Archive for October, 2014

The “Family Tax Cut” is not income splitting

Proposed amendments to the Income Tax Act were released today which include the “Family Tax Cut”. The media is reporting this as an income splitting proposal. I’ve reviewed the amendments and I think at most I would call it simulated income splitting. In simplified terms, here’s how it works. The Family Tax Credit is a… View this post »

Proposed Changes Impacting Charitable Giving

The government tabled a detailed Notice of Ways and Means Motion today to implement a number of changes announced in Budget 2014, as well as other measures. One of these changes will provide greater flexibility with respect to charitable gifts that are made in a will. Currently, any charitable gifts in an individual’s will are… View this post »

Should you appoint more than one person under an Enduring Power of Attorney?

When you appoint someone as your attorney under an enduring power of attorney, you give them the power to take care of your financial and legal matters even if you subsequently become incapacitated. This might include paying your bills and expenses, depositing and withdrawing funds from your bank account, making or changing investments, and even… View this post »