| Glossary of
Financial Terms |
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| Care
decisions have tax consequences |
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| 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. |
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| Tax
Credits, Deductions and Benefits |
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| 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. |
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| The
two certainties of life - death and taxes |
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| 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? |
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| Some
simple estate planning solutions |
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| 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.
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| Is
a Trust for you? |
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| "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? |
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| Estate
planning: Getting started - before it's too late! |
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| 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. |
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| Year-End
Tax Planning |
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| 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. |
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| Understanding
the pros and cons of Revocable and Irrevocable Beneficiaries |
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| 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. |
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| Planning
for your children's future |
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| 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. |
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| Power
of Attorney and a Living Will: The same thing? |
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| 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? |
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| Alter
ego & joint partner trusts in estate planning |
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| 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. |
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| How to revoke
that Power of Attorney |
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| 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. |
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| How to
make a GIC qualify for the Pension Income tax credit |
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| 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. |
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| Estate
Planning Guide - Ten Estate Planning Tips |
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| 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. |
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| Exercise
caution when trying to avoid probate costs |
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| 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: |
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| Look
out for the PAR tax slip |
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| 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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