Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

Dynamic Funds emerged a winner of the prestigious national Investor Education Award at the Morningstar Awards on November 25, in a star-studded affair at the Royal York in Toronto.  The win was especially joyous for Knowledge Bureau, who wrote and produced a certificate course for advisors as part of the winning submission.

The next quarterly tax instalment deadline is December 15.   Surprisingly, almost 30% said no to Knowledge Bureau’s November’s poll question, which asked: “Canadians who have net tax owing of more than $3,000 for 2015 and in either of 2014 or 2013 must make quarterly income tax remittances. Should this threshold be increased?”

Mark your calendars for Knowledge Bureau’s annual, comprehensive personal tax update taking place January 20-25, 2016. This day-long certificate workshop will “shake out the cobwebs” for new and returning tax practitioners in tax, bookkeeping and accounting offices and is an excellent resource for financial advisors working with clients on tax-efficient wealth planning strategies during the busy RRSP season.

Your clients may be increasingly concerned that their personal information is secure as you work with them. Are you confident that the information that you and your clients transfer between you is secure? What can you do to ensure it is?

The new tax changes announced by the new Liberal government during their election campaign have been incorporated into Knowledge Bureau's Income Tax Estimator.

The selling of capital assets is a permanent transaction, one that can lock in gains and losses and leave taxpayers with either positive or negative tax results. Structuring transfers of assets to family members can be just as precarious, without financial guidance from learned and experienced specialists, that is.