Jamie Golombek, managing director of tax and estate planning for Canadian Imperial Bank of Commerce’s wealth advisory services division, discusses upcoming critical issues, deadlines and potential penalties that financial advisors need to discuss with their clients.
Here are some key talking tips to assist clients with their vacation property tax planning
Although the tax-filing deadline has passed, taxes need to be top of mind year-round
Auditor general calls for improvements in monitoring the training of ATP staff
Advisors have a role to play in educating clients about how different investments are taxed
Helping your clients make sure they have all their tax information can go a long way
But they are less confident of their understanding how investments are taxed
Provide information to your clients and make life easier for your their accountants
Jamie Golombek, managing director of tax and estate planning of the Canadian Imperial Bank of Commerce’s wealth advisory services division in Toronto, discusses the CRA’s announcement of a transitional rule for reporting "specified foreign property" exceeding $100,000. Golombek offers tips on the transitional tax strategy and explains changes to the Foreign Income Verification Statement. He spoke at the TMX Broadcast Centre in Toronto.
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.
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