Now is the time to help your clients set up a prescribed rate loan because the rate of 1% is the lowest it will ever be — and it is fixed until March 31
Tories’ pre-election promises for families take a toll on country’s books
You need to help your clients understand their true savings for 2015
With the family tax cut, couples may have the extra funds they need to make investments in their children's future
Ottawa announes income splitting and an increased universal child care benefit
Job creation will continue to be a top priority
In part three of a three-part series, Jamie Golombek, managing director of tax and estate planning with Canadian Imperial Bank of Commerce’s wealth advisory services division in Toronto, counsels advisors to use income-splitting for tax savings now, since the prescribed rate as dropped back down to 1% as of January. He explains how to implement income-splitting strategies.
Surplus stripping, income splitting and complex tax planning are not prohibited by the Income Tax Act
The strategy became more difficult in 1999, when the federal government brought in the “kiddie tax” rule, which, along with other attribution rules, made the strategy less appealing. There are ways, however, to split income with a minor
With no attribution, a family can contribute more to TFSAs