Wealth and Tax Matters: for Individuals and Private Companies

Autumn 2009

The economy remains a focal point for Canadians, as jobs are cut and many planned retirements are postponed because of weakened investments. As well, governments are spending to kick start and stabilize the economy. Eventually, repayment time will come. In this climate, Wealth and Tax Matters again focuses on ideas for increasing and preserving your hard-earned dollars, because it’s not what you make that really matters in the end, it’s what you keep.

The first three articles focus on splitting income with family members. Taxpayers often hope to improve after-tax rates of return by shifting income to family members that have lower incomes and lower marginal rates. Missteps will accomplish little and could create unpleasant surprises.

The next article discusses the pitfalls of trying to recover taxes paid on previous investment gains by selling depressed investments and using the losses to offset previous gains. Generally, it doesn’t work if not executed properly. Residents of Canada are required to pay tax on worldwide income no matter where it is earned. If you have not completely complied, the fifth article, “Voluntary Disclosure,” should be of interest. With winter around the corner, many “snowbirds” flee harsh weather, spending extended periods in the U.S. This could lead to the IRS knocking on your door, and we explain the issues in the “Snowbird” piece.

The remaining articles deal with a variety of topical issues, including increased merger activity in Canada (“Cautious Optimism”), taking advantage of newer laws as they relate to charitable giving (“Enhancing tax benefits: Donation of Flow-Through shares”) and the new sales tax regime in British Columbia and Ontario (“More PST Audits: Harmonization”).

Wealth and Tax Matters: Autumn 2009 (516 KB) Download the full PDF.

Previous Editions

Wealth and Tax Matters: Spring 2009 (787 KB)

Wealth and Tax Matters Winter 2009 (588 KB) Download the full PDF.

Wealth and Tax Matters Autumn 2008 (438 KB) Download the full PDF.

Wealth and Tax Matters Spring 2008 (396 KB) Download the full PDF.