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Articles by Rebecca Cicco
An expedient alternative to the post-mortem pipeline
© Aleksandr Kalugin / 123RF Stock Photo Rebecca Cicco The post-mortem pipeline is a common strategy used to tackle double taxation when an incorporated business owner passes away (read: Holding private company shares at death could cost your client). Although the pipeline strategy can access favourable tax rates, the planning is meticulous, so a beneficiary could wait years before receiving their inheritance.
Help senior clients manage these risks
In the U.S., by the time the market bottomed out, an estimated US$2.7 trillion had been wiped out of Americans’ retirement accounts, according to the Urban Institute. Older Americans, in particular, have had a tough time recovering their losses. The Pew Research Center estimates the net worth of the median baby boomer household in 2016 was nearly 18% shy of where it sat in 2007. The problem of losses is exasperated for those who are withdrawing or about to withdraw from their portfolios.
Three Toronto men charged for illegally trading securities
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U.S. inflation rose 0.3% in October
A deal must be sealed soon to leave enough time for U.K. and European Parliaments to sign off Wide-ranging trade agreement remains a possibility Ontario's economic update, U.S. inflation and more By: Staff November 9, 2018 November 9, 2018 16:57 Next hike expected in December
U.S. brokers in spotlight for narrow application of best interest rule
Small funds are more difficult to operate, the firm says November 12, 2018 November 12, 2018 11:52 Foreign currency declines provided a headwind By: Staff November 9, 2018 November 9, 2018 16:41 The firm's AUM rose to $143.5 billion November 9, 2018 November 12, 2018 15:08 Richardson GMP also reported strong gains over the period By: Staff November 9, 2018 November 9, 2018 13:50
U.S. reports jump in deficit to $100.5B in October
The government has run a deficit in every October going back to the early 1950s. The new report begins a budget year in which the federal deficit is expected to soar above $1 trillion, reflecting in part the $1.5 trillion in tax cuts Congress approved last December. In its latest review this summer, the administration projected that the deficit would climb to $1.09 trillion this year and stay above $1 trillion for three straight years.
MFDA launches cybersecurity assessment program
What advisors should know A positive economic outlook doesn't mean more deals are coming, an EY survey says By: Staff November 13, 2018 November 13, 2018 13:57 Changes include expansion of preferred pricing and series reclassification By: Staff November 13, 2018 November 13, 2018 12:34 Find out where yields are headed and what's trending in the space By: Staff November 12, 2018 November 13, 2018 11:58
Britain, EU reach draft Brexit agreement
The British government confirmed that the negotiating teams had reached a draft agreement and the Cabinet would hold a special meeting Wednesday afternoon to consider the proposal. Its support isn’t guaranteed: May is under pressure from pro-Brexit ministers not to make further concessions to the EU on the key issue of the Irish border. A spokesman for chief EU negotiator Michel Barnier urged caution, saying a deal wasn’t yet finalized and the bloc would “take stock” Wednesday.
Proceed with caution when aging seniors request account changes
Advisors serving these seniors might find themselves in foreign territory as they grapple with this new reality, especially when aging clients request account changes, such as changing beneficiary designations on registered accounts and insurance policies, and making joint tenancy arrangements on non-registered accounts.
Using the principal residence exemption when transitioning to retirement living
In today’s Canada, where those aged 65 years and older outnumber those aged 14 and younger, adult children are increasingly faced with the challenge of assisting an aged parent with the possible transition from their homes to what’s known as a collective dwelling. Based on the last census, more than 425,000 Canadians aged 65 and older live in collective dwellings: nursing homes, long-term care facilities and seniors’ residences.
Holding private company shares at death could cost your client
If you have clients who own Canadian private company shares, make sure they pre-plan for post-mortem tax issues. Without a tax-efficient strategy, most of their hard-earned corporate dollars could be paid to the taxman instead of to intended estate beneficiaries. At death, taxes can be triggered at three levels: personal or terminal, corporate and estate.
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