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Articles by Jacqueline Power
How the expanded qualified family member provisions for RDSPs help with financial planning
Open this photo in gallery: Now that the QFM provision includes siblings, planning for an RDSP beneficiary whose competency is in doubt is much more straightforward.aerogondo/AFP/Getty Images Please log in to bookmark this story.Log InCreate Free Account Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.
T1135 reporting: What your clients need to know
Failure to report foreign-source income can result in high penalties By: Jacqueline Power May 5, 2023 13:15 Jacqueline Power Another tax season has nearly passed. Do your clients know their requirements regarding foreign income? T1135, the Foreign Income Verification Statement, must be filed by Canadian residents, corporations, trusts or partnerships that at any time in the year held specified foreign property costing more than $100,000.
Estate planning with trusts
Jacqueline Power Clients frequently place estate planning on the back burner for many reasons. Sometimes, it’s because they don’t want to face their own mortality; some simply don’t consider it to be a priority. No matter the reason, it’s important to advise your clients to have a will; otherwise, they’re considered to die intestate, and the province determines how their estates will be distributed.
Programs and incentives to help first-time homebuyers
These initiatives can help clients enter the housing market By: Jacqueline Power March 31, 2022 March 31, 2022 14:32 anilakkus Jacqueline Power As real estate prices soar in Canada, the government is looking at ways to cool the market while helping new buyers purchase their first home. Ontario is expanding its foreign buyers’ tax and many are watching the April 7 federal budget for additional measures to address affordability.
Help your client with tax-efficient charitable giving
Use these tips to make the most of a donation tax credit By: Jacqueline Power November 23, 2021 November 23, 2021 16:18 Sasiistock Jacqueline Power As the year closes, your clients may be thinking about charitable giving. Not only do charities need support, but charitable giving can be an excellent way for your clients to reduce their tax burden. Do you have clients with investments with large capital gains? Maybe they recently sold a business and have a tax liability?
Avoid cross-border pitfalls with TFSAs
U.S. tax rules can lead to TFSA troubles By: Jacqueline Power July 9, 2021 July 9, 2021 15:11 © eyfoto / Thinkstock Jacqueline Power Canadians have taken advantage of the tax-free savings account (TFSA) since its introduction in 2009. Yet, there can be tax consequences for Canadians who hold foreign investments in TFSAs. In addition, U.S. persons may face tax consequences when investing within a TFSA.
Severance planning: What your client should consider
Use these tips for discussions and decision-making By: Jacqueline Power March 2, 2021 March 1, 2021 14:00 © samuraitop / 123RF Stock Photo Jacqueline Power As a result of Covid-19, some clients have lost jobs and received severance packages. Many people have no idea what to do with their severance or even what they should consider. Imagine a client named Cole who’s 50 years old and has worked as a salesperson since 1990 at LCP Corp., an equipment manufacturing company.
What clients should know about CERB
Rules govern coordination with other benefits, repayment By: Jacqueline Power June 18, 2020 June 18, 2020 15:15 © Andriy Popov / 123RF Stock Photo Jacqueline Power The Canada Emergency Response Benefit (CERB) is widely available to Canadian-resident taxpayers, and you likely have clients who are eligible. However, they may not be aware of the rules governing CERB. More than 8.4 million people have received at least one CERB payment.
Common RDSP misconceptions
The Registered Disability Savings Plan requires proper planning By: Jacqueline Power March 3, 2020 March 2, 2020 14:15 © simonkr / iStockphoto Jacqueline Power The Registered Disability Savings Plan (RDSP) launched more than a decade ago, but there’s still confusion about some of the more intricate details. One of the RDSP’s largest benefits is the “free” money that beneficiaries can receive from the government up until the end of the year they turn 49.
Planning for blended families using trusts
Complex families can have complex needs By: Jacqueline Power October 16, 2019 October 16, 2019 13:00 © Tomwang112 / iStockphoto Jacqueline Power It’s estimated that 41% of marriages in Canada will end in divorce within 30 years. With such a high divorce rate, you’ll likely have clients who are part of a blended family. In particular, a complex stepfamily is one where each spouse brings one child or more to the relationship, or where a child is born from the new union.
