Your Life. Your Vancouver Financial Planner.

There are generally three options to choose from when members of a defined benefit pension plan have the option to commute their pension:

As an entrepreneur, operating your day-to-day business and planning for the future can consume a lot of your time. Paying less tax, although important, may not always be top of mind. There’s no time like the present to ensure you are taking full advantage of all the tax minimization strategies available to you. As you review these key tips, consider how you may be able to apply one or more to you and your business.

Estate planning for blended families in common-law jurisdictions1 brings many scenarios— and can be complex. Challenging situations can be avoided by first considering everyone’s interests and needs in the structure of your plan.

Many Canadians do not know that they are subject to US estate tax on certain assets with ties to the United States. These assets, which we will describe in more detail later in this article, are called “US situs property.”

Effective January 1, 2018, the Department of Finance amended measures with respect to the expansion of the tax on split income rules. The following is a summary of those measures and how they might apply in certain situations.

Many people designate a beneficiary of their RRSP, RRIF, TFSA or insurance policies without giving it a second thought. However, there are many cases* where designating a direct beneficiary is not recommended. This is a “cheat sheet” as to when direct beneficiary designations should and should not be used. Beneficiary designations are most appropriate in the following circumstances:

Most provinces and territories in Canada assess “probate fees” at the time of death. (Except in Manitoba, where there are no probate fees, and in Quebec where most wills are “notarial” and not subject to probate.) However, many individuals are unaware of when probate fees might be assessed, and the advantages and disadvantages of trying to avoid them.

When an estate or gift is left to a child, it can be subject to a family property claim if the child later separates or divorces. But, there are ways to protect the inheritance, which ensures your child is the sole beneficiary. Please note: the information in this article is relevant for Canadian provinces and territories other than Quebec. Remember to confer with an experienced family lawyer in your jurisdiction to understand the rules that apply to your specific situation.

If you are a United States citizen, green card holder or resident (referred to collectively as “U.S. taxpayers”), you are likely aware that you are subject to tax in the U.S. on your worldwide income and have annual U.S. tax reporting obligations.