tag:blogger.com,1999:blog-44022835487668078722024-03-14T19:35:16.939-04:00The Blunt Bean CounterThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger639125tag:blogger.com,1999:blog-4402283548766807872.post-52375923695493601332023-06-05T07:00:00.013-04:002023-06-05T07:00:00.145-04:00Farewell and Best of Luck with Your Financial Affairs<p class="MsoNormal"><o:p></o:p></p><p></p><p></p><div class="MsoNormal">
It is with mixed feelings that I write this post. It will be my last one. I have written this blog for fourteen years starting with my first post on September 20, 2010, appropriately titled “Let’s See Where This Goes”. After 638 posts, I am saying goodbye.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9RZ__Qz-7hiIv_54drhjaliF-OMvKMAj4-2kecRNC3M74nL2lSr6DqrI6DirbjVilFRCkngL53V1nFoPKO24pNF3EjCJXUCf9bXYzfhN9K3TiIbvm64wDIfRsdnSKxWlIi17s_otnfYOGwpeK77f9cIOXacP7P5ThowsPq7UOR3IR_JYLgNjWZB_n/s3476/goofy%20accountant.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3241" data-original-width="3476" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9RZ__Qz-7hiIv_54drhjaliF-OMvKMAj4-2kecRNC3M74nL2lSr6DqrI6DirbjVilFRCkngL53V1nFoPKO24pNF3EjCJXUCf9bXYzfhN9K3TiIbvm64wDIfRsdnSKxWlIi17s_otnfYOGwpeK77f9cIOXacP7P5ThowsPq7UOR3IR_JYLgNjWZB_n/s320/goofy%20accountant.jpg" width="320" /></a></div><br /></div><div class="MsoNormal">This blog went beyond my wildest expectations. As of today, I have over 6,000,000 page reads. I have been interviewed on TV & video, quoted multiple times in various publications, written articles for newspapers and had multiple media opportunities I had never envisioned. I even used the best of my blogs to form a book, “Let’s Get Blunt About Your Financial Affairs’. When people search Google for tax and financial topics, my posts often show up as one of the top five references. I have met people at parties or business gatherings who tell me they are readers and enjoy my blog.</div><div class="MsoNormal"><br /></div><div>My readers have been loyal and long standing. Over the years I received multiple unsolicited emails from readers that said they enjoyed reading the blog and encouraging me to keep up the good work. Many took the time to comment on particular topics or to suggest topics I may want to write about. I thank you all for patronage and support of the blog. I will truly miss you.</div><div><br /></div><div>From the mainstream media I would like to thank Rob Carrick and Roma Luciw of The Globe and Mail and Ellen Roseman and Adam Mayers of the Toronto Star for their support since the blog’s inception. Other supporters include fellow bloggers, many who became friends, in no particular order: The Big Cajun Man, Jim Yih, Robb Engen, Michael James, Mark Seed, Frugal Trader, Canadian Capitalist, Tom Drake & Preet Banerjee to name just a few. I was amazed at how supportive these bloggers and others were to me when I started out. It was always more of a camaraderie than a competition amongst financial bloggers.<span face=""Calibri",sans-serif" style="font-size: 11pt; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-CA; mso-fareast-theme-font: minor-latin;"><br />
<br /></span>I would be remiss if I did not thank Lynda Kremer, my executive assistant for most of the blog’s life, for all her help in editing my weekly posts and for her immense help in putting my book together.</div><div><br /></div><div>Finally, the most important person has been my wife, Lori. She not only helped edit blog posts but taught me and “cajoled” me into writing in “plain English", which is a topic she teaches often as a professional presenter. It is amazing how many people have told me I have simplified as best as possible, complex topics. That is all Lori’s doing. Finally, she was very tolerant and supportive as I wrote my posts at night and on the weekend, taking away family time.</div><br /> I may write occasional posts if something catches my attention and post them on LinkedIn, but my blogging career is over.<div><br /></div><div>So, thanks for reading and best of luck with your financial affairs in the future.<div><div class="MsoNormal"><span style="font-size: x-small;"><span style="font-family: inherit;"><br /></span></span></div><div class="MsoNormal"><span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com45tag:blogger.com,1999:blog-4402283548766807872.post-81737721575930908622023-05-22T06:30:00.235-04:002023-05-22T06:30:00.135-04:00What Income Tax Rate(s) Should You Use in Estimating Your Estate Tax Liability?<p>In my <a href="https://www.thebluntbeancounter.com/2023/05/your-tax-liability-on-death-planning-on.html">last blog post</a>, I discussed that for tax and estate planning purposes, you should estimate your current estate tax liability and then plan how your estate will cover off this liability (which in many cases is an ever growing tax liability). Today, I want to discuss what income tax rate(s) you may wish to use in estimating your estate tax liability.</p><p>For clarity, this exercise to estimate your estate tax liability is not meant to be definitive calculation (if you wish a definitive calculation, you will need to engage your accountant and possibly a business evaluator). This exercise is intended to provide you with a starting point, so that you have a number to plan with, whether your intention is for your estate to cover off this potential tax liability by a sinking fund, cash on hand, liquidation of your assets, insurance or some combination of all of the above.</p><div dir="ltr" trbidi="on">One would think the income tax rate(s) to be used in estimating your estate tax liability would be a straightforward calculation, but there is a little more than meets the eye. Please keep in mind, that I am assuming you are the last spouse to pass-away for this estimated calculation, as if you are the first spouse to die and transfer your assets to your surviving spouse, there is no tax at that point in time.</div><br />For RRSPs, RRIFs or any other income related items taxable on death, I usually use the highest current marginal rate of 53.53% (in Ontario). This assumes your estate’s income tax rate is mostly high rate in the year of death. While that is typically the case with most of the people I work with, that may not be your case and you may be able to utilize a lower marginal tax rate, but if you want to be conservative, the highest marginal rate builds in a buffer.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoxtFiwT_vqIrIm7KvmAfT0MgGd5IEO3Rl6uuOrmFteh3Q0_JolO8mdV8O8e-Btg-3FM17PCgddnjnYrloykfwMSWC02MUQ1gWojSefi0d4P3jsq6haG_LUZM-Xcey10E_W5ejwm6gACHBuAHRfwRMXjd-ExKbfNrdCHB34BOkeyyLQ1xX_nMtozDq/s5234/tax%20%25.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="5234" data-original-width="5234" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoxtFiwT_vqIrIm7KvmAfT0MgGd5IEO3Rl6uuOrmFteh3Q0_JolO8mdV8O8e-Btg-3FM17PCgddnjnYrloykfwMSWC02MUQ1gWojSefi0d4P3jsq6haG_LUZM-Xcey10E_W5ejwm6gACHBuAHRfwRMXjd-ExKbfNrdCHB34BOkeyyLQ1xX_nMtozDq/s320/tax%20%25.jpg" width="320" /></a></div><br />As most people like to think/hope personal marginal rates will not increase much in the future (although many of us thought the same when rates were 45%), they are comfortable using the current 53.53% rate for a future rate on income type items. <br /><br />Things become trickier when determining the appropriate tax rate to use on capital items. The highest current marginal capital gains rate is 26.76% (in Ontario). However, many people assume capital gains rates are going to increase in the future, so the rate to use is not entirely clear. Thus, I typically provide an alternative estimate using 26.76% and another using 40% assuming a higher future capital gains inclusion rate of 3/4 of the capital gain (as opposed to the current inclusion rate of 1/2 of the capital gain) for capital gains rates on personally held assets. If you do not expect your estate to be at the highest marginal rate on your death, you can use the lower marginal rates; but remember, the inclusion of your RRSP/RRIF value on your death will in many cases move you into a much higher income tax bracket. <br /><br />The future capital gains rate is even more complicated for shareholders of private corporations, since their shares are potentially subject to double taxation if proper steps are not undertaken to alleviate this liability. Double taxation can occur where the estate pays tax on the deemed disposition reported on the owner’s terminal tax return, and then the estate pays further tax when it removes the assets from the corporation in the form of dividends to the estate. <div><br /></div><div>There are two tax planning strategies that can generally eliminate any double tax; however, both techniques have some potential restrictions:<br /> <br /> (1) The first is known as a subsection 164(6) loss carryback. In simple terms a loss is created on a share redemption by the estate that reduces or eliminates the capital gain that arose as result of the deemed disposition on death.<br /><br />(2) The second, known as the pipeline strategy allows the estate to remove the corporate funds generally tax-free. This is achieved by transferring the deceased owner’s shares to a new corporation and using share redemptions and a netting of promissory notes to remove those funds tax-free.<br /> <br /> However, a pipeline strategy can be problematic in certain circumstances and the strategy relies upon the CRA allowing such a strategy in the future. This makes determining a future capital gains rate potentially problematic. So, when I prepare my estate tax liability, for private corporations I use a 30% rate as a low-end and a 40% rate as a high-end estimate (Note: unlike above, I am not using the 40% rate because of the prospect of a capital gain rate inclusion increase, but as a dividend rate if a pipeline cannot be undertaken or is partially blocked).<br /><br />If your private company shares qualify for the lifetime capital gains exemption because they are Qualified Small Business Corporation shares, you will need to factor in the fact that $971,190 (as of 2023) of the capital gain will not be taxable. <br /><br />Finally, the tax rate on a private corporation share can also be impacted by corporate attributes such as the Capital Dividend Account and refundable income taxes on hand (NERDTOH and ERDTOH), which again makes it more difficult to determine the appropriate income tax rate. Where your corporation has these tax preference items, your accountant needs to undertake more detailed calculations. <br /><br />The question of which tax rates should be used for an estate tax liability estimate is somewhat complicated as discussed above and subject to future taxation legislation and government policy. Thus, as noted above, I personally provide clients with two estimates: (1) Using the highest marginal rate for income items and a 30% capital gains rate and (2) a second more conservative estimate using the highest marginal rate for income items and a 40% capital gains rate. This at least provides a range of their potential future estate tax liability. <br /><br />For purpose of this blog, I am hoping/ignoring the possibility that a future government implements an Estate Tax like that in the United States (the estate tax can go as high as 40% Federally subject to exemptions) as that would significantly affect any future tax liability planning. <br /><br />Finally, as the above discussion is premised on estimates, please ensure you consult your accountant or estate planning specialist for specific estate planning advice and the determination of your estate tax liability. This advice should be obtained earlier rather than later and then reviewed every few years thereafter as personal circumstances change and new legislation is introduced.<div><br /><div dir="ltr" trbidi="on"> <div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-29296547648968186122023-05-08T06:30:00.096-04:002023-05-08T09:32:22.643-04:00Your Tax Liability on Death – Planning on how Your Estate will Best Cover the Taxes Owing <div dir="ltr" trbidi="on">Since retiring from public accounting, I am working part-time as a Tax and Estate Consultant for a Wealth Management (“WM”) firm and as a Quarterback/Part-time CFO for a couple of families.<br /><br />When working with the WM firm's clients, I like to provide them with an estimate of their anticipated income tax liability on death based on their current net worth. I find this is often a very useful exercise for clients, so that they can plan and consider how their estate will cover their tax liability upon their passing (typically the last spouse to die, as the first spouse can transfer their assets tax-free to there surviving spouse). In my experience, an estate tax liability is dealt with in one or some combination of four ways: <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUfWx21WhLJl6m2TmHSGF7uWTJdvBWJZ4xpdckvo7t989Uq7Q1p3Va6MIhDKyvhH4wnLt7Vivd5bY4wlK0R7_cxUa-kS0ONpu0TvTcE4LGGtOd5uYStRDGlV_KNLNi3Qr2D1fVottNc2AYS29KCkcboP0q_zhORxOS168iC_RULRF1b3vfwD_uZ3Ol/s3586/taxes.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3586" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUfWx21WhLJl6m2TmHSGF7uWTJdvBWJZ4xpdckvo7t989Uq7Q1p3Va6MIhDKyvhH4wnLt7Vivd5bY4wlK0R7_cxUa-kS0ONpu0TvTcE4LGGtOd5uYStRDGlV_KNLNi3Qr2D1fVottNc2AYS29KCkcboP0q_zhORxOS168iC_RULRF1b3vfwD_uZ3Ol/s320/taxes.jpg" width="320" /></a></div><br /></div><div dir="ltr" trbidi="on">1. Through a self-funding sinking/savings fund</div><div dir="ltr" trbidi="on"><p class="MsoListParagraphCxSpFirst">2. Through the estate’s anticipated cash on hand <br /><br />3. Through the liquidation of the estate’s assets (potentially at the risk of selling at lower or fire-sale price) <br /><br />4. Through the purchase of life insurance</p>