CPP enhancements: what to tell clients
Younger clients will enjoy a greater benefit from changes introduced this year By: Jacqueline Power March 20, 2019 March 19, 2019 13:00 123RF Jacqueline Power According to the Department of Finance, middle-class Canadians are worried they aren’t saving enough for retirement. Finance Canada estimates that 24% of families nearing retirement age are at risk of not having adequate savings to maintain their current standard of living in retirement.
The ins and outs of spousal rights
Adult Interdependent Relationships Act The Adult Interdependent Relationships Act (AIRA) defines adult independent partners (AIPs) and affords them support, property rights and responsibilities similar to that of married partners. Regardless of gender, two people have AIP status if they live together for at least three years continuously and share in one another’s lives, are emotionally committed to one another, and function as an economic and domestic unit.
How HNW millennials approach philanthropy
Common disputes and how executors can avoid them Increases to the program have been put on hold The growth of online estate planning resources makes it easier for beneficiaries to inform themselves about their entitlements By: James Dolan September 21, 2018 September 21, 2018 12:00 A key consideration that’s often overlooked
Preparing for the passing of accounts
Including the time taken by the executor to prepare documentation and itemize estate transactions, the entire process can take several weeks with simple estates, and up to several months with more complicated ones, he says. While each province has its own laws, this is the general concept for common-law jurisdictions: executors circulate a detailed description of all estate transactions (e.g., income, expenses, interim distributions) to all beneficiaries and the probate court for review.
Powell defends gradual approach in 'extraordinary times'
The central bank is trying to make sure it doesn’t raise rates too quickly and push the country into a recession, or move too slowly and set off higher inflation, he said. He added that the Fed’s goal of gradual increases in interest rates is an effort to balance those risks and extend the current expansion, now the second longest in U.S. history.
Mercer and Morningstar develop research platform
Advisors will be able to access the new offering through Morningstar Direct, beginning in Canada and the U.S. in Q1 2019. “Investors and their advisors do not have comprehensive resources for institutional strategies research and data,” said Rich Nuzum, global president of Mercer’s wealth business, in a release.
IIAC announces Top Under 40 Award nominees
The firm also has a new tiered pricing series for RDSPsBy: StaffOctober 2, 2018 October 2, 201813:56 The guidance is based on key principlesBy: StaffSeptember 28, 2018 October 1, 201815:10 He was also ordered to pay back more than $600,000 to investorsBy: StaffSeptember 28, 2018 September 28, 201815:00 The organizations will work together on unified standards for financial plannersBy: StaffSeptember 28, 2018 September 28, 201811:29
More than 60% of Canadian DB pension plans fully funded: Mercer
Less than 5% of pension plans were below 80% funded on a solvency basis. A rise in the long-term interest rates of 20 basis points in September boosted the funded position of pension plans, the release said. Other factors affecting pension plans included the strong performance of U.S and international equity markets. A typical balanced pension portfolio would have dropped by 0.1% during Q3, the index said.
Mackenzie reduces fees for ETFs, mutual funds
Mackenzie will also lower the management fees for the following ETFs as of October 12. Mackenzie has created a tiered pricing series for investors with RDSPs. Those households with a minimum of $100,000 invested with Mackenzie will automatically be switched into the Series PWR beginning on April 1, 2019 and the second Friday of every month afterwards, the release said.
Institutional investors confident in ESG-integrated portfolios: RBC survey
Equities are the most popular way to invest responsibly: 84% of those who use ESG principles in their portfolio management process did so in equities. But 60% of those using ESG principles also incorporate them into their fixed-income portfolios, 43% use ESG in real estate, 36% use those factors in infrastructure and 34% with alternative assets. The survey also showed increased confidence in ESG principles: 90% said that portfolios with ESG do just as well or better than other portfolios.
Five steps to growing family wealth for the long term: Part 1
In my new book, I outline a five-step model for intergenerational wealth planning. Let’s examine steps 1 to 3; we’ll look at steps 4 and 5 in a future article. Effective communication and decision making are essential skillsets for long-term planning success. Many wealth creators and their heirs are uneasy discussing emotional topics, let alone how to distribute wealth. Family members have varied expectations about wealth, both in terms of entitlement and quantity.
