Tax savings tips

Building family wealth with registered plans (PDF, 405 KB) Opens in a new window.

Registered plans can have a big impact on family wealth.

Blinded by the refund (PDF, 180 KB) Opens in a new window.

Why TFSAs may beat RRSPs as better retirement savings vehicles for some Canadians.

Planning with RDSPs (PDF, 175 KB)  Opens in a new window.

People with disabilities and their families have an important tool in their planning toolkit: Registered Disability Savings Plan (RDSP).

Ten RRSP hacks (PDF, 170 KB) Opens in a new window.

An RRSP allows you to set aside income for retirement. Here are 10 hacks that will help you reap the full benefits of your contributions.

The RRSP, the TFSA and the mortgage (PDF, 225 KB) Opens in a new window.

Making the best choice for saving via an RRSP, TFSA or debt repayment.

How to use registered plans to save on taxes and get “free” money (PDF, 125 KB) Opens in a new window.

An overview of the registered plan contribution limits and the various ways you can maximize your tax-sheltered investment income.

Capital gains tax planning (PDF, 330 KB) Opens a new window.

The 2024 federal budget announced that tax on capital gains will increase for some investors on June 25, 2024. Here’s what’s happening, who may be impacted, and what you can do about it.

Employee stock options (PDF, 220 KB) Opens in a new window.

Here’s a quick overview of how employee stock options work, the tax treatment for options granted prior to July 1, 2021, and the new tax treatment for some options granted as of July 1, 2021.

Mutual obligations — tax tips for mutual fund investors (PDF, 150 KB)  Opens in a new window.

This report provides a brief overview of how mutual fund trusts are taxed and delves deeper into reporting redemptions of mutual fund units and handling a return of capital.

Foreign income tax tips and traps (PDF, 125 KB)  Opens in a new window.

If you invest in foreign securities, you need to ensure that you are properly reporting your income and any gains or losses. It’s also important to understand the type of account holding your foreign investment and any tax considerations that come with it.

It's 2024: Do you know what your tax rate is? (PDF, 360 KB) Opens a new window.

This report will help you understand how your income is taxed and why the “advertised” tax rate isn’t always what you end up paying.

Missing the point? Financial and tax considerations of loyalty point redemptions (PDF, 190 KB) Opens in a new window. 

This report outlines some things to bear in mind before redeeming loyalty points for rewards, with a focus on tax considerations.

In trusts we trust: Tax and estate planning using inter vivos trusts (PDF, 145 KB) Opens in a new window.

While people often think of transferring property upon death, you may also wish to consider transferring property during your lifetime.

The strategic use of trusts

For many families, trusts can play an integral role in the planning process.

What happens when a TFSA holder dies? (PDF, 125 KB)  Opens a new window in your browser.

Despite the reams of advertising and promotion surrounding TFSAs, there is still some confusion about what happens when a TFSA holder dies.

You’ve got the power! Planning for incapacity (PDF, 145 KB) Opens in a new window.

A comprehensive estate plan should include plans for the needs of your surviving beneficiaries in case of death, as well as plans for management of your finances if you become unable to manage them by yourself.

U.S. estate tax planning for Canadians (PDF, 440 KB) Opens in a new window.

U.S. transfer taxes may arise when assets are transferred to others during lifetime or upon death.

The estate plans of effective people (PDF, 120 KB) Opens a new window.

Estate planning is important for everyone, not just the rich. If you have any assets at all, you need an estate plan so these assets go to the people you care about.

Beware the big tax hit (PDF, 120 KB) Opens in a new window.

Beware the big tax hit that could be lurking in your house, if you decide to rent part of it out or have your office in it.

Tax and estate planning for your vacation property

With real estate values increasing significantly in the past year, and notably so for vacation properties, it’s also a good time to do some estate planning for the potential transfer of your cottage, chalet or cabin to future generations. This report focuses on tax and estate planning strategies for Canadian vacation properties.

Tax tips for U.S. vacation property owners (PDF, 145 KB) Opens in a new window.

Jamie Golombek discusses Canadian and U.S. tax implications of owning a U.S. vacation property.

Converting your principal residence into a rental property (or vice versa)? (PDF, 105 KB) Opens in a new window.

Here's a quick review of the “change in use” rules that apply when a principal residence is converted to a rental property and vice versa.

U.S. vacation property planning for Canadians (PDF, 290 KB) Opens in a new window.

If you own a vacation property in the United States, taxes could be substantial when you eventually gift, transfer or sell the property.

Starting over: Financial planning tips for blended families (PDF, 179 KB) Opens a new window in your browser.

It’s critical for couples to get professional assistance with their finances when entering a blended family relationship, such as remarrying with children from a previous relationship, or if partners have accumulated significant assets before uniting.

Who cares? Easing the financial burden for caregivers (PDF, 190 KB) Opens in a new window.

This report examines some tax relief that may be available to individuals or their caregivers to help offset the costs of care. It also explores some financial considerations related to Powers of Attorney and joint assets for proper planning for the care years ahead.

REALTOR^® Inc. — Tax benefits of Personal Real Estate Corporations (PDF, 215 KB) Opens in a new window.

This report looks at some of the tax advantages, benefits and opportunities that may be available with a personal real estate corporation.

Bye-bye bonus! (PDF, 465 KB) Opens a new window.

Why small business owners should favour dividends over a bonus.

Hold the Holdco! Is a holding company right for you? (PDF, 185 KB) Opens in a new window.

This report provides an overview of the tax consequences for use of a holding company.

Making the leap from employee to owner: Some tax considerations (PDF, 135 KB) Opens in a new window.

If you’re making the leap from employee to small business owner, it’s important to consider to structure your business, since choosing to operate as a sole proprietorship, corporation or partnership can impact the taxes you will pay.

RRSPs: A smart choice for business owners (PDF, 270 KB) Opens in a new window.

If you’re a business owner who operates through a corporation, you have 2 main options for deferring taxes when investing your business profits. You can leave excess funds in your corporation for investing or withdraw funds and invest in a Registered Retirement Savings Plan (RRSP). For many business owners, withdrawing excess funds and investing in an RRSP may be the better choice.

The compensation conundrum (PDF, 205 KB) Opens in a new window.

Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC Wealth Strategies Group, highlights the advantages and disadvantages of different compensation decisions of owner-managers, discusses strategies to minimize taxes and advises on effectively managing business and personal finances.

Medical professionals: are you a sole proprietor? (PDF, 110 KB) Opens in a new window.

The taxation of professional income, including a medical practice operated as a sole proprietorship, can be complex. This report explores a few of the tax matters to be considered.

Doing it right the first time! Avoiding the most common tax return errors (PDF, 330 KB) Opens in a new window.

Timely tax return advice to help you avoid common, potentially costly errors when preparing your tax return.