While clients are typically “glad” to know their anticipated estate tax liability (based on their current net worth), they often have two questions. The first question is if they anticipate their estate to keep growing from this point in time, how do they factor in the future growth and related tax liability? <br /><br />The second question they ask (or I point out) is what is the proper income tax rate to use to determine an estate’s future tax liability given potential government funding needs and potential future changes in capital gains rates or marginal tax rates? <br /><br />Today, I will address the first question and the second question will be covered in my next blog post.<br /> <h3><b><br /> How do you Plan to Cover Your (Ever-Growing) Estate Tax
Liability?</b></h3><br /> This is a very complex question. The answer for many people whose wealth comes in large part from a private corporation (usually an active corporation, but it may be applicable to a passive investment holding company) is often an estate freeze. The characteristics of someone who would consider an estate freeze are that they are typically 55 years of age or older and their current assets would provide more than they need to live comfortably for the rest of their life. <br /><br />An estate freeze sets, or “freezes” the value of the shares of a corporation(s) at their current value (say $10,000,000 for discussion purposes). You as the shareholder of the corporation receive freeze shares (preference shares) worth $10,000,00 in exchange for your current common shares and your children then subscribe for new, nominally priced commons shares. Any future growth in the company's value above $10,000,000 accrues to the children’s benefit and not your estate and thereby defers income tax on the gain above the $10,000,000 threshold to the next generation. Once the share value is frozen, the business owner will only be taxed on the capital gains on their frozen preferred shares at the time of the death (which may decrease as discussed below). The freeze is set-up so that you maintain control of the company with voting shares, even though your children own the growth shares. </div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">In many cases, for tax planning purposes the business owner's freeze shares are redeemed over time, such that the $10,000,000 value is decreased over the years by the shares redeemed. So, if you redeemed $200,000 of your preference shares for 10 years, your estate tax liability would now be based on only $8,000,000, not $10,000,000. </div><div dir="ltr" trbidi="on"><br /></div>While your other assets may continue to grow over time, your major asset (private company shares) will not grow in value and may decrease as shares are redeemed. I have written previously about estate freezes, here is the <a href="https://www.thebluntbeancounter.com/2015/08/the-best-of-blunt-bean-counter-estate.html">link</a>.<div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">I have also written on why some succession experts feel an estate freeze may be the wrong solution. Here are two blog posts that provide an alternative viewpoint. <a href="https://www.thebluntbeancounter.com/2014/06/are-estate-freezes-wrong-solution-for.html"> Are Estate Freezes the Wrong Solution for Family Business Succession</a> and <a href="https://www.thebluntbeancounter.com/2014/06/are-estate-freezes-wrong-solution-for_11.html">Part 2 </a>. </div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">As noted above, an estate freeze will only stop the growth of your private company shares (or possibly investment company shares), so you must now concern yourself with the likelihood the remainder of your estate will continue to grow (including your company shares if you do not implement an estate freeze).<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6LLK0lmrNxvSByHTgt5q94IHHzQO1y5hagmmtDjE9KcAHz6wYJbR_zBHNiaPyHRSeg_qNxzLlGq5ih3oChpfT0CAc7zLvOih79BBBLPEjXijH2-35dcZViLqmX1KFAXr6Pz4fR3wYlj26JehhE1060JrKC448ObgBvrhvEpI3Q5QpDBtPZmGIzjmY/s2365/estate%20freeze.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1774" data-original-width="2365" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6LLK0lmrNxvSByHTgt5q94IHHzQO1y5hagmmtDjE9KcAHz6wYJbR_zBHNiaPyHRSeg_qNxzLlGq5ih3oChpfT0CAc7zLvOih79BBBLPEjXijH2-35dcZViLqmX1KFAXr6Pz4fR3wYlj26JehhE1060JrKC448ObgBvrhvEpI3Q5QpDBtPZmGIzjmY/s320/estate%20freeze.jpg" width="320" /></a></div><br />One potential way to cover the estate tax liability is a self-funded sinking fund/savings fund. While this sounds like a reasonable option, I personally have never seen someone cover off their eventual estate liability using this method, due to fluctuations in corporate profitability (for private company owners) and alternative needs at certain times for capital (home renovations, kid's weddings, houses etc.) or other projects. However, a sinking fund could at least partially offset the estate liability, especially if you create a fund in conjunction with the estate's expected cash on hand (for example cash, money market investments and GIC's in your portfolio). <br /><br />Most people, whether they are very high-net-worth or not, have no objection to their estate just liquidating their assets upon their death to pay any final personal taxes and having any remaining funds (net of income taxes) become their family’s inheritance. Practically, this is the typical manner in which most estate taxes are paid. The main issue with the liquidation of assets is that the estate may not be selling at an opportune time or even be able to sell the assets unless they fire-sale the asset (if the economic conditions are poor at the time of your passing).</div><div dir="ltr" trbidi="on"><br /></div>Some people explicitly do not wish their estate to liquidate certain assets. For these people, the assets may be legacy or sentimental, such as family land or real estate properties, a cottage or the family business. Alternatively, it is a business reason, such as the parent thinks the assets have large growth potential if kept say 10-20 years. <br /><br />Based on the discussion above, if you are fine with your estate liquidating your assets, you likely do not have to worry about your estate tax liability. However, as discussed, there could be timing issues raising the cash and a liquidation at the wrong time in an economic cycle, may not maximize your asset value.<div><br /></div><div>If you are able to self-fund and/or leave significant cash in your estate, your estate may only need to sell some of your additional assets to cover your estate liability and the estate may be able to hold certain legacy assets.<div><br />If you foresee any gaps in funding your estate tax liability, or don’t wish your estate to liquidate your assets (or are okay with liquidation, but only when market timing allows your estate to receive fair market value for those assets), then you may wish to utilize life insurance (typically permanent insurance) to cover any anticipated shortfall. Alternatively, some people use insurance (which in the correct income tax circumstances can often have an excellent rate of return even after the premiums) to fully-fund their estate liability or even leave a larger estate for their beneficiaries. If insurance is used, you often build in an estimate of future asset growth to cover any additional tax liability that will accrue between today and the date you pass away. While this estimate of additional taxes may be off-target, you can revisit your insurance over the years depending upon your health. <div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">As with an estate freeze, there again is a definite advantage to having a corporation, as corporate insurance is far more tax effective than personal insurance. I have written on this topic a few times including this post on <a href="https://www.thebluntbeancounter.com/2021/09/the-basics-and-uses-of-term-and.html">The Basics and Uses of Term and Permanent Life Insurance</a><span class="MsoHyperlink"> and discussed insurance on these Podcasts:</span></div><div dir="ltr" trbidi="on"><span class="MsoHyperlink"><br /></span></div><a href="https://www.thebluntbeancounter.com/2022/12/life-insurance-for-high-net-worth.html">The Blunt Bean Counter: Life Insurance for High-Net-Worth Individuals and Corporate Business Owners - Podcast and Blog</a> </div><div><br /></div><div><a href="https://www.thebluntbeancounter.com/2023/01/some-of-tough-questions-to-ask-when.html">The Blunt Bean Counter: Some of the Tough Questions to ask When Considering a Permanent Life Insurance Policy - Podcast and Blog</a><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">I have not discussed gifting assets, since a gift of capital property creates a deemed disposition and triggers any income tax related to that asset. However, depending upon your circumstances, gifts of capital property can "smooth" out your tax liability over our lifetime.</div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">For all the above considerations, you must consult your accountant, tax professional or financial advisor to determine if any of the planning makes sense for you, based on your personal fact situation.</div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">In my next blog post, I will discuss the income tax rate you should use when trying to determine your estate tax liability, which is not as simple as it sounds.</div><div dir="ltr" trbidi="on">
<br /> <div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-18503498189726763722023-04-17T06:30:00.055-04:002023-04-17T06:30:00.176-04:00The Importance of Tracking Your Adjusted Cost Base from an Inheritance From an income tax perspective (I am obviously ignoring the emotional issues) receiving an inheritance provides two tax related benefits. The receipt of the inheritance is typically tax-free and you may also receive a “bump” (increase) in the adjusted cost base (“ACB”) of any capital property inherited.<div><br /></div><div>However, over the years, I have seen cases where people pay unnecessary income tax and/or have disputes with the CRA because they (1) forget or are not aware of the cost base bump (2) have misplaced documentation or never obtained documentation (3) have switched accountants (or the original work was prepared by their parent’s accountants and is no longer accessible).</div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaC0GcuCqOd2ydUwe1r4mUYZa-YL8Sc4KFMM_MKrkOrUmZWtEnjmS5xc1niU0TSB4lSfPUQnF1UVsSUeRSVxgNxWjiAuPg40TdLUbRBMA1QoL55TVlbOoUHfvjLZGqinHcglOknfFvbPXU_eWGBYtab-fhKwzCCD5zttygye9t2hTeC-nPa-t79C6d/s4928/inheritance.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2666" data-original-width="4928" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaC0GcuCqOd2ydUwe1r4mUYZa-YL8Sc4KFMM_MKrkOrUmZWtEnjmS5xc1niU0TSB4lSfPUQnF1UVsSUeRSVxgNxWjiAuPg40TdLUbRBMA1QoL55TVlbOoUHfvjLZGqinHcglOknfFvbPXU_eWGBYtab-fhKwzCCD5zttygye9t2hTeC-nPa-t79C6d/s320/inheritance.jpg" width="320" /></a></div><br /></div><div>Today, I want to remind those of you who have inherited capital property, to ensure you have in place the documents (easily accessible) to support the ACB of any inherited property when you sell the property in the future.</div><div><br /><div dir="ltr" style="text-align: left;" trbidi="on"><b>Taxation on Death</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><br /></b></div>I think to provide context for my comments, I first need to explain how the Income Tax Act works when someone passes away.</div><div><br /></div><div>In Canada, where you receive cash or a cash like inheritance, there are no income tax implications. Where you inherit capital property, such as stocks and real estate, you will have no immediate income tax implications, plus you will inherit the “bumped-up” cost base of the capital property to the deceased.
