Finance Canada Drops Draft Legislation August 15
All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget. This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below; technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings.Retirement Plans Must be Adjusted at Age 65
Have you discussed the nine key issues that require renewed consideration in retirement planning with boomers? To begin, testing a financial plan against longevity is very important. For instance, did you know that a 65 year old male and female have a 50% probability of reaching age 89 (male), 91 (female) and 94 (either the male or the female)? There is also a 10% probability that either the male or the female lives to age 101. A female couple could have a greater likelihood of living even longer.
When is a Loss Considered to be Superficial?
If you sell a capital property and the net proceeds from the sale are less than your adjusted cost base, you have a capital loss – but only if you don’t purchase (or acquire the right to purchase) an identical property within 30 days before or after the sale of the capital property.
Poll Results: Is the New House Flipping Tax a Concern?
For the second consecutive month, participants of our June poll went head to head with results split almost down the middle. The controversial topic discussed: “Are your clients concerned they will lose their principal residence exemption due to the new house flipping tax?”. Just over half of the tax and financial professionals polled said “yes”, yet most of the comments came in from the no “side”. Here are some of their comments:
Knowledge Bureau Network: A New Opportunity in Accounting
KNOWLEDGE BUREAU NETWORK (KBN), presents a new way to share knowledge about new career and business opportunities. This week, an excellent opportunity to work with an outstanding professional firm. Larry H Frostiak, FCPA, FCA, CFP, TEP, RWM, Managing Partner, Frostiak & Leslie Chartered Professional Accountants Inc. explains:
From RESP to RRSP – An Important Tax Strategy
Congratulations! It’s with great pride that families recently celebrated their university graduates; accolades so well deserved! There are a few things to consider about tax rules as the glasses are raised and grad caps fly. New tax rules, for example, provide a new RRSP opportunity few know about.
DAC Acuity 2022: How Can You Get More Distance from Your Pension Plan?
When your clients unlock their pension plans in the current environment, they will want to know how to build momentum and the straightest line to growth as they invest for their future. Knowing more about the tax and pension law can preserve wealth; in fact, using a multi-generational approach can make millions of dollars of difference in some cases. Learn more from JP Laporte, CEO, Integris Pension Management Corp, at DAC Acuity 2022 in Niagara Falls, October 16-18.
