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Care decisions have tax consequences
It may be the last thing that you'll think of when your family members are ill. But the decisions you make about their care may well affect the taxes you pay.


Tax Credits, Deductions and Benefits
If you have selected home care, you may be interested in knowing what tax deductions, tax credits or benefits might be applicable. Some of these are available to the "home care patient" while others apply to eligible family members.


The two certainties of life - death and taxes
There are no estate taxes or succession duties in Canada. However, taxes upon death have not disappeared. When a person dies, there is a ‘deemed disposition’ of all capital property. What does that mean?


Missed claiming a Capital loss in prior years? Tax Court says it’s not too late, so re-file
The Canadian tax system only allows for the deduction of capital losses against capital gains for such investments as mutual funds, bonds, stocks and other securities. If an investor has no capital gains within the current tax year any capital loss can be carried back three years or forward indefinitely to offset capital gains in those years.


Make your final wishes come true - by leaving memories, not problems

In a recent American Assocation of Retired Persons (AARP) survey, 75 percent of individuals responded that not being able to communicate their wishes would be worse than death. Despite this belief, less than half had taken steps to ensure that their wishes would be carried out.


Some simple estate planning solutions
Estate planning is a component of smart money management – it involves creating, managing and preserving wealth for loved ones, dependents and life's own enjoyments.


Is a Trust for you?
"Put not your trust in money, but put your money in trust" may have originated with Oliver Wendell Holmes in the 1800s, but his words are still relevant today in relation to estate planning. If you are fortunate, you have someone you can count on to take care of things if you are no longer able to do so yourself- in case of your disability or death. But what if you don't have anyone to rely on?


Estate planning: Getting started - before it's too late!
Planning for the future is never an easy task and this is especially true when tackling the issue of estate planning. When we think about planning for our estates, many of us often get discouraged or end up putting off the task for longer than we should. In this case however, it pays to remember that we are just putting off the inevitable.


As the warm weather arrives, has your tax refund?

If not, perhaps it's a good thing as it gives you time to think about why you're getting one, and what to do with it when it arrives.Some people don't mind stepping over the shortfalls of a having a tax refund and look forward with glee to its arrival... A sort of forced savings, "I'm going to buy a new barbeque", type of thing. There could be several reasons why you're getting a refund however the most likely reason is that you overpaid your income taxes during the past year. This means you're been lending money to the government without receiving any interest.


Year-End Tax Planning
Year end tax planning is upon us again. This year we are providing a link into the PriceWaterhouseCoopers web site, where you'll find a Tax Memo document (.PDF format) that sports a Year End Tax Planning Checklist, a list of tax deadlines throughout the upcoming year along with useful charts and tables highlighting both provincial and federal tax rates.


Understanding the pros and cons of Revocable and Irrevocable Beneficiaries
A revocable beneficiary is one that may be changed at any time by the policy owner without the knowledge or consent of the present beneficiary. In contrast, an irrevocable beneficiary designation ensures that the policy holder cannot change any aspect of the insurance policy without the consent of the present beneficiary.


Planning for your children's future
In today's hectic world, planning plays an important role in the way we live our lives. From major decisions like what kind of car to buy to relatively minor issues such as what to wear to work, planning is what makes our lives run smoothly. But while most of our lives would crumble without the structure of the plans we make, we often put off tackling the chore of making the most important choices: planning for our future and the futures of our children.


Power of Attorney and a Living Will: The same thing?
As life becomes more complicated, certain legal formalities need to be addressed. Our own health and/or the well being of our parents, spouse and any dependent children, could be in some form of jeopardy, if sickness strikes. Who will manage your affairs, look after your children or manage the lifestyle needs of ailing parents? How is authority conveyed to those chosen to take on the responsibility and where do you look for guidance?


The ABC for ACB - Calculating the Adjusted Cost Base (ACB) for tax purposes
For those investors who hold mutual funds outside their RRSP, the following points may help in calculating the Adjusted Cost Base (ACB) for tax purposes.


Alter ego & joint partner trusts in estate planning
For those people who are uncomfortable with the problems and pitfalls associated with the joint registration of assets with children or other non spouse individuals or the immediate tax liabilities that can be triggered with some forms of trusts, there is help available if certain conditions are met.


How to revoke that Power of Attorney
Has the person you gave Power of attorney (PA) over your affairs not lived up to your expectations, and now you wish to remove and revoke their authority? You have discovered that.


How to make a GIC qualify for the Pension Income tax credit
If you are 65 years old or older there is a relatively easy way to make a GICs qualify for the Pension Income Tax Credit. As you are probably aware this credit is one of the "non refundable tax credits" that are available on that portion of your tax return where you deduct your basic personal exemption and your age credit.


Estate Planning Guide - Ten Estate Planning Tips
Make sure you plan and discuss with your family or professional advisors how you want your estate to be distributed; don't keep everybody in the dark until the end. The following is a quick synopsis of how your property would be divided if you died without a will in the Province of Ontario.


What happens if there is no Will?
The following is a quick synopsis of how your property would be divided if you died without a will in the Province of Ontario.


Exercise caution when trying to avoid probate costs
Since June 1, 1992 when probate fees in Ontario were increased, we have noticed many clients taking extra precautions registering the ownership on GICs and mutual funds as well as designating beneficiaries on their RRSPs and RRIFs probate fees in Ontario are now $5 per $1,000 of estate valve for the first $55,000 and $15 per $1,000 thereafter with no maximum. The former fee structure was limited to $5 per $1,000 of estate value. Some cautions are in order however:


Look out for the PAR tax slip
If you left a deferred profit-sharing plan (DPSP) or registered pension plan (RPP) in 1997 or 1998 start checking your mail after March 31, 1999 for a new type of " T " slip from the trustee or administrator of your former plan. The slip is called a T10 and this is one that you can look forward to receiving.




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Taxes & Estate Matters
Care decisions have tax consequences

Tax Credits, Deductions and Benefits

The two certainties of life - death and taxes

Make your final wishes come true - by leaving memories, not problems

Missed claiming a Capital loss in prior years? Tax Court says it's not too late, so re-file


Some simple Estate Planning solutions

Is a Trust for you?

Estate planning: Getting started - before it's too late!

As the warm weather arrives, has your tax refund?

Year-End Tax Planning

Understanding the pros and cons of Revocable and Irrevocable Beneficiaries

Planning for your children's future

Power of Attorney and a Living Will: The same thing?

The ABC for ACB - Calculating the Adjusted Cost Base (ACB) for tax purposes

Alter ego & joint partner trusts in estate planning

How to revoke that Power of Attorney

How to make a GIC qualify for tax credit

Estate Planning Guide - Ten estate planning tips

What happens if there is no Will?

Exercise caution when trying to avoid probate costs

Look out for the PAR tax slip



The Companion Advisor:
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Taxes & Estates