<p class="MsoNormal"><span style="line-height: 107%;">By “bumped-up” I mean the following. When a person passes away there is a deemed disposition of the deceased persons capital property at the fair market value ("FMV") of the property right before the person's death (this is typically the last spouse or common-law partner to die, as the income tax allows a tax-free transfer of property to a surviving spouse or common-law partner).<br />
<br />For example; say your mother passed away in 2015 and she owned 1,000 shares of Royal Bank (ignoring stock splits) that were worth $80 a share at her passing, that had been purchased for $12,000 in 2001. (Note: The Royal Bank shares could have been transferred to your mother as a tax-free spousal transfer from your father on his passing or the shares could have been purchased directly by your mother, it is the same tax result).</span></p>Your mother’s estate would have filed a final (terminal) income tax return reporting a deemed capital gain of $68,000 (FMV at death of $80,000-$12,000 original cost). This deemed capital gain is known as a deemed disposition on death and occurs despite the fact the Royal Bank shares were not sold. This is because your mother was the last surviving spouse and owned the shares at her date of death. Your mother’s deemed disposition FMV of $80,000 becomes the new cost base of your inherited shares. So, if you sell the Royal Bank shares in the future, the gain would be equal to your sales proceeds less your bumped-up cost base of $80,000. </div><div><br /></div><div>The same thing would occur if your father/mom owned real estate. The fair market value at your mothers passing would become your new ACB, although there would be an allocation between land and building. The rules relating to the inheritance real estate can get tricky for a non-arm’s length decedent. You should speak to your accountant to get an accurate understanding of your cost base and allocation between land and building.</div><div><p class="MsoNormal">While I use parents in the above example, the same result occurs if you inherited the capital property from a relative or friend etc. <br /><br />A totally separate but interrelated ACB tax issue, is the 1994 Capital Gains Election. In 1994, the $100,000 capital gains exemption was phased out. However, individuals were eligible to make an election on their 1994 personal tax return to bump the value of their capital properties by up to $100,000. Where you inherit capital property, if possible, before the accountant files the terminal return of the deceased, you should ask them if they have the 1994 election on file, or if not, see if you can find the deceased's 1994 return to determine if an election was made in 1994. If the election was made, it will likely have no impact on your inherited ACB, but it may reduce the tax on the terminal tax return of your parent or relative etc.</p></div><div><b>Supporting Your "Bumped- Up" Adjusted Cost Base</b></div><div><b><br /></b></div><div>Now that I have provided the income tax context, I can discuss the importance of documentation, as without the documentation, you will not know the inherited cost base of your capital property.<p class="MsoNormal"><span face=""Arial",sans-serif" style="background: white; color: #222222; font-size: 10pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><o:p></o:p></p>The key documents you hopefully already have on hand or can dig up from a box in storage are:<p class="MsoNormal"><o:p></o:p></p><div dir="ltr" trbidi="on">1. The terminal income tax return of your last surviving parent. This return will reflect the deemed disposition of any capital property held on your parent’s passing on Schedule 3 -Dispositions of Capital Gains (or Losses). The proceeds of disposition on this form will form the new ACB of the inherited property to you. Using my prior example, Schedule 3 would reflect proceeds of disposition of $80,000 for the 1000 RBC shares held on death and the $80,000 would become your new ACB.</div><div dir="ltr" trbidi="on"><br /></div>2. It is possible a parent who pre-deceased their spouse left property directly to you. If that is the case, you would need their terminal tax return to review their schedule 3.</div><div><br /></div><div>3.<span face="Arial, sans-serif" style="color: #222222; font-size: 10pt; line-height: 107%; text-indent: -18pt;"><span style="font-family: "Times New Roman"; font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variation-settings: normal; line-height: normal;"> </span></span>Tax reorganization memos from your parent’s accountants if they undertook any post-mortem tax planning for your parent(s) private corporations. Depending upon the reorganization, there could be ACB increases, although in many cases, the key planning is creating tax-free promissory notes.</div><div><br />An interesting capital asset is the principal residence (“PR”) of your parents or anyone else you inherited property from. If the house was inherited and not sold immediately (say you kept the PR as a rental property), then the FMV of the PR on the death of your parent becomes important. However, prior to 2016, when the sale of a PR had to start being reported on Schedule 3 (and from 2017 onwards when it had to be reported on Schedule T2091) administratively the CRA did not require you to report the sale of your PR if it had always been your PE and the sale was exempt from tax as your PR. </div><div><br /></div><div>Thus, you may need to obtain a real estate valuation for the value of the PR at the deceased's passing, since there may be no record of the FMV on death.</div><div><br /></div>If you have inherited capital property from your parent’s or any other person, hopefully you already have the documentation discussed above in place. If not, it would be a very useful project to try and obtain the documents before you decide to sell the asset and are forced to scramble to find information that can be twenty or thirty years old.<div><div><br /><div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-83247645768283947092023-04-03T07:00:00.172-04:002023-04-03T07:00:00.173-04:00The 2023 Federal Budget<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM9tgt7-dc5_lTy3vkqgDF9iFu98RH7P5DZtz7v9sBr5lNqOTECIAHsK_IcZJS0Wi-0v1EELcbvbnCWY6PTLdssCLTI0eNaQs7wfBwPAh34XYLa4twolrfniXWqs5-OhZ4O0ufjvWLFHE0ewI54sZxu8-0UJJ4i5NrE7FdPGiRaFH5CXTEOe2zSnZI/s8000/Budget.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="5425" data-original-width="8000" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM9tgt7-dc5_lTy3vkqgDF9iFu98RH7P5DZtz7v9sBr5lNqOTECIAHsK_IcZJS0Wi-0v1EELcbvbnCWY6PTLdssCLTI0eNaQs7wfBwPAh34XYLa4twolrfniXWqs5-OhZ4O0ufjvWLFHE0ewI54sZxu8-0UJJ4i5NrE7FdPGiRaFH5CXTEOe2zSnZI/s320/Budget.jpg" width="320" /></a></div>Before I started reading through the federal budget report tabled on March 28th by Deputy Prime Minister and Minister of Finance, Chrystia Freeland, I expected there would be significant personal and corporate tax changes. But this budget is about “clean and green” technology refundable investment tax credits for business owners, changes to the alternative minimum tax (“AMT”) to make it harder for high-income earners to avoid paying income tax, tightening up the rules on intergenerational transfers of businesses and some other smaller changes. There are no changes to the general personal tax rates or the general corporate tax rate. <div><br /></div><div>Today, most of my comments will relate to how the budget affects high-net-worth ("HNW") individuals and small business owners.<div><b style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"><span style="line-height: 16.5251px;"><br /></span></b></div><div><h3 style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; margin: 0px; position: relative;"><b><span style="line-height: 16.5251px;"><span style="font-size: medium;">Personal Tax Measures</span></span></b></h3><div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on"><b>Alternative Minimum Tax </b></div><div dir="ltr" trbidi="on"><span style="background-color: white; color: #333333; font-size: 12pt;"><br /></span></div>In the 2022 budget report, there is a section titled “A Fair Tax System”. Within the section, the report stated “some high-income Canadians still pay relatively little in personal income tax as a share of their income—28 per cent of filers with gross income above $400,000 pay an average federal PIT rate of 15 per cent or less, which is less than some middle-class Canadians pay. These Canadians make significant use of deductions and tax credits, and typically find ways to have large amounts of their income taxed at lower rates”.</div><br />This budget follows through on the above “fairness initiative” and proposes to limit the deductions and credits used by high-income Canadians by amending the AMT to "better target" high-income individuals. <br /><br />Prior to my retirement from public accounting, I worked over 35 years with multi-National firms, mid-sized firms and a smaller firm. I only rarely observed my HNW filers paying tax at a 15% or less rate. My experience in the majority of cases was the opposite. HNW individuals less than thrilled, over how much tax that had to pay, most of it at a 54% tax rate. But I will accept the CRA's statistics as accurate and assume my sample size was not representative. <br /><br />The AMT was created in 1986, to ensure high income Canadians paid at least a minimum rate of income tax. Conceptually, the AMT prevents high income earners from paying little to no tax by comparing their tax liability as calculated on their "regular" tax return to an alternative method, in which AMT is charged at 15% with adjustments for certain amount less a $40,000 exemption. If the AMT is higher than the regular tax, the taxpayer must pay the higher AMT result. <br /><br />It should be noted that many of the reasons a taxpayer may pay a low rate of income tax in the first place is due to incentives provided by the Income Tax Act for donations, reduced capital gains rates, the sale of Qualifying Small Business Corporations etc. Thus, as I discuss below, the increase in AMT comes about in part because you will be required to add back a higher percentages of some of the incentives the government provides for charitable organizations etc. on your income tax return, which is counter to public policy in some cases. <br /><br />The budget proposes for years beginning after 2023, to increase the AMT rate from 15% to 20.5% (plus the provincial component) and to increase the exemption from $40,000 to approximately $173,000 by 2024. The AMT base will be broadened by increasing the capital gains rate for AMT purposes only (the general capital gains inclusion rate of 50% was not changed) from 80% to 100%, by including 100% of stock option benefits, 30% of capital gains on the donation of marketable securities (again, this is only for AMT purposes, not regular income tax purposes where the donation of marketable securities eliminates any taxable gain associated with the stock donated) and will broaden the base by disallowing for AMT purposes, 50% of deductions such as child care, moving expenses, employment expenses (other than to earn commission income), interest and carrying charges, non-capital loss carryovers amongst others. <br /><br />It is important to note that AMT can be carried forward seven years and thus, with proper planning and the right economic circumstances, the AMT can often be recovered over time to the extent a person’s regular income tax exceeds the AMT in a given year. <br /><br />If you may have a significant tax event in 2024, whether a large income inclusion, a capital gain or a large donation or deduction, you will want to speak to your accountant. They can review your income tax situation to determine if you should accelerate any of these times to 2023 or whether you pay sufficient regular tax, such that if you wait until 2024 there will be no AMT impact or if you pay the AMT, you will recover it in future years.</div><div> <div><b><span style="background: white; color: #222222; line-height: 107%;">General Anti-Avoidance Rule (“GAAR”)</span></b></div><p class="MsoNormal"><b><span face="Arial, sans-serif" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></b></p>The GAAR was introduced in 1988. The intent of the legislation was to prevent abusive tax avoidance transactions or arrangements, while not altering or interfering with legitimate commercial transactions. From the government’s perspective, they felt the GAAR was not achieving their objectives, so they stated they wanted to “modernize and strengthen” the rule. This rule applies to both personal and corporate tax planning.