizer
The Estate Information Organizer is a document you can use to assemble and record important information such as the location of legal documents and details of insurance policies, assets, liabilities and financial advisors.
Locked-in Retirement Accounts
Details on various locked in account and the mandatory minimum and allowable maximum income schedules.
Pension Income Splitting For Couples
The pension income splitting rules provide an effective yet simple strategy to lower family taxes. See the attached report for additional information.
Moving Your U.S. Retirement Plan to Canada
As a Canadian resident, transferring your U.S. retirement plan into a Canadian Registered Retirement Savings Plan (RRSP) is possible, as long as you are under the age of 71 – since transferring such a plan to a RRIF is not permitted. And, while transferring won’t impact your current RRSP contribution room, there are both U.S. and Canadian income tax issues to consider.
Family Philanthropy – Benefitting the community and the family
There are two advantages to family philanthropy – the benefits that accrue to the community from the generosity of wealthy families and the value that accrues to the families themselves.
Financial Considerations Across Life Stages
Whether you’re a young professional, married with a family, or are nearing/in retirement, your financial priorities will vary depending on your personal situation and stage of life. This article highlights relative investment and insurance options for three major life stages – starting out, the peak earning years, and approaching retirement.