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.  

It’s official:  The Distinguished Advisor Conference (DAC) will be held November 6-9, 2016 in San Diego, and Knowledge Bureau’s Annual January Personal Tax Bootcamp is set to begin January 20 to 25, 2016 across Canada.  Registrants are urged to reserve their spots early and take advantage of early bird tuition reductions until December 15, 2015.

Last week, Alberta’s new NDP government brought down their first provincial budget.

On November 2, the Canada Revenue Agency (CRA) announced the maximum pensionable earnings under the Canadian Pension Plan (CPP) for 2016 will be $54,900. That is up from $53,600 in 2015.

It’s November and that means Snowbirds are on the move again to Florida, Arizona, California and Texas to name a few of the favorite spots. People who ordinarily reside in Canada but spend part of the year in the United States must take caution to ensure they are not spending too much time in the U.S., which would deem them a U.S. resident for tax purposes and potentially a non-resident of Canada.

Attendees of the 2015 Distinguished Advisor Conference will have the opportunity to claim up to 15 CE credit hours from the following regulators:

Year-end tax planning, owner manager compensation, business transition planning and more were covered over the last few days at the fall Distinguished Advisor Workshop (DAW).