<br /><br />The proposals will provide stricter rules and lower thresholds for an avoidance transaction. The proposals also include a penalty equal to 25% of the tax benefit, that can be avoided if the transaction is disclosed to the CRA. The government will hold consultations until May 31, 2023, after which they will release the legislation with an effective date.</div><div><br /></div><div><b><span style="background: white; color: #222222; line-height: 17.12px;">Other Measures</span></b><br /><br />There are various other personal tax provisions in the budget, including a small increase in RESP educational assistance withdrawals for the first 13 weeks on full or part-time enrollment, fees and premiums related to Retirement Compensation Arrangements and Registered Retirement Disability Savings Plans (extends the ability of a parent, spouse or common law partner to open an RDSP for an adult whose capacity to enter into a RDSP contract is in doubt by three years and broadens the definition of a qualifying family member) that you should discuss with your advisor if they relate to your circumstances.<div><br /></div><div><div dir="ltr" trbidi="on"><h3 style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; margin: 0px; position: relative;"><b><span style="line-height: 16.5251px;"><span style="font-size: medium;">Corporate Tax Measures</span></span></b></h3></div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on"><b>Clean and Green Equipment</b></div></div><br />The government has proposed a refundable investment tax credit (“RITC”) for clean hydrogen equipment, clean technology equipment (including geothermal equipment), clean technology manufacturing and processing equipment, carbon capture utilization and storage and consultations on RITC’s for certain clean electricity systems and equipment. </div><div><br /></div><div>If your business plans to purchase such equipment, I suggest you set-up a meeting with your accountant to discuss and understand the proposed requirements, effective dates and credits (15-40% depending on equipment and various factors) and to review the tax and environmental benefits for your corporation of purchasing such equipment. <br /><br />From a business take-up perspective, some economic pundits feel the use of subsidies instead of RITC would result in a more effective Clean and Green strategy, but hopefully the RITC’s will prove to be a large enough incentive.<div><br /><div><div dir="ltr" trbidi="on"><b><span style="background: white; color: #222222; line-height: 107%;">Intergenerational Business Transfers</span></b></div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on">This is very tax oriented rule, and you will need to consult your tax advisor. In general terms, the government wanted to facilitate intergenerational business transfers within families where a certain technical section of the Income Tax Act (84.1) was restrictive. However, the government felt the original provisions allowed unintended consequences such as parents still controlling the business and children not having sufficient active involvement in the business. Thus, they have proposed to tighten the rules for such transfers, effective January 1, 2024.<br /><br />The exclusions have been tightened such that taxpayers can now rely on only one of two transfer options: <br /><br />1. An immediate three-year test based on arm-length sale standards or <br /><br />2. A five-to-ten-year test based on estate freeze characteristics (<a href="https://www.thebluntbeancounter.com/2015/08/the-best-of-blunt-bean-counter-estate.html">see this prior post on estate freezes</a>).</div><div><br /></div>As this provision is very complex, you will need to discuss any potential business transfer to your children with your tax advisor.</div><div><br /><div dir="ltr" trbidi="on"><b><span style="background: white; color: #222222; line-height: 107%;">Employee Ownership Trusts (“EOTs”)</span></b></div><br />The budget proposes new rules (effective January 1, 2024) to facilitate the use of EOTs to acquire and hold shares of a business. EOTs are intended to assist private business owners in transitioning their businesses to their employees on a potentialy more efficient tax and financing basis. <br /><br />If you are considering selling your business to your employees, speak to your advisor about whether an EOT may be a viable selling option for you in the future.</div><div><br /></div><div><div dir="ltr" trbidi="on"><div class="MsoNormal"><span style="font-size: x-small;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation. It is written by the author solely in their personal capacity and cannot be attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional advice, and neither the author nor the firm with which the author is associated shall accept any liability in respect of any reliance on the information contained herein. Readers should always consult with their professional advisors in respect of their particular situation. Please note the blog post is time sensitive and subject to changes in legislation or law.</span></div></div></div></div></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-50872068315438530862023-03-20T07:00:00.071-04:002023-03-20T07:00:00.166-04:00Ensuring you Maximize your 2022 Personal Tax Deductions and Tax Credits<div dir="ltr" style="text-align: left;" trbidi="on">Unfortunately, any tax planning for your 2022 personal tax
return needed to be done by December 31<sup>st</sup> of 2022 and there
is very little, if any, planning you can do in March and April of this year.</div><p class="MsoNormal"><o:p></o:p></p>
<p class="MsoNormal">However, there is still hope to reduce your 2022 income tax
liability, especially if you are not a detailed organizer of information.</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjykcdEkU-ogQtB_9z3TQ6pEGf6w0Ak2O4hic4-dBhB_RVCj7CdgTyiK_lAaggZ0HprMZHaOz6MvbGdz8yjbs1cBjyc1myeOpbCKzeakhRybrc3291JD_vvEvg6Z189DP6c4z0I78cUUPNXn580f3UcYrIi7RUlHQVwH38AQ_8bCxci4ibCsvBwwDmy/s3586/taxes.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3586" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjykcdEkU-ogQtB_9z3TQ6pEGf6w0Ak2O4hic4-dBhB_RVCj7CdgTyiK_lAaggZ0HprMZHaOz6MvbGdz8yjbs1cBjyc1myeOpbCKzeakhRybrc3291JD_vvEvg6Z189DP6c4z0I78cUUPNXn580f3UcYrIi7RUlHQVwH38AQ_8bCxci4ibCsvBwwDmy/s320/taxes.jpg" width="320" /></a></div><p></p><div dir="ltr" style="text-align: left;" trbidi="on">Today, I will review a few deductions and tax credits people
sometimes leave on the table. None of this is cutting edge information; it is
just double checking you have claimed all your deductions and credits. In fact,
if you read my last blog post <a href="https://www.thebluntbeancounter.com/2023/03/its-personal-tax-time-how-to-get-on.html">On How to Get on Your Accountants Good Side During Tax Season</a>, you may have already assembled
much of that information for your accountant and your double checking and
digging for receipts will be limited.<br /><br /><h3><b><span style="line-height: 107%;"><span style="font-size: medium;">Tax Deductions
and Tax Credits to Double-Check Completeness<br /></span></span></b><br /></h3></div><div dir="ltr" style="text-align: left;" trbidi="on"><b>Carrying Charges</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />Many people borrow to finance their stock market investments,
real estate and rental property investments or capital contributions to their
professional firms or other possible investments. In many cases, a summary letter of
the interest expense paid on your bank loan or line of credit is not
provided by the lender and can be easily overlooked.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">If you have not received a summary document, see if you
can obtain a summary letter from your financial institution. Failing that, ensure you have summarized
each interest charge for January to December 2022.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on"><h3><span style="font-size: small;">Capital Losses</span></h3><br />If you engage an accountant or use tax software to prepare
your return, the software will typically keep track of any capital loss
carryforwards you have to apply against any capital gains you incur in the
year. However, the carryforward information is predicated on accurate historical information being input in the first place.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">I have occasionally seen capital losses missed due to
improper carryforward information, especially where T1 Adjustments have been filed in prior years in respect of capital gains and losses. To ensure your information is accurate (your
accountant will likely do this if they have access to your CRA information)
check your 2021 income tax assessment in the explanation section. This section
reflects any capital losses carried forward. Alternatively, if you have
registered for My Account with the CRA, check the balance online.</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /> <h3><span style="font-size: small;">Donation Tax Credits</span></h3><br />It is very easy to miss a donation receipt. It can be lost
in the mail, caught in your email spam or be misplaced. I suggest you
quickly scan your monthly bank statement and/or credit card statement to ensure
you are not missing any charitable receipt.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">Going forward (if you are not doing this already), best
practice would suggest you enter each donation you make during the year on an Excel
or other spreadsheet and have an additional column that tracks whether your
have received the tax receipt for each donation you made. This allows you to
follow-up any missing donation tax receipts. </div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><h3><span style="font-size: small;">Medical Tax Credits</span></h3>
<br />Medical receipts are similar to donation receipts. You
should again review your bank statement and credit card statement to ensure you
are not missing any medical receipts. For health and medical practitioners you use on a consistent
basis such as orthodontists, chiropractors, physiotherapists, dentists etc.
ask them to print out a summary of paid expenses for 2022 (or for the twelve month period ending in 2022 if you are using that alternative).</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">If you have a health insurance plan, you should go online
and print out all the insurance statements relating to any reimbursements made by the insurance company in 2022. Under most health and dental plans, you will have incurred some
portion of the medical or dental cost and that uncovered portion is deductible
as a medical credit.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">Going forward (if you are not doing this already), best
practice would suggest you enter each medical expense you incur during the year
on an Excel or other spreadsheet and have an additional column that tracks
whether your have received a receipt marked paid for that expense (ensure your receipts reflect your payment made, this will keep the CRA happy). If you have
a Health Insurance Plan, I would have an additional column that reflects
insurance reimbursements for your medical expense. This ensures you claim all non-reimbursed medical expenses. </div><div dir="ltr" trbidi="on"><br /> <h3><span style="font-size: small;">Pension Splitting </span></h3><br /> If you are <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/pension-income-splitting.html">eligible for pension splitting</a>, this could result in significant tax savings. Most tax programs have a function to maximize the pension splitting, but I would ensure the function has been applied and any eligible pension income has been split to your benefit<span face="Calibri, sans-serif" style="font-size: 11pt;">.</span></div><div dir="ltr" style="text-align: left;" trbidi="on"><br /> <h3>Employment and Business Expenses</h3><br />Employees may receive a T2200s or T2200 from their employers
that allow them to deduct home office expenses and other employment expenses.
If you are entitled to claim employment expenses, ensure you have received
these forms from your employer or request the form, if you are entitled to
claim employment deductions.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">Once you have the form, go through your expenses for the
year to ensure you have captured all your home office, car or other employment
expenses you are entitled to claim. It is best practice to record these
expenses throughout the year (monthly or quarterly) so you do not miss any
expenses or create a 5 hour receipt sorting project at tax time.</div><p class="MsoNormal"><o:p></o:p></p><div dir="ltr" style="text-align: left;" trbidi="on">If you are self-employed, you will not need a T2200.