CRA targets RRSP, TFSA abuses in long-awaited tax document
“The IIAC has been informed by CRA that they will again defer implementation of their position (until after January 2019) on the application of the advantage tax rules to investment management fees, pending completion of a review of the issue by the Department of Finance,” Jack Rando, managing director of the IIAC said in an email. “We do not have an indication as to what the new timelines look like.
BoC studying issues around a central bank digital currency
“The design of a CBDC has important implications for its risk and benefits,” Lane said according to the prepared text of his speech released in Ottawa.
Review UN development goals with investors
“As ESG investing is maturing, I think people are going to […] pay more attention to how they can fulfill some of those goals that have been established by the United Nations,” said Dominique Barker, portfolio manager and senior analyst of equities at CIBC Asset Management, during a mid-September interview. Emerging from the 2012 UN Conference on Sustainable Development in Rio de Janeiro, the 17 goals address global challenges from hunger to climate change.
Talk to clients about pullback of ODSP proposals
The government also increased the income exemption for cash gifts from $6,000 to $10,000. (Program eligibility based on income is determined by financial need.) The improvements made in 2017 were well received by ODSP recipients—but they were also insufficient. The Ontario budget tabled in March 2018 looked promising as it proposed further improvements. These included: The new provincial government has put many proposed budget items on hold, including most of the above changes.
Wins, losses and market effects of the new trade deal
The market is basically “scrubbing out risk of a negative outcome” that had been built in, says a BMO report outlining the new United States-Mexico-Canada Agreement (USMCA). The deal agreed to late Sunday avoids punitive auto tariffs and preserves the Chapter 19 dispute resolution mechanism, while opening up Canada’s dairy sector to U.S. products. CIBC expects the central bank to hike rates this month, with the next hike coming in January.
Keep estate planning documents safe
In order to probate a will or receive a Certificate of Appointment of Estate Trustee with a Will in Ontario, the deceased’s original will must be filed with the court. If a testator’s original will cannot be located, it is presumed to be revoked. This presumption is rebuttable, but fact-specific evidence must be brought to demonstrate that a will has been misplaced or inadvertently destroyed rather than revoked.
The ring trees of Victoria's Watti Watti people are an extraordinary part of our heritage
In the forests of Watti Watti Country of north-west Victoria, you can find trees, typically ancient river red gums, with their branches trained by the Watti Watti people to form rings. There is little knowledge about these marker trees beyond the community, and they are currently afforded little in the way of formalised heritage protection.
Best tax options to transfer the cottage to kids
With spring upon us, many Canadians will soon be opening their cottages for the summer. The family cottage is a hot topic, especially when discussing options for transferring it to the next generation tax-efficiently. While there are several strategies to consider, there are also general pitfalls that could apply to these transfers. Read: Consider these issues when planning cottage succession In many cases, an adult child doesn’t have the money required to buy the family cottage from the parents.
How to minimize OAS clawback
Higher-income senior clients are often disappointed when their Old Age Security (OAS) benefit gets clawed back – and as their advisor, you could bear the brunt of that disappointment. Here’s how to answer common client questions about OAS reductions, and how to help them avoid the clawback in the first place. OAS is a taxable monthly social security payment program available to most seniors aged 65 and older.
How to transfer a U.K. pension to Canada
Many people who have ties to the U.K. have decided to settle in Canada. If your clients or prospects fit that description, and they have U.K. pensions, you may be able to help them to bring those pensions to Canada. Since April 2006, individuals with U.K. personal pensions can transfer these assets to Canada. The tax rules in Canada allow for pensions to roll over into an RRSP without the use of RRSP contribution room if certain conditions apply.
Get maximum benefit out of an RDSP
The RDSP encourages people with disabilities and their families to save for the long term without affecting their provincial benefits. The savings plan does not count toward the asset test for provincial benefits and, in most provinces (except for Quebec, New Brunswick and Prince Edward Island), does not count toward the income test when money is withdrawn from the account.
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