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David Christianson
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Will, power of attorney are different documents
"If you forget where you left your car keys, that's normal. If you forget what your keys are for, you had better pay attention." That may be the most useful paragraph I've ever read to help me understand the effect of aging and other factors on cognition and mental functions. This was in a pamphlet produced by the Alzheimer's Society of Manitoba, which is a great source of info and support for people with family members showing potential signs of dementia.View Full Column | 05/17/2013 1:00 AM | 0
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Is it too late to diversify investments outside Canada?
Last week, we talked about offshore bank and investment accounts, how some people attempt to use these to hide income from Canada Revenue, and how this practice is illegal. Today, we will look at something completely different -- diversifying investments outside Canada. For most people, this is done through their investment accounts with Canadian institutions, and that's what we'll talk about here.View Full Column | 05/10/2013 1:00 AM | 0
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Hiding money offshore isn't easy and is usually illegal
Twice in the last week I've heard radio reports on financial issues dealing with offshore accounts and "hiding" money from the tax man. As usual with financial matters on the radio, the summary was quite misleading, reminding me it's good to periodically review the rules to keep everyone on track.View Full Column | 05/3/2013 1:00 AM | 0
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Make wise use of that valuable tax refund
MANY of the Canadians who file their tax returns by next Tuesday will be receiving refunds. Many have received them already. As a financial adviser, this always disturbs me slightly. Those people have provided an interest- free loan to the government since the money was either withheld from their regular paycheques, through other withholdings, or sent to the government as quarterly instalments.View Full Column | 04/26/2013 8:23 AM | 0
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Quick, tax-filing deadline is just around the corner...
I'm truly sorry. I did not want to do this, but I fear I must. Since it is April 19, and somewhere between 50 per cent and 80 per cent of the Canadians who prepare their own tax returns will finally get to that task during the next two weekends, it is my sworn obligation as your trusty personal finance scribe to review the rules, and remind you of some ways you can reduce your taxes and make the task of filing as easy as possible.View Full Column | 04/19/2013 1:00 AM | 0
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American beneficiaries require special estate plan
If you have children or other people living in the United States who might be beneficiaries of your estate, read on. I meet more and more Canadians who are in this position, whose children have moved to America and may inherit a large amount of money someday. We will also review the rules on Canadian testamentary trusts, and the possibility of tax changes over the next few years.View Full Column | 04/12/2013 1:00 AM | 0
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New budget has significant tax-planning impact
Although pundits described the March 21, 2013, federal budget as a "sleeper," there are actually a lot of measures aimed at people who do effective tax planning. If any of these items rings a bell with your situation, do a bit more investigation or talk to your professional advisers. These provisions are not law until the budget passes Parliament and the Senate, but nevertheless many took effect March 21, pending such passage.View Full Column | 04/5/2013 1:00 AM | 0
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Take advantage of changes to OAS and CPP
Pop quiz -- are you aware of the recent changes to Canada's government retirement systems, and how those changes might affect you? In January 2012, a new set of rules became effective for the Canada Pension Plan (CPP) and these can change your best strategy for the timing of your application for benefits.View Full Column | 03/22/2013 1:00 AM | 0
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Remember your online life after death
Roberto -- not his real name -- passed away four weeks ago. His family is still trying to figure out who will get his access to Netflix account for free movies, how to get back the money left in his PayPal accounts, how to unlock his Facebook page so they can shut it down, and how to track down his Flickr, Smug Mug and Picasa accounts to find the stored pictures from the last few family get-togethers.View Full Column | 03/15/2013 1:00 AM | 0
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Do-it-yourself tax return an educational experience
In spite of a fire March 2 at the Winnipeg regional taxation office, the Canada Revenue Agency is ready and willing to accept your tax return as soon as you have it completed. Believe it or not, a survey last month by Thomson Reuters, the makers of UFile tax-return software, showed 41 per cent of Canadians say they "enjoyed" preparing their income tax returns. For my part, I can say I enjoy when they are "done."View Full Column | 03/8/2013 1:00 AM | 0
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Headlines aren't a stock-market guide
As I make my occasional trips to the men's comfort station, I pass through our waiting room. Thanks to the generosity of my colleague, David, and his support for the publishing industry, I get to regularly see what the popular press is saying. Imagine my shock when I saw the latest Maclean's cover, with a headline screaming, The stock market -- BUY!View Full Column | 03/1/2013 1:00 AM | 0
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Why not make EI work for everyone?