However, the same advice holds as for business expenses as for employee
expenses. Ensure you have captured all your expenses for the year through
diligent tracking.</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><h3>Ontario Staycation</h3></div><div dir="ltr" style="text-align: left;" trbidi="on"><div dir="ltr" trbidi="on"><br /> If you are an Ontario resident, don’t forget to assemble your Staycation receipts. Ontario residents can claim 20% of their eligible 2022 accommodation expenses. For example, for a 2022 stay at a hotel, cottage or campground you can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family. For Staycation information, see this <a href="https://www.ontario.ca/page/ontario-staycation-tax-credit">link</a>.</div><div dir="ltr" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px;" trbidi="on"> </div></div><div dir="ltr" style="text-align: left;" trbidi="on">The above discussion is not tax planning. It is record
keeping diligence. As noted above, I suggest you get in the habit of tracking
these items throughout the year to avoid missing any deduction or credit at
tax-time.</div><div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-87288802766866861002023-03-06T07:00:00.065-05:002023-03-06T07:00:00.160-05:00It’s Personal Tax Time – How to Get on Your Accountant’s Good Side<p>Many readers of this blog use accountants to prepare their personal income tax returns. You can take three approaches in working with your accountant. You can provide them with:</p><ol style="text-align: left;"><li>all the detailed information they request<br /><br /> </li><li>most of the information, without overly exerting yourself<br /> <br /> </li><li>the minimum information, since you pay good fees</li></ol>From a client perspective, all these approaches are reasonable to some degree. However, as a retired public accountant of 35 or so tax seasons, I suggest you lean towards approach number one, to the greatest extent you can.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSvBM41SsecLeevbYDp6PhKBPrhLGBsQs4shieTrRiVn6ATmOkuyoqSY7zex5utxeAuKAlQzlLL0bY1Az116Yci6nY8RbYAVe7wO7oIadzWC2RkRH4942Td7I4gwHBq6T2hAOgmhnGsczejWP0g_ec2HqtLeNGi-CrNtGkBtq4LXQb4o-wRXk6hbb-/s3476/goofy%20accountant.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3241" data-original-width="3476" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSvBM41SsecLeevbYDp6PhKBPrhLGBsQs4shieTrRiVn6ATmOkuyoqSY7zex5utxeAuKAlQzlLL0bY1Az116Yci6nY8RbYAVe7wO7oIadzWC2RkRH4942Td7I4gwHBq6T2hAOgmhnGsczejWP0g_ec2HqtLeNGi-CrNtGkBtq4LXQb4o-wRXk6hbb-/w200-h186/goofy%20accountant.jpg" width="200" /></a></div><br />I say this for two reasons. The first reason is simply the better organized you are, the more time your accountant can spend dealing with minimizing your taxes. The second reason is that many Canadians invest in mutual funds (T3 slip) and limited partnerships (T5013 slip). Both these investments have March 31st deadlines for issuing the T3’s and T5013’s, so clients often have to wait until late March and early April to receive their slips.<br />
<br />Consequently, your accountant’s workload has likely changed substantially over the last five to seven years, such that 45-60% of the client information comes in after say April 7th. In the good old days, that number was likely only 25-35%.<br />
<br />I am not expecting you to shed too many tears about your accountant’s working conditions given the fees you pay them. I am telling you this because the easier you make it for them to work on your return (rather than chase information), the better it is for you.<br />
<br />So, with the theme of be nice to your accountant, I list below some do's and don'ts for providing your tax season information to your accountant. <br />
<br />I will start with the things you want to avoid doing.<br />
<br /><h3>Tax Season Don'ts</h3><ol style="text-align: left;"><li>Do not hand your accountant all your tax slips in the original envelopes <br /><br /></li><li>Do not send your accountant PDF’s of each tax slip as they arrive. If you prefer to use email or your accountant has a portal (in lieu of paper copies), try to send a first batch of as many initial slips as possible. Then make a list of what you think is missing (such as T3’s, T5013’s, straggler donation slips) and send a second batch all these slips. Once that is done, it is fine to send amended or straggler slips one by one <br /><br /></li><li>Do not provide your prior years tax returns and tax slips to your accountant. All tax programs have prior year information carried forward if required and most accountants have paperless systems of prior years slips if a past tax slip is required for any reason </li></ol><div><h3>Tax Season Do's</h3><ol><li>Provide your accountant any investment, capital gains and foreign
reporting information provided by your investment advisor<br /><br /></li><li>Have your children download their tuition receipts from their University portal<br /><br /></li><li>Ensure your have official donation slips for all your donations. If you only have a confirmation of your payment from the internet, that is not an official receipt and you will need to request an official receipt from the organization. If you want to earn a gold star, summarize the donations for your accountant so they have a total to compare against their total. This is definitely more than expected, but it acts as an excellent check and balance, as I have had many variances over the years and a summary provides a quick way to see if the client’s total was off or the accountants total was off.<p class="p1" style="margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span class="s1"><span style="font-size: 14pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></p> </li><li>If you made a donation of marketable securities (<a href="https://www.thebluntbeancounter.com/2022/08/the-best-of-blunt-bean-counter-tax.html">see this blog for more detail</a>), make a note for your accountant. This is something they will likely pick-up, but it can be missed sometimes as the notation on the donation slip is sometimes small or in a corner somewhere and easy to miss.<p class="p1" style="margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span class="s1"><span style="font-size: 14pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></p><br /></li><li>For any medical expenses, where possible get one summary receipt, such as for a chiropractor or physio etc. Some pharmacies also provide a yearly summary, so you don’t have to provide 34 individual receipts. <p class="p1" style="margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span class="s1"><span style="font-size: 14pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></p><br /></li><li>Still with medical receipts, if you are audited by the CRA, they will want to see a medical receipt that reflects payment. I often received the invoice for medical purchases, but not an invoice reflecting payment. You may need to follow-up with the medical practitioner to request a paid receipt (again, if you have several expenses with the same practitioner, get them to do one summary receipt reflecting the services and reflecting payment for those services)<br /><br /></li><li>If you have a line of credit with the bank for investment purposes (especially for professionals to fund their capital entitlement), see if your banker can provide a simple summary letter on the financial institution’s letterhead of the total interest expense for 2022<br /> <br /></li><li><span style="font-size: 14pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span>If you have rental income, summarize your rental income and expenses for the year. Also provide any invoices for any large repair bills so your accountant can determine whether the expense is currently deductible or must be capitalized.<p class="p1" style="margin-bottom: 0cm; margin-left: 36.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;"><span class="s1"><span style="font-size: 14pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></span></p><br /></li><li>If you sold your home in 2022, provide your accountant the sale information. Also provide the date you purchased your home and the original cost information (although it may not be needed depending upon the circumstances). The above information must be reported to claim the principal residence exemption, or the exemption may be denied, or a substantial penalty levied.<br /><br /></li><li>Let your accountant know if anyone in your family has become a non-resident in the current year.<br /><br /></li><li>Review your return before it is filed. You know your affairs better than anyone. Do a quick overview of your return to ensure what you expect to be reported and deducted has been reflected accurately. In most cases everything will check-out, but sometimes things are missed or when reviewing your return, you realize you forgot to inform your accountant about some income or deduction for the year.</li></ol><div>
The above information will cover off much of your return. Many accountants make this easier by providing a checklist for you to organize your tax information. </div><div><br /></div><div>While all this organizing may seem like a lot of work when you are paying someone to prepare your return, you want those dollars spent having your accountant working on minimizing your taxes, not chasing down information.
<br />
</div><p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-72071727876943256702023-02-20T07:00:00.013-05:002023-02-22T22:47:24.174-05:00Financial Rules of Thumb<div dir="ltr" style="text-align: left;" trbidi="on"><!--[if gte mso 9]><xml>
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<p><span style="mso-bidi-font-weight: bold;">I thought today, I would discuss
some financial rules of thumb. All these rules should be taken with a large grain
of salt, but they can sometimes provide an initial starting point from which to work.
Please do not consider any of these rules as gospel.</span></p></div><div dir="ltr" style="text-align: left;" trbidi="on"><h3>Investment Returns</h3><o:officedocumentsettings><o:targetscreensize></o:targetscreensize></o:officedocumentsettings></div><p>The “Rule of 72” is an actual rule you can use with confidence, as it is
mathematical. The rule simply tells you how long it will take for your money to
double, at a fixed rate of return. </p>
<p>The formula is 72/interest rate (or annual rate of return) = number of years
it will take for your money to double. </p>
<p>For example, if your interest rate is 10%, that means your money will double
every 7 years or so (divide 72 by 10 = 7.2 years to double).</p>
<p>A return of 5% will take 14.4 years to double and a return of 7% will take
10.3 years to double. <b style="mso-bidi-font-weight: normal;"></b></p><h3>Retirement Withdrawal Rate<br /></h3><h3><span style="font-size: small;"><br />The 4% Rule</span></h3><br />
Financial planner William Bengen advocated the 4% rule almost 30 years ago to address his clients’ questions about what is a safe yearly withdrawal rate from their retirement portfolio. Mr. Bengen looked to data from as far back as 1926. He determined that given a portfolio split evenly between stocks and bonds, a 4% withdrawal rate (adjusted for inflation each subsequent year) should provide adequate cash flow for a retirement spanning at least 30 years. <br /><br />The 4% rule has been one of the most debated rules in finance for several years and I have written numerous articles on this topic over the years. Mr. Bengen has suggested in recent years, that an even higher withdrawal rate would be safe, while others suggest a more conservative rate such 3%.<span style="background: white; color: #4e5962; letter-spacing: 0.4pt;"> </span><div dir="ltr" style="text-align: left;" trbidi="on"><span style="background: white; color: #4e5962; letter-spacing: 0.4pt;"> </span></div><div dir="ltr" style="text-align: left;" trbidi="on">Given the current rate of inflation, one would wonder if the 4% rule would quickly fall offside. However, in an interview on the <a href="https://rationalreminder.ca/podcast/135">Rational Reminder Podcast ,</a>Mr. Bengen comments in the podcast that one scenario that broke the 4% rule, was a scenario in which the retiree encountered double digit inflation for the first 15 years of retirement. So surprisingly, the rule seems to withstand inflation well.<br /> <br /> The 4% rule works as follows: say you need $100,000 a year to fund your retirement expenses; you would dividend $100,000/4% and the calculation would suggest you need a nest-egg of $2,500,000. The $2,500,000 nest-egg would allow you take draw $100,000 a year for 30 years without running out of money. </div><div dir="ltr" style="text-align: left;" trbidi="on"><br /><span style="background: white; color: black; mso-color-alt: windowtext;"></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><h3><span style="font-size: small;">The Rule of 20</span></h3><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><!--[if gte mso 9]><xml>
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<![endif]-->The rule of 20 or for some 25, means you need $20 or $25 of savings for every dollar you expect to spend in retirement. <br /><br />For example, if you want to live off $100,000 a year, you will need either $2,000,000 ($100,00 x 20) or $2,500,000 ($100,000 x 25). <br /><br />You will note the 25 times number brings you to the same retirement nest-egg as the 4% rule; that is because the rule is a derivative of the 4% rule. </div><div dir="ltr" style="text-align: left;" trbidi="on"><br /><h3>Budgeting</h3><h3><span style="font-size: small;"><br />The 50/30/20 Rule</span></h3><br /><!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" Priority="0" SemiHidden="true"
UnhideWhenUsed="true" Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 6"/>
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<![endif]-->This rule was created by Senator Elizabeth Warren (a Harvard law professor when she coined the term) and her daughter, Amelia Warren Tyagi, in the book All Your Worth: The Ultimate Lifetime Money Plan. <br /><br />This rule of thumb suggests you allocate 50% of your after-tax income to your needs (rent, groceries, utilities etc.), 30% to your wants (hobbies, restaurants, streaming services etc.) and 20% for retirement and savings goals. <br /><br />A small variation on this rule is the 80-20 plan. Under this method you first set-aside 20% of your after-tax earning into a savings account and the remaining 80% is then spent as needed.
