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Tax Perspectives

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Please note that these publications may not be up-to-date as taxation matters are subject to frequent changes.


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Winter 2008
Volume 8, Number 2

    The information in Tax Perspectives is prepared for general interest only. Every effort has been made to ensure that the contents are accurate. However, professional advice should always be obtained before acting and TSG member firms cannot assume

  • Introduction
    By Michael Cadesky, FCA, TEP
    Cadesky and Associates LLP (Toronto)

    This Year-End Tax Planning edition of Tax Perspectives is devoted to tax strategies in difficult economic times. Six months ago, I would have laughed at the very idea of such a collection of articles. It seemed likely that the excessive and...

  • Losses in Your Portfolio, What the Tax Rules Say

    In these difficult times, many people have losses in their portfolio. Many investors would welcome an opportunity to recover some tax from the capital losses they have sustained. Such losses are worth approximately 19% to 25% in tax savings (depending on...

  • Low Interest Rates and Income Splitting
    By Grace Chow, CA, TEP
    Cadesky and Associates LLP (Toronto)

    With interest rates at historical lows, opportunities now abound for income splitting. If property is transferred to a spouse or minor children, any income earned from the property (and, in the case of a spouse, any gains from the sale of the...

  • Taking Advantage of Low Values, How About an Estate Freeze
    By Kim Moody, CA, TEP
    Moodys LLP Tax Advisors (Calgary)

    Given our current economic environment, the time to consider an estate freeze may never be better. Many businesses and most industry segments have recently realized a significant reduction in value. If one believes that this is temporary and...

  • Leaving Canada, Is Now the Time?
    By Arnold Sherman, CA, CTA, TEP, FCA (England and Wales)
    H. Arnold Sherman Professional Corporation (Calgary)

    The so-called “departure tax” is a serious deterrent to becoming a non-resident of Canada. Emigrants are deemed to have sold their property at fair market value immediately before departure. There are some exceptions, the principal ones being Canadian...

  • Securing the Equity in Your Business
    By Nancy Yan, MBA, CA
    Cadesky and Associates LLP (Toronto)

    Businesses require working capital. The cheapest source of working capital is internally-generated profits, so we frequently see businesses self-finance. While this is smart from a financial perspective, if hard times hit the owners will find that their...

  • Stock Options in a Down Market
    By Manu Kakkar, CA, CGA, TEP
    Manu Kakkar CA Inc. (London, Ontario; Montreal, Quebec)

    Nothing lasts forever. Relationships can go from good to bad in a heartbeat. An economy can go from riches to rags in the blink of an eye. The U. S. stock market, save for some groundbreaking federal intervention, was apparently on the brink of financial...

  • Remuneration Strategies in Difficult Economic Times
    By Peter Weissman, CA, TEP
    Cadesky and Associates LLP (Toronto)

    Business owners need to be concerned about the remuneration strategies they adopt in these difficult economic times. It is typical for an owner-manager of an active business to take a bonus, so reducing the income of the corporation to $400,000. This...

  • Foreign Currency Gains and Losses, the Technicalities
    By Michael Cadesky, FCA, TEP
    Cadesky and Associates LLP (Toronto)

    Not surprisingly, the Canadian tax system is “denominated” in Canadian dollars. This means that income (and loss) and capital gains (and losses) are to be calculated in Canadian currency using exchange rates appropriate for the transactions that have...

  • Using Corporate Losses
    By Rishma Jessa, CGA, MTAX
    Cadesky and Associates LLP (Toronto)

    Losses that are sustained by a Canadian corporation can be carried back for three years and carried forward for 20 years if the losses are operating losses, or indefinitely if the losses are capital losses. In difficult economic times, the key question...

  • Quick Facts
    By Howard L. Wasserman, CA, CFP, TEP
    Cadesky and Associates LLP (Toronto)

    Capital losses are deductible only against capital gains. Capital losses may be carried back three years, and carried forward indefinitely. 50% of overall capital losses can be applied, with...