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Recent Articles
Update on Canada’s COVID-19 Economic Response Plan
Summary of Federal Fiscal and Tax Measures to Support Canadians and Businesses
The road to the million-dollar TFSA is getting shorter for millennials
If you’re a millennial just embarked on saving and investing, you should know the opportunity to put another $6,000 into your TFSA as of Jan. 1 each year is one you shouldn’t pass up. Why? There are a million reasons why doing so every January for the next 45 years is your best route to building a hefty retirement fund.
Non-Traditional Estate Planning Considerations
Wealth Themes provides timely articles on a variety of wealth planning topics. This month we feature articles that discuss some non-traditional, though important, estate planning considerations that can oftentimes be overlooked.
Canadians should be making better use of TFSA's
It’s been a little more than a decade since the former federal Conservative government introduced the tax-free savings account (TFSA) as a financial planning tool to help Canadians increase their net worth. However, recent research shows the TFSA has been used more as a piggy bank than a tax-efficient investment vehicle – and financial advisors believe this is a missed opportunity for investors.
Tax Planning Strategies
Tax Planning Involving Family Trusts
Trusts are often used in tax and estate planning because of the flexibility they offer over the control, management and distribution of appreciating assets. In an estate planning context, trusts can be used to provide control and protection of assets, reduce probate fees at death or serve as a Will substitute, and as a vehicle to transfer wealth to future generations.
Tax Planning Using Private Companies
As noted in our 2017 Federal Budget summary, the federal government indicated that it would review the use of certain tax planning strategies involving private corporations that it perceives unfairly reduce personal taxes of high-income earners through a variety of tax reduction strategies unavailable to other Canadians.
Estate & Succession Planning
Transferring Your Wealth to Future Generations
Wealth transfer is the most mature stage of wealth management and involves sharing or transferring your wealth to your chosen beneficiaries. Wealth transfer considerations can be as simple as making cash gifts to your grandchildren or as complex as setting up sophisticated trusts as part of your estate plan.
Wills That Work for Your Estate Planning Needs
A Will is a written document that directs how your assets are to be distributed at the time of your death. It should appoint an executor (“liquidator” in Quebec), and provide instructions for all your assets, including your business holdings and your personal effects.
The Consequences of Dying Unprepared
The key to any estate plan is a Will – a written document that directs how your assets are to be distributed upon your death. It should appoint an executor and provide instructions for all your assets, including your business holdings (if applicable), real estate, cash, personal effects, as well as the timeline and manner of their distribution.
Planning for the Family Vacation Property
If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.
Education and Knowledge
Canadian Ownership of U.S. Real Property
Many Canadians enjoy spending time in the U.S. and at some point may consider the purchase of a U.S. vacation property. As a result, it is important for Canadians who are considering the purchase of a U.S. residential property to fully understand the U.S. reporting and tax issues related to their ownership of U.S. real property, in addition to any Canadian tax implications.