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</xml><![endif]--><!--[if gte mso 10]>
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mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
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<![endif]-->How much life insurance you need is really dependent upon your personal situation. A general rule of thumb is you require 6-10 times your gross annual salary in life insurance (in almost all cases this type of insurance should be term insurance, with possibly a conversion option at a future date in the policy). However, the 6-10 multiplier can be higher if you have young children, a mortgage, stay at home spouse etc. You really need to review your specific situation and what you think your family would need if you passed away. I discussed some of these considerations in this<a href="The Blunt Bean Counter: Life Insurance - Review Your Coverage"> 2016 blog. </a><br />
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<![endif]-->I like this rule. The rule of 10 is like the twenty-four-hour rule in hockey before a parent can talk to the coach. It provides for a cooling period. The rule of 10 is for large discretionary purchases. The rule says to reflect on how the purchase will make you feel in 10 days, 10 weeks and 10 years. <br /><br />The cooling period should be equal to one day for every $500-$1,000 of purchase costs, which seems a little long to me. I would suggest a 7-10 day cooling period should be sufficient for most people. <span style="mso-bidi-font-weight: bold;"><br /></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="mso-bidi-font-weight: bold;"> </span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="mso-bidi-font-weight: bold;">Rules of thumb are simple, convenient
and in some cases, a good guideline. However, please do not consider any of these
rules as gospel.</span><br />
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-1004494788021602872023-01-30T06:30:00.047-05:002023-01-30T06:30:00.168-05:00Some of the Tough Questions to ask When Considering a Permanent Life Insurance Policy - Podcast and Blog<div dir="ltr" style="text-align: left;" trbidi="on">
On December 12th, I posted a blog on <a href="https://www.thebluntbeancounter.com/2022/12/life-insurance-for-high-net-worth.html">Permanent Life Insurance for High-Net-Worth Individuals and Corporate Business Owners.</a> This blog was based on <a href="https://www.youtube.com/watch?v=2Oamk_K32x0">a podcast</a> on which I was a panelist. In the blog, I expanded on the podcast discussion, to review in greater detail what exactly is permanent insurance and why you may wish to use permanent insurance for estate planning or asset diversification purposes. <br />
<br />I noted in the post, that we intended to have a follow-up podcast on some of the hard questions to ask when you are considering entering into a permanent life insurance policy. That podcast is now available <a href="https://youtu.be/uPt3B44UvRo">here</a>. <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH5TzbdM6aX86_I0DMnTizfqC29MZZTf3A6d9eycQFkoyoSZ9D0xkNNpy2Am55nbyIReeKg5mTuBCEE3CqNx0YWtuYCre3py5g1q2y13vvKSmWYAY3-fVGrrNza_6-OGhndWv7iPZQ7CpVJbCPhrHoqWH8VnsINY6xw5rhy4gjmDX4wcqbO0U7VlXp/s5468/Insurance%201.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3394" data-original-width="5468" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH5TzbdM6aX86_I0DMnTizfqC29MZZTf3A6d9eycQFkoyoSZ9D0xkNNpy2Am55nbyIReeKg5mTuBCEE3CqNx0YWtuYCre3py5g1q2y13vvKSmWYAY3-fVGrrNza_6-OGhndWv7iPZQ7CpVJbCPhrHoqWH8VnsINY6xw5rhy4gjmDX4wcqbO0U7VlXp/s320/Insurance%201.jpg" width="320" /></a></div><br /> Both podcasts were moderated by Simon Kay of IPS Insurance (email: simon.kay@ipsinsurance.ca). Simon specializes in Life Insurance for HNW individuals and corporate business owners and is the pioneer of Private Underwriting. Jay Hershfield was my fellow panelist on both podcasts. Jay is a highly regarded tax and estate specialist with an insurance expertise and is currently a director with Scotia Wealth Management.<br />
<br />Some of the tough questions we covered in this podcast include: <br /><ul style="text-align: left;"><li>Are there any income tax rules that make the payment of a tax-free capital dividend not effectively 100% tax-free to the final estate?</li></ul><ul style="text-align: left;"><li>If a permanent policy has a cash surrender value (“CSV”), are there any circumstances the CSV can increase the value of shares on death, thereby increasing the estate’s tax liability?</li></ul><ul style="text-align: left;"><li>Can a change in dividend scale affect future premiums or policy values?</li></ul><ul style="text-align: left;"><li>How can your children’s plans for your Holdco upon the passing of the last surviving parent affect your tax planning?</li></ul><ul style="text-align: left;"><li>What are the risks and advantages of leveraged insurance?</li></ul><ul style="text-align: left;"><li>If you are younger married person, should your policy be a last-to-die policy?</li></ul>
If you are considering purchasing a permanent life insurance policy or currently reviewing a proposal, I would suggest this podcast is a must listen. Personally, I do not recall reading an article or listening to a podcast that discusses these hard questions in such detail. <br />
<br /> <div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-45187164784416242052023-01-16T06:30:00.001-05:002023-01-16T06:30:00.199-05:002022 Financial Clean-up and 2023 Tune-up<div dir="ltr" style="text-align: left;" trbidi="on">In January, we are keen to tackle our New Year’s resolutions. Yet most of us abandon our goals by March. Researchers have stated one of the main reasons we do not keep our resolutions is that we do not make our resolutions actionable and achievable. <br /><br />So, if one of your financial resolutions is to clean-up your 2022 financial affairs and tune them up for 2023, I today provide a roadmap to make these goals actionable and achievable. <br /><br /> For each financial topic or issue below, I will discuss what you should do to clean-up for 2022 and what you should consider doing in 2023 to tune-up your finances.<a href="https://blogger.googleusercontent.com/img/a/AVvXsEjtQymZL_WKmU9rrvAtQiUQSN1A57bNk5LhcGacpXs9stUdsZSSaHzSgbVghM9dFZJdoWZ1TFlfzHWuM6V3UC0s4796OhWHjH29j-Xjz45IYucvifsYDEqCsEYy7IW-qCLPMlVofpG6Tvm0g3DL_ZB4FJwbve0saS00BXt_pTwagYj8ivi265Fu1Pej=s4752" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="4752" data-original-width="3168" height="320" src="https://blogger.googleusercontent.com/img/a/AVvXsEjtQymZL_WKmU9rrvAtQiUQSN1A57bNk5LhcGacpXs9stUdsZSSaHzSgbVghM9dFZJdoWZ1TFlfzHWuM6V3UC0s4796OhWHjH29j-Xjz45IYucvifsYDEqCsEYy7IW-qCLPMlVofpG6Tvm0g3DL_ZB4FJwbve0saS00BXt_pTwagYj8ivi265Fu1Pej=s320" width="213" /></a><br />
</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: medium;"><b>Yearly Spending Summary
</b></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><b> </b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b>2022 Clean-up</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
In 2022, the rapid increase in inflation and interest rates caused a significant increase in almost every Canadians spending. While you will have felt the impact of rising prices at the cashier, the pump and on your monthly credit card statement, many of us do not have a grasp of the details and/or quantum of these increased costs.<br />
<br />I use Quicken to reconcile my bank and track my spending. A couple weeks ago I printed out a summary of my 2022 spending by category for the year. This exercise provided some eye-opening data. This information is invaluable. It provides the basis for yearly budgeting, income tax information (see below), and among other uses, it provides a starting point for determining your cash requirements in retirement. If you do not use Quicken or some other tracking software or personally developed spreadsheet, it would likely require significant work to re-create your 2022 expenses. So practically, you may just want to start tracking your expenses in 2023.<br />
</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><b>2023 Tune-up</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b> </b></div><div dir="ltr" style="text-align: left;" trbidi="on">During my career, I often discussed financial, retirement and estate planning with my clients. One of the questions I typically asked for these planning exercises (especially for those whose spending was excessive), was what was the breakdown of their monthly costs? I would say in at least 60%-75% of the cases, people had little idea of their actual spending and when they undertook the exercise they were surprised at the quantum of their actual spending. If you are one of those people, I strongly suggest you buy a personal finance software program that lets you download your bank data (so it limits your time tracking your spending) or create a detailed excel spreadsheet with expense categories down the vertical axis and the month across the horizontal axis. Then fill in the spreadsheet at each month end.<br />
<br />By undertaking this expense tracking for 2023, you will be able to budget, plan short-term and project your retirement spending.</div><div dir="ltr" style="text-align: left;" trbidi="on">
<br /><h3>
Income Tax Items</h3><br />
<b>2022 Clean-up</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b> </b><br />
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
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<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
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<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
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<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
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<![endif]-->I print out from Quicken the details of donations and medical receipts (acts as checklist of the receipts I should have or will receive) and summaries of expenses that may be deductible for tax purposes, such as auto expenses. If you use your home office for business or employment purposes (remember, you need a T2200 from your employer if you are not using the temporary flat method), you should print out a summary of your home-related expenses.<span face=""Arial",sans-serif" style="color: #222222; font-size: 10pt; line-height: 107%; mso-ansi-language: EN-CA; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-CA;">
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<![endif]--><br /><br />Where you claim auto expenses you should get in the habit of checking your odometer reading on the first day of January each year. This allows you to quantify how many kilometers you drive in any given year, which is often helpful in determining the percentage of employment or business use of your car (since, if you are like most people, you probably do not keep the detailed daily mileage log the CRA requires). Keep in mind if you are audited, you will probably have to go back and complete a log; using an estimated percentage of business use based on your odometer reading will typically not cut-it with a CRA auditor.</div><div dir="ltr" style="text-align: left;" trbidi="on"> <br /></div><div dir="ltr" style="text-align: left;" trbidi="on">As I have a health
insurance plan, in January I start to assemble the receipts for my
final insurance claim for the 2022 calendar year. I find if I don’t deal with
this early in the year, I tend to get busy and forget about it. <br />
<br />
To
facilitate the claim and lessen my administrative burden, I ask certain health care providers to issue yearly
payment summaries. This ensures I have not missed any receipts and assists in claiming my medical expenses on my income tax return. You can
do this for among others: physiotherapists, massage therapists, chiropractors, and orthodontists—even some drug stores provide yearly prescription summaries. This can depending upon your personal health care costs, condenses a file of 50 receipts into four or five summary receipts. </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">If you are an Ontario resident, don’t forget to assemble your Staycation receipts. Ontario residents can claim 20% of their eligible 2022 accommodation expenses. For example, for a 2022 stay at a hotel, cottage or campground you can claim eligible expenses of up to $1,000 as an individual or $2,000 if you have a spouse, common-law partner or eligible children, to get back up to $200 as an individual or $400 as a family. For Staycation information, see this<span style="color: black; mso-color-alt: windowtext;"> <a href="https://www.ontario.ca/page/ontario-staycation-tax-credit">link</a>.</span> <br /></div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><b>2023 Tune-up</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b> </b></div><div dir="ltr" style="text-align: left;" trbidi="on">January or February is the perfect time to sit back and consider your income tax situation. <br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><!--[if gte mso 9]><xml>
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<p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">On a personal basis, if you are married or common-law, review your 2022 income and estimated 2023 incomes to see determine if there is a significant difference in taxable income and marginal tax rates between you and your spouse/partner. In prior years, I would often suggest if the higher earning spouse has significant assets, that you consider a <a href="http://www.thebluntbeancounter.com/2018/02/prescribed-rate-loans-one-last-kick-at.html">prescribed rate loan</a>. However, with the rapid rise in interest rates, the 1% prescribed rate of early 2022 has risen to 4% for the first quarter of 2023. It is therefore no longer a slam-dunk decision to utilize a prescribed rate loan and you should discuss the merits with your accountant and/or investment advisor.</p></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />Where spouses have significant differences in marginal rates, you should review whether the higher earning spouse has any ability to pay a reasonable salary based on actual work undertaken by your lower income spouse. This is typically applicable where the higher earning spouse is self-employed or has a corporation. Where the higher income spouse is an employee, it can be problematic to pay a salary to your spouse unless an assistant is required by your employer and your T2200 from your employer reflects the requirement for an assistant. If you are considering paying a salary to your spouse, you should review this with your accountant.</div><p>Where a spouse has lost their job or has low taxable income and has their own RRSP, consideration should be given to whether they should draw down on their RRSP at a low marginal tax rate in 2023. You will have to navigate certain rules (if a spousal contribution was made in the last two years, the withdrawal will be taxed in the higher income spouse's income, so it is likely a non-starter). Also keep in mind the statutory tax withheld on the RRSP withdrawal may be lower than the actual tax your spouse may owe on their tax return. </p><p>If you own a corporation, you should touch base with your accountant to discuss if your corporation has a tax-free capital dividend account available, if the company has refundable tax on hand, is the company going to be subject to the small business claw-back etc. or if there are any tax reorganizations or planning that can be undertaken to minimize current or future corporate and personal taxes.</p><div dir="ltr" style="text-align: left;" trbidi="on">
<h3>
Estate Affairs</h3><br />
<b>2022 Clean-up</b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b> </b><br />
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<![endif]-->When discussing your estate, the terms clean-up and tune-up are often synonymous with initiate or update. Various reports suggest a considerable number of younger Canadians have no will -somewhere between 60-75% for the 18–45-year-old age group. This number improves dramatically for those over 55-year-old, yet depending upon the report, 20-30% of this cluster still do not have a will. So, it is as good a time as any to get your will drafted. In addition, most people who do not have wills also do not have powers of attorney (“POA”) for property and personal care in place. These vital documents should be drafted at the same time as your will. <br /><br />If you have a will and POA’s already in place, then January is the perfect time to review whether your will reflects your current circumstances and/or current wishes. POA’s for personal care now may contain clauses for medical issues such as extraordinary measures or assisted death. You may want to consider whether your POA needs to be updated. <br /><br />Where you have family obligations (spouse and/or children) whom you would wish to support if you died unexpectedly, then it is also time to investigate purchasing insurance (likely term or convertible term insurance if you want the lowest cost insurance). <br /><br />If you already have insurance in place, you should review your policy to determine if the death benefit is still sufficient to support your family based on their current and expected lifestyle needs (including funding tuition for post-secondary school etc.). <!--[if gte mso 9]><xml>
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mso-para-margin-left:0cm;
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<![endif]-->As noted above, for your estate affairs, your tune-up likely means initiating the drafting of wills and POA or updating these documents. <br /><br />The reality of drafting a will or POA is that it usually takes many months to arrange appointments, fill out questionnaires and finalize these documents. So, making an appointment to start the process is a great first step for 2023. The same holds for insurance, the process usually takes several months, so contact your insurance advisor if you need insurance or want to increase your death benefit. </p>Year-end financial clean-ups are not much fun and are time consuming. But they can be extremely helpful in understanding your cash-flow, budgeting and retirement & estate planning. <div dir="ltr" style="text-align: left;" trbidi="on"><p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-36339069261396982442022-12-12T06:30:00.117-05:002022-12-13T19:47:10.208-05:00Life Insurance for High-Net-Worth Individuals and Corporate Business Owners - Podcast and Blog <div dir="ltr" style="text-align: left;" trbidi="on">
I was recently a panelist on a video podcast titled Life Insurance for High-Net-Worth individuals (“HNW”) and Business Owners. The link to the podcast can be found <a href="https://youtu.be/2Oamk_K32x0">here</a>. <!--[if gte mso 9]><xml>
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<p class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">The panel was moderated by Simon Kay of IPS Insurance.