It's not very often I openly accuse the federal government of breaking the law... but I've had a tough week, so what the heck. Actually, it's a tough claim to make stick, since the government writes the law. So let me modify that statement to say the law and regulations that govern employment insurance are immoral and unfair and should be illegal, as they pertain to family businesses.View Full Column | 02/15/2013 1:00 AM | 0
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Sharing some lessons learned about the PRE
It is always pleasing to go to a professional education session and learn some valuable things, especially when it is a subject about which you thought you "knew it all." In helping out clients over the years who own cottages and vacation properties, as well as their houses, we have done a lot of research on the principal residence exemption (PRE) and have been able to save them thousands of tax dollars as a result.View Full Column | 02/8/2013 1:00 AM | 0
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Like it or not, tax time almost here
It's time, folks. Yup. Hate to remind you, but tax time is almost upon us. Your slips have started to arrive, and getting your head into reducing your taxes may save you some money come filing time. As you know, the deadline for filing is midnight on April 30. If you have self-employment income, you can delay filing until June 15, but you still have to pay any taxes owing by April 30, so even the self-employed need to know their bottom line by the end of April.View Full Column | 02/1/2013 1:00 AM | 0
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Study shows planning's value
Call me a skeptic, but I like to see studies repeated and proven before I take them at face value. I find I am especially careful when the results of a study prove something that is in any way self-serving. In this case, I am talking about the proof that financial planning helps people more quickly achieve the goals they have set for themselves compared to people who purchase investment products without the benefit of a comprehensive financial plan, and that a financial plan makes people feel more confident and less stressed.View Full Column | 01/25/2013 1:00 AM | 0
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RRSP or TFSA for tax savings? Some tips
In my view, there are two great things about RRSPs. The first is the reduction in taxable income that results from a contribution. This reduces tax for most people, and allows them to leverage the tax reduction into higher savings capacity. The other great feature -- maybe the most important -- is the annual cut-off date for contributions provides a deadline for procrastinators to make some decisions about their annual savings targets.View Full Column | 01/22/2013 12:54 PM | 0
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Start the year off by setting financial goals
Over the next three months, we will have several articles aimed at helping you reduce your taxes for 2012 and 2013, as you prepare your material for your 2012 tax filings. One of these articles will help you decide if an RRSP contribution is the right strategy for you, or if the TFSA should be your priority.View Full Column | 01/11/2013 1:00 AM | 0
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Review your current asset mix
We did not fall off the "fiscal cliff" this week. That made for a much happier start to the new year than if U.S. politicians had proven they were incapable of any form of compromise. So now, what?View Full Column | 01/4/2013 8:53 AM | 0
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Ring in new year with a financial wish list
Happy New Year! I hope you get to celebrate the coming of 2013 the way you want, with the friends and family you treasure most. Do your best to savour all the good things that have happened to you this past year, and all of the progress you have made toward your long-term goals. Make a list of the things for which you feel grateful.View Full Column | 12/28/2012 1:00 AM | 0
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'Tis the season for family, friends, and you
Every year at this time, we try to turn this shallow, money-grubbing, materialistic newspaper column into something more appropriate for a season of giving and celebrating the generous side of humankind. It's an uphill battle, though, when you are inundated by crass advertising and promotions for everything under the sun, as the "perfect" Christmas present.View Full Column | 12/21/2012 1:00 AM | 0
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Seek good advice on beneficiary designations
Last week, we talked about some of the advantages and the cautions when using joint title designations on properties or investments, as an estate planning tool. Today, we will drill down into beneficiary elections, focusing on locked-in retirement accounts, life income funds and insurance company segregated investment funds.View Full Column | 12/7/2012 1:00 AM | 0
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Designating beneficiary tricky task
Most of us want to make sure when we die, our possessions, property, investments and other assets end up in the hands of the people we intend. To make this happen, the first and most important step is having a will that is current, and which clearly and fully outlines your wishes.View Full Column | 11/30/2012 1:00 AM | 0
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Weeks away from Dec. 31 tax deadline: You ready?
Dec. 31 is the deadline for a number of tax-planning issues, tax-deductible items and other tax related applications. If you plan to make a withdrawal from your TFSA (tax-free savings account) in the next six months or so, I suggest you consider doing it before Dec. 31. This would mean you could pay it back into the plan in 2013. If, instead, you defer until January to withdraw, then you must wait until 2014 before re-depositing.View Full Column | 11/23/2012 1:00 AM | 0
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Clampdown on illegal donation schemes
Our good friends at the Canada Revenue Agency issued a news release Oct. 30, announcing they were "taking steps to better inform and protect taxpayers from gifting tax-shelter schemes." These are tax-shelter creations in which the taxpayer is promised a donation receipt for far more than the cash he or she has gifted. The higher amount is variously made up by higher market value assessments on gifted goods, forgivable loans, or other clever means.View Full Column | 11/16/2012 1:00 AM | 0
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Fall off 'fiscal cliff' would not be just a U.S. problem
You will hear a lot of talk in the next few weeks about the "fiscal cliff," over which the U.S. government and economy appear to dangle. Now the election is finally over, the first order of business is for those old friends Barack Obama and the Republican-controlled Congress to agree on the right blend of tax cuts and spending cuts, to avoid the almost $1 trillion in tax increases and spending cuts mandated by the Budget Control Act of 2011 and several other previously passed laws.View Full Column | 11/9/2012 1:00 AM | 0
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