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CI buys two U.S.-based RIAs with $8.1B in combined assets

Wealth management firms based in Florida and North Carolina serve ultra-high-net-worth clients

Manulife head office building in Toronto, Canada. Manulife is a Canadian multinational insurance company.

Manulife reports relatively flat income in Q2

Better market performance was offset by sizable loss on sale of debt instruments

Bank of Canada note

Weakening job market was on BoC’s mind as it cut interest rates

Deliberations summary suggests governing council wants the economy to pick up speed again

Stock market

TMX buys Canadian newswire, filing service

Exchange aims to boost corporate services with deal

Insurance

Great-West Lifeco Q2 net earnings hit $1 billion

Earnings roughly doubled from last year, aided by interest rates and lower expenses

Young worried woman with empty piggy bank

Advocis owes $2M to its contingency fund

The loan is repayable with interest

CRA signage

Changes to capital gains tax will rake in $2B less than projected: PBO

The Parliamentary Budget Officer estimates $17.4 billion in tax revenues arising from the increased capital gains inclusion rate

Advocis ends 2023 with working capital deficiency but a brighter outlook

Association has made no provision for $2.6 million in ongoing legal claims

CRA signage

CRA to charge 9% interest on overdue tax through second half of 2024

Prescribed rate for fourth quarter to match third-quarter rate

Hand holding a light bulb

IAFP to adopt fiduciary standard for RFP designation holders

Measure to be in place for 2026 renewals

Tax reduction and deduction for businesses and individuals. Concept with hand turning knob to low taxation rate. Return form, exemptions, incentives.

Challenges planning for revised AMT given proposed CGIR increase

Clients with significant capital gains in 2024 face uncertain tax exposure

Light bulb

Financial planning app launches behavioural feature to help with goals

Also in this tech roundup: Equisoft partners with Life Design Analysis

Tread carefully

Quirk in capital gains tax rules raises risks for incorporated clients

A company could face 60% tax on unintentional payout of excess amounts from its capital dividend account

Advisor tracking stocks

Don’t reimpose foreign asset limits on registered plans, IFIC tells feds

Finance’s qualified investments consultation asked for suggestions on how to promote Canadian investment

Modern urban skyscrapers in downtown Chicago from below to the blue summer sky. Sun reflecting in the glass facades of the urban futuristic buildings. Chicago, Illinois, USA

Big banks must boost capital under now-delayed reform

DBRS estimates $27 billion in capital needed to keep ratios at current levels

Exterior of CRA headquarters building

Can the feds avoid repeating the bare trust debacle?

Joint tax committee will ask Finance to change the existing legislation

Two happy carpenters shaking hands with senior customer after successful agreement in a workshop.

Employee ownership trusts take shape

Federal government passed new rules and incentives for EOTs in June

Exterior of CRA headquarters building

Taxpayers’ Ombud to examine CRA’s bare trust administration

Agency received more than 52,000 bare trust returns for 2023, despite issuing last-minute filing exemption

Canadian Parliament in Ottawa

Liberal tax promise tracker, post–capital gains edition

A look at the status of major tax proposals from the Trudeau government

Couple doing taxes

How should trusts flow out capital gains to beneficiaries in 2024?

Trusts must disclose pre- and post-June 25 gains or face negative tax consequences

Red alert

Tax advisors on high alert as revamped GAAR takes effect

The revised anti-avoidance rules represent a shift in the CRA’s approach

senior couple feeding birds

Aging at home benefit, GIS boost among gov’t panel recommendations

The benefit could delay or prevent premature transfers to a long-term care setting, panel says

home sale

FHSA carryforward rules: everything you need to know

RRSPs and TFSAs have different rules, which can be confusing

Air raid sirens

‘Stable’ financial state has been achieved, Advocis says

With cash flow stabilized, the national association for financial advisors is planning for recovery

CRA signage

Legal action coming to recover Covid benefit overpayments: CRA

Actions may include taking payments from wages or bank accounts