Simon specializes in Life Insurance for HNW individuals and corporate business
owners and is the pioneer of Private Underwriting.</p><p class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">Private
Underwriting is a very exhaustive process, but in simple terms, it allows
people with underlying health and lifestyle concerns to have all
underwriting requirements collected independent of any insurance company. IPS
can then identify any areas that might place upward pressure on premiums and
work with the client and their doctors to clarify or address any areas
of concern. IPS can then set forth a position and advocate solely for their
client with the insurers on a no names basis, protecting their clients'
privacy. Simon can be contacted at this email: simon.kay@ipsinsurance.ca</p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJPHgU8YRnKC8VSIhbmPuWl_jRQhISUhWU6lLwmdmP4y-Rxw3SWiq1WD-rD6rx7dBgHQpTamw_1UoNApYm1nWkcZvftgcqrVs-JVSyOXRDpwthLQPSGgzyyFPVATpdqr6pq0aZXf60VUo_oM16u9OsNYfzRUwrhAuJIZQImKFsv8Vmh4tF6IqUtDms/s5468/Insurance%201.jpg" style="clear: right; display: block; float: right; padding: 1em 0px; text-align: center;"><img alt="" border="0" data-original-height="3394" data-original-width="5468" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJPHgU8YRnKC8VSIhbmPuWl_jRQhISUhWU6lLwmdmP4y-Rxw3SWiq1WD-rD6rx7dBgHQpTamw_1UoNApYm1nWkcZvftgcqrVs-JVSyOXRDpwthLQPSGgzyyFPVATpdqr6pq0aZXf60VUo_oM16u9OsNYfzRUwrhAuJIZQImKFsv8Vmh4tF6IqUtDms/s320/Insurance%201.jpg" width="320" /></a></div><div dir="ltr" style="text-align: left;" trbidi="on">
The other panelist was Jay Hershfield. Jay is a highly regarded tax and estate specialist with an insurance expertise (which you will undoubtedly agree with once you watch the podcast) and is currently a director with Scotia Wealth Management. Jay has a wide range of experience from working with the Tax Policy Branch with the Federal Department of Finance, a Life Insurance company and with several large Financial Institutions.
<br /> </div><div dir="ltr" style="text-align: left;" trbidi="on">The title of the podcast is self-descriptive and discusses in fairly simple terms why you as a HNW individual or corporate business owner would want to consider permanent insurance even if you have no need for insurance based on your financial resources.<br />
<br />Simon is in the midst of editing a second podcast on some of the hard questions to ask when you are considering entering into a life insurance policy. I will post that podcast in the near future. I think it is excellent and a must watch if you are considering purchasing a permanent life insurance policy, if I do say so myself :)<br />
<br />As the podcast focuses on permanent insurance, I below provide a brief written summary on what is permanent insurance, some of the reasons to use it and where permanent insurance is typically used by HNW individuals and corporate business owners. <br />
<br /><h3>What is Permanent Insurance?</h3><br />
Unlike term insurance which typically covers temporary needs, permanent insurance provides lifelong insurance and is often used for longer term needs. The two most common types of permanent insurance are Whole Life and Universal Life, and most policies combine a death benefit and savings component to the policies. <br />
<br /><h3>Why Use Permanent Insurance?</h3><br />
Permanent insurance can provide liquidity and efficiency for an estate. This liquidity and efficiency together with the ability to equalize an estate, can help facilitate family harmony after the passing of a parent. <br />
<br />Where a corporation is the beneficiary of permanent insurance, the Return on Investment is in many cases greater using insurance than where you create your own investment or sinking fund; because the insurance proceeds are credited to the capital dividend account (<a href="https://www.thebluntbeancounter.com/2015/03/capital-dividends-tax-free-withdrawal.html">see this prior blog post on the capital dividend account</a>) and can typically be paid out tax-free (subject to certain tax rules discussed in the second podcast). <br />
<br /><h3>Uses of Permanent Insurance?</h3><br />
The following are some potential uses of permanent insurance: <br />
<br /> 1. Estate planning – On death (typically upon the last spouse to pass-away), the value of your estate will be allocated in some combination to the CRA in taxes, your family or charity. Permanent insurance can be used to provide the liquidity for paying your estate tax liability, estate equalization with your family, charitable purposes or simply estate growth/maximization by leaving a larger estate to your family from the insurance pay-out. <br />
<br /> 2. Business or partnership agreements – Permanent insurance can be a very tax effective way to buy out a deceased partner or shareholder under the terms of a partnership or shareholder agreement, especially for corporate shareholders by utilizing the capital dividend account. <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjryp9z6g68mQ5Rrrv-7QcfjxT2RxT8XnNYsg8n33ghZlj_qwSbgs7N9dPzVO-qxljZ2akCXdhKZJQBpiFd4wEqJcX9MEBC98_NQh-NmuraAlXcCG_mwg8dJYlK9SC_GhRKV340TeC7fEfon8GEkWVV8o7XsAo38R2YKcyRTdCEPpXOgvzMUxly1f-Y/s4288/cottage.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2848" data-original-width="4288" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjryp9z6g68mQ5Rrrv-7QcfjxT2RxT8XnNYsg8n33ghZlj_qwSbgs7N9dPzVO-qxljZ2akCXdhKZJQBpiFd4wEqJcX9MEBC98_NQh-NmuraAlXcCG_mwg8dJYlK9SC_GhRKV340TeC7fEfon8GEkWVV8o7XsAo38R2YKcyRTdCEPpXOgvzMUxly1f-Y/w320-h213/cottage.jpg" width="320" /></a></div>
<br /> 3. Legacy Assets – For HNW individuals, insuring the tax liability related to legacy assets such as residential or commercial real estate, cottages or a small business seems somewhat counter intuitive, as you would assume the estate can just sell those assets or others to pay the tax liability related to the legacy assets. However, on numerous occasions I have had parents express a desire to have their estate keep legacy assets after they pass away, for sentimental reasons or because they think the future appreciation will be significant. They therefore purchase permanent insurance to cover the legacy asset tax liability, to alleviate the income tax pressure on the estate. <br />
<br />4. Passive Income rules- Permanent insurance can shelter income tax-free within a policy, which effectively reduces taxable passive income for a corporation and therefore can potentially reduce the small business claw back for corporations. <br />
<br /> 5. Charitable – You can name a charity as beneficiary of a policy or make a bequest of the death benefit from a permanent policy to a charity of your choice and your estate will receive a charitable tax credit upon your death. You can also purchase or transfer a policy (this may result in a taxable deemed disposition, so speak to your accountant first) to a charity and you would receive a tax credit on the yearly premium payments. <br />
<br /> This is my last blog post of 2022, so Merry Christmas and/or a Happy Holiday and a Happy New Year to you and your family. <br />
<br /> <div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com3tag:blogger.com,1999:blog-4402283548766807872.post-86900079590649326162022-11-28T07:30:00.063-05:002022-11-28T10:03:12.315-05:00Claiming the Principal Residence Exemption<div dir="ltr" style="text-align: left;" trbidi="on">
Having reviewed my 600 plus Blog posts, I was shocked to realize I never directly wrote about the Principal Residence Exemption (“PRE”). I discussed the PRE from a tax reporting perspective, the tax implications of the PRE upon divorce, how the PRE works when you are constructing a new home, and how a Principal Residence (“PR”) is taxed upon death amongst a few other mentions. <br />
<br /> So, I thought no better time than the present to discuss some of the technical considerations in claiming the PRE and how to decide whether to claim the PRE on your home or cottage.<br />
<br /><h3>The Tax Benefit of the PRE</h3><br />
The PRE typically provides homeowners with a tax-free exemption on the capital gain realized when you sell a property designated as your PR. It is one of the few remaining tax breaks for individuals and many Canadians consider the PRE a sacred cow for tax purposes. This is because many people plan to use the tax-free proceeds from the sale of their PRE to (1) cover in whole or part their retirement needs or (2) leave some or all of the proceeds from the sale of their PRE to their estate.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQPQqYG57GQu3uvYeyKFZZ7dc_b6RqrpH8WqPN0nJvDBWHv46M0x9G0kzA5Y6EQRZSF5nShHTixAoWwoKErt9JHGMYrnxZ5DenxnLRsc9CKBgm30ldqQ4CYAKwnhNAszy45jzuMqYl56X0213f3c4ddsDwNk5iS1RDCeC1y0aMlch2Ycyg5pplCHAS/s5616/house.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3744" data-original-width="5616" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQPQqYG57GQu3uvYeyKFZZ7dc_b6RqrpH8WqPN0nJvDBWHv46M0x9G0kzA5Y6EQRZSF5nShHTixAoWwoKErt9JHGMYrnxZ5DenxnLRsc9CKBgm30ldqQ4CYAKwnhNAszy45jzuMqYl56X0213f3c4ddsDwNk5iS1RDCeC1y0aMlch2Ycyg5pplCHAS/s320/house.jpg" width="320" /></a></div><br />Over the years, there has been concern a government would look at eliminating or restricting the PRE (for example, in the U.S., the PRE is restricted to $500,000 on a joint return) to raise tax revenue. Liberal Finance Minister Chrystia Freeland in this interview (<a href="https://tgam.ca/3spnTFw">https://tgam.ca/3spnTFw</a>) with The Globe and Mail Report on Business Magazine in the March, 2022 edition, said the following: “I want to be very clear that our government has absolutely no intention of altering the position on capital gains on the principal residence of Canadians. That is a very important part of how Canadian society works”. Hopefully, the Liberals and any future other governments, continue with this position.<br />
<br /><h3>The History of the PRE and Prior Elections</h3><br />
I assume this will apply to very few people, but if you purchased your home before 1971, you only pay tax on the increase in value from the December 31, 1971 (V-Day Value).<br />
<br /> Another rule, which may apply to a few more people, is that prior to 1982, the PRE election was available to each spouse where title was held individually. That generous treatment stopped in 1982 and for any property purchased after 1981, it is no longer possible to claim two PRE’s for the same family. If you still have a property purchased prior to 1982, you can still make a separate PR designation between you and your spouse, but only for the years of ownership prior to 1982, and only if the properties were owned wholly by you or your spouse.<br />
<br /> An election that may be relevant to many people is the 1994 Capital Gains Election. In 1994 the CRA eliminated the $100,000 capital gains exemption; however, they allowed taxpayers to elect to bump the adjusted cost base (“ACB”) of properties such as real estate (many people elected on their cottage property) to the lessor of the fair market value (“FMV”) of their real estate property or a $100,000. Many Canadians filed the T664 form to take advantage of this election and increased the adjusted cost base (“ACB”) of their real estate.<br />
<br />You should review your files or your 1994 tax return to confirm if you made an election.<br />
<br /><h3>The PRE-Formula and Calculation</h3><br />
According to the CRA, the calculation of the PRE is as follows:<br />
<br />A × (B ÷ C)<br />
<br />The variables in the above formula are as follows:<br />
<br /> A is the taxpayer’s gain otherwise determined, as described above. <br />
<br /> B is: <br />
<br />
• if the taxpayer was resident in Canada during the year that includes the acquisition date, 1 + the number of tax years ending after the acquisition date for which the property was the taxpayer’s principal residence and during which he or she was resident in Canada; or <br />
<br /> • if the taxpayer was not resident in Canada during the year that includes the acquisition date, the number of tax years ending after the acquisition date for which the property was the taxpayer’s principal residence and during which he or she was resident in Canada. <br />
<br />C is the number of tax years ending after the acquisition date during which the taxpayer owned the property. </div><div dir="ltr" style="text-align: left;" trbidi="on"><br />If you prefer “plainer math,” the formula is: the Number of Years Designated as your PR + 1) / Number of Years Owned x Capital Gain on Sale.<br />
