The Case of the Missing Deduction

The tax return is the traffic circle where assets, income, and life come together. The trouble is that February through April are hectic times for tax preparers and tax payors, and little time may be taken to review for missing information. A common mistake is missing the deduction of carrying costs such as investment advisory fees. A non-registered investment account of $1.0 M with a fee charge of 1.2% will have $12,000 of investment advisory fees...
[[Read More...]]




The Costs of Health

Don and Jane Smith are the proud and loving parents of 2 children age 15 and 16. Don is an engineer, sole-owner and employee of a successful incorporated consulting firm. At a meeting with their accountant, one of the topics of concern for the family is the large health costs they are currently spending to pay for dentist visits, braces for both children, and glasses for their son and Don, just to name a few.
[[Read More...]]




Alter Ego Trusts

Many of my clients are single and/or widowed. I recently was working with one of my long-term clients in regard to her estate plan. She is a widow and holds significant non-registered investments of roughly $2,600,000. She was concerned about distributing her wealth to her designated beneficiaries in her will in a timely fashion and in such a way to minimize probate fees...
[[Read More...]]




In-Kind Donations to Charities

Cash gifts are the most common way to donate to a charity. It’s a simple way to give and it provides you with a tax credit, but it may not be the most tax-efficient way to donate...
[[Read More...]]




RESP – Family Plans: using in-kind contributions

An RESP combines flexibility, tax-deferred investment growth and direct government assistance to help you reach your education savings goals for your children or grandchildren...
[[Read More...]]




Registered Disability Savings Plan

Recently, I was working with one of my clients and our conversation turned to their adult son, Todd. While they had mentioned Todd in the past, we had never spoken about their adult children in great detail. They explained that Todd had suffered from mental illness since he was a late teen and they wanted my advice on how they could help him secure his financial future...
[[Read More...]]




Guaranteed Income for Life

I’d like to introduce you to Jane. Jane is a widow, 75 years of age. She has 3 children and 7 grandchildren, all of whom live nearby. She’s very involved in their lives. Jane is very aware that two of her children could really use a little extra boost financially and she wants to ensure that, upon her death, they will receive as much as possible...
[[Read More...]]