Retirement

Tax-efficient Investing

Understanding TFSA Attribution Rules

Can an individual contribute to his or her spouse (or common-law partner’s) TFSA? Where an amount is gifted or transferred from an individual to his or her spouse for contribution to the spouse’s TFSA, are there attribution rules that would see future income or capital gains taxed to the transferring spouse?

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Tax-efficient Investing

Formal trusts, real property and the principal residence exemption

Many Canadians consider a living trust when creating their estate plans. More commonly known as inter vivos trusts, the trusts can be effective in reducing estate administration fees, avoiding complex estate settlements and ensuring confidentiality on death of its settlor. In some cases, these benefits can extend to a principal residence transferred to the trust. This article discusses the availability of the principal residence exemption on sale of a home by a trust, and where the exemption is not available, the taxation of accrued gains both at the time of sale and at death.

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Retirement

Retirement income planning: Tackling the OAS clawback challenge

Given the income-sensitive nature of the Old Age Security program (OAS), financial advisors are always looking for ways to reduce the bite of the OAS clawback. This article discusses the clawback and options for reducing impact.

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Retirement

Understanding RRSP Attribution Rules

It is quite common for families to have income earners of different levels. Where the differences in income are significant, the ability to split income between family members can be an effective way to reduce taxes payable for the family.

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Retirement

TFSA Overcontributions – When They Occur and How to Fix Them

Fall is the time of year when many Canadians fall prey to excess contributions to registered plans. Sometimes the excess (or overcontribution) is the result of pre-arranged periodic payments. Other times, windfall payments (eg. bonuses) directed to registered plans are the cause. Regardless, overcontributions to RRSPs and TFSAs can lead to overcontribution penalties, so advisors and investors should be mindful of the rules. This article focuses on excess contributions to TFSAs and discusses options for dealing with excess TFSA amounts.

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Retirement

OAS: Facts, Figures and Considerations

Retirement planning has been a BIG conversation in Canada in recent years – and for GOOD reason. The baby boomers are transitioning to retirement, and with that comes a lot to consider when dealing with the management of cash flow and the preservation of income-sensitive benefits. This short webcast discusses one part of the retirement income conversation, Old Age Security, and specifically, the preservation of this income-sensitive benefit.

All too often, clients don’t place enough emphasis on the importance of a retirement plan. While many Canadians have not set aside enough resources to appropriately fund their retirement, others are having difficulty transitioning from the accumulation to decumulation phase. Having an awareness of various retirement planning concepts can help ease the transition.

About us

CI’s TREP Team enhances the tax, retirement and estate planning experience through education and communication for wherever life takes our clients.

For further information on TREP, please contact your CI sales team.