<br /> You will notice the PR +1 in the above formula. This +1 allows for two PR’s to be eligible for the PRE in the year one is sold and a new one is subsequently purchased.<br />
<br />So practically, the formula works as follows: Say you owned your PR for 25 years and sold it for a capital gain of $1,500,000 (but you only wish to designate it for say 20 years, as you want to save 5 years for your cottage-see discussion below), the PRE would be calculated as follows:<br />
<br />(20+1)/25 x 1,500,000 = $1,260,000. So out of your capital gain of $1,500,000, your PR exemption is $1,260,000 and you are taxable on the remaining $240,000 taxable capital gain.<br />
<br /><h3>Qualifying a Property as a PR</h3><br />
Under the Income Tax Act, in order for a property to qualify as your principal residence for a particular tax year, four criteria must be satisfied: the property must be a housing unit; you must own the property (either alone or jointly with someone else); you or your spouse or kids must “ordinarily inhabit” the property; and you must “designate” the property as a principal residence.<br />
<br /> The CRA states that “Even if a person inhabits a housing unit only for a short period of time in the year, this is sufficient for the housing unit to be considered ordinarily inhabited in the year by that person.” So, it is a low threshold to achieve ordinarily inhabited. In addition, the CRA does not consider incidental or occasional rental of a property sufficient to prevent it from qualifying as a principal residence.<br />
<br />Only one-half of a hectare of land plus the home generally qualifies for the PRE. Any remaining acreage will typically be subject to capital gains tax. If you have a property that exceeds one-half hectare, there are some exceptions to the rule, but you will want to engage a professional to review the situation as the CRA administrates this area strictly. I have been involved a couple times in these situations and the issue is very complex based on tax law and legal precedents.<br />
<br /><h3>Which Property do you Claim the PRE on when you own a Home and Cottage</h3><br />
One of the more common issues in relation to claiming the PRE is when you own both a home and a cottage property and you have sold one of them. For ease of this discussion, I am going to presume the 1971 and pre-1982 rules are not applicable.<br />
<br />Assume you sold your cottage in 2022 and you are trying to determine if you should claim your cottage as your PR or pay tax on the capital gain and save the PRE for your home. How do you make the decision?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdxMgB79Vb4U9R7rwDht5DiAgxI_oLFkkpy3tlcJvG0lZoA4hhgCJwSzJPaeCbYwKrCf7gaZduqNAwf5i-2q_My3DIhtRDWwWKgNcUbJK71FDvAJJd4ioIGRhGUxbfSwcvRV2tWywZ_ARQkSqd-Am0daisd0M314r2_HWvbjKCBIfn1pFb-wZm9MU/s4288/cottage.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2848" data-original-width="4288" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdxMgB79Vb4U9R7rwDht5DiAgxI_oLFkkpy3tlcJvG0lZoA4hhgCJwSzJPaeCbYwKrCf7gaZduqNAwf5i-2q_My3DIhtRDWwWKgNcUbJK71FDvAJJd4ioIGRhGUxbfSwcvRV2tWywZ_ARQkSqd-Am0daisd0M314r2_HWvbjKCBIfn1pFb-wZm9MU/s320/cottage.jpg" width="320" /></a></div><br />The answer is not necessarily simple, but in general, where you own a house and cottage, it will often make sense for any overlapping years of ownership to designate the property with the highest average gain per year of ownership for the PRE.<br />
<br />To be clear, I am talking about the property with highest yearly gain, not the largest gain per property. For example, if you have owned your cottage 10 years and it went up $500,000, the average yearly gain is $50,000. If your house has gone up $1,000,000 but you have owned it 30 years, the average yearly gain is only $33,333. So, while the house has a larger overall gain, the cottage has a larger average gain per year and you would likely designate the cottage for the 10 years you owned (or maybe 9 years plus one) as your PR. <br />
<br />In the above example, the answer is likely fairly clear-cut, as you sold the cottage and it has a significantly larger gain per year. But what if the cottage only had a $25,000 ($250,000 gain/10 years) yearly gain and the house had a $29,000 yearly gain. From a gain per year perspective, you should save the PRE for the house and pay tax on the cottage. However, from a cash flow and time value of money perspective, do you want to pay current tax on the $250,000 gain, or not pay any tax by designating the cottage as your PR for the 10 years and know you will pay tax whenever you sell your house (because you will have already designated 10 years)? <br />
<br />The answer is not clear and I have seen different people make different decisions. In addition to cash flow and the time value of money, you would also need to consider whether the 1971, pre-1982 rules and 1994 election would have any impact on your decision. A further consideration is do you think the house value will grow significantly in the future (for example the area is being developed), so that your yearly gain will increase significantly going forward. <br />
<br />In general, where you have multiple properties, you would start with the determination of which property has the largest yearly gain, but you would then need to consider various other factors (this should be done with your accountant) before making a final determination as which property to designate. <br />
<br /><h3>Reporting the Sale of a PR for Tax Purposes</h3>
<br />In the good old days, administratively, the CRA did not enforce the reporting of the sale of your PR. But starting in 2016 (there was a one-year transition rule), the CRA made it mandatory for you and your spouse to report the disposition and designation of a PRE sold on your tax return or they will not allow you and/or your spouse to claim the PRE. You are now required to complete the PR designation section on Schedule 3 of your income tax return and complete <a href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2091ind.html">Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust)</a>. If you forget to make this designation in the year of the disposition, you must request the CRA to amend your income tax return for that year. The CRA will be able to accept a late designation in certain circumstances, but a penalty may apply. <br />
<br />As discussed above, there are many issues to consider from a tax perspective when selling your home. In addition, there are strict reporting rules to which you should adhere. <br />
<br /> <div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com5tag:blogger.com,1999:blog-4402283548766807872.post-89547209314166643802022-11-14T07:00:00.061-05:002022-11-14T07:00:00.171-05:00Tax Gain/Loss Selling 2022 Version<p></p><p>In keeping with tradition, I am today posting my annual blog on
tax gain/loss selling. I write this blog annually because every year around this time, people get busy with holiday shopping (or at least online shopping these days) and forget to sell the “dogs” in their portfolio and consequently,
they pay unnecessary income tax on their capital gains in April. Alternatively, selling stocks with unrealized gains may be beneficial for tax purposes in certain situations.<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuY3h76JFguvmYqh2x-RAupJnnlCn4HgriOtzucCTP8KcDv6noIDyYADItPdqzl3Gx7Xgysxg51Us9wASGrNOf0kXZ4bva3pnIscuxfgQ5QLUF-9aldwJncR5nhyBSB7MeBsp0jTsvR0Y/s2048/bull+bear.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2048" data-original-width="2048" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuY3h76JFguvmYqh2x-RAupJnnlCn4HgriOtzucCTP8KcDv6noIDyYADItPdqzl3Gx7Xgysxg51Us9wASGrNOf0kXZ4bva3pnIscuxfgQ5QLUF-9aldwJncR5nhyBSB7MeBsp0jTsvR0Y/s320/bull+bear.jpg" width="320" /></a></p><p></p><p>As I am sure you are more than acutely aware, the stock markets in 2022 have been very weak. Consequently, you may have realized capital losses in 2022 or have unrealized capital losses starring back at your from your investment statement. </p><p>The goods news at this point in time is; if you reported capital gains in 2019-2021, you may be able to carryback any realized 2022 capital losses and/or possibly trigger capital losses on securities with unrealized losses to carryback.<br /></p><p>In any event, if you have an advisor, ensure you are in contact to discuss your realized capital gain/loss situation and other planning options in the next week or two and if you are a DIY investor set aside some time this weekend or next to review your 2022 capital gain/loss situation in a calm, methodical manner. You can then execute any trades you decide are investment and tax effective on a timely basis knowing you have considered all the variables associated with your tax gain/loss selling.<br /></p><p>I am going to exclude the detailed step by step capital gain/loss methodology I have included in some prior years blog posts. If you wish the detail, please refer to my <a href="https://www.thebluntbeancounter.com/2020/11/tax-loss-planning-for-covid-stock-market.html">2020 tax loss selling post post</a> and update the years (i.e., use 2021, 2020 & 2019 in lieu of 2019, 2018 and 2017). </p><p>You have three options in respect of capital losses realized in 2022:</p><p>1. You can use your 2022 capital losses to offset your 2022 realized capital gains</p><p>2. If you still have capital losses after offsetting your capital gains, you can carry back your 2022 net capital loss to offset any net taxable
capital gains incurred in any of the three preceding years</p><p>3. If you cannot fully utilize the losses in either of the two above ways, your can carry your remaining capital loss forward indefinitely to use against future capital gains (or in the year of death, possibly against other income)<br /></p><h3>Tax-Loss Selling </h3><p>I would like to provide one caution about tax-loss selling. You should be very careful if you plan to repurchase the stocks you sell (see superficial loss discussion below). The reason for this is that you are subject to market vagaries for 30 days. I have seen people sell stocks for tax-loss purposes with the intention of re-purchasing those stocks, and one or two of the stocks take off during the 30-day wait period—raising the cost to repurchase far in excess of their tax savings. <br /></p>Thus, you should only consider selling your "dog stocks" that you and/or your advisor no longer wish to own. If you then need to crystallize additional losses on stocks you still wish to own, be wary if you are planning to sell and buy back the same stock. Your advisor may be able to "mimic" the stocks you sold with similar securities for the 30-day period or longer or utilize other strategies, but that should be part of your tax loss-selling conversation with your advisor. <br /><br /><h3><span style="font-size: small;">Identical Shares </span></h3><br />Many people buy the same company's shares (say Bell Canada for this example) in different non-registered accounts or have employer stock purchase plans. I often see people claim a gain or loss on the sale of their Bell Canada shares from one of their non-registered accounts but ignore the shares they own of Bell Canada in another account. Be aware, you must calculate your adjusted cost base over on all the identical shares you own in all your non-registered accounts and average the total cost of your Bell Canada shares over the shares in all your accounts. If the cost of your shares in Bell is higher in one of your accounts, you cannot pick and choose to realize a gain or loss on that account; you must report the gain or loss based on the average adjusted cost base of all your Bell shares. <br /><br /><h3><span style="font-size: small;">Superficial Losses </span></h3><p> One must always be cognizant of the
superficial loss rules. Essentially, if you or your spouse (either
directly or through an RRSP) purchases an identical share 30 calendar
days before or 30 days after a sale of shares, the capital loss is
denied and is added to the cost base of the new shares acquired.</p><h3><span style="font-size: small;">Transferring Losses to a Spouse who has Capital Gains </span></h3><br />In certain cases you can use the superficial loss rules to transfer a capital loss you cannot use to your spouse. This is complicated and should
not be undertaken without first obtaining professional advice.<p></p><h3>Tax-Gain Selling</h3><p>While most people are typically looking at tax-loss selling at this time of year, you may also want to consider selling stocks with gains to net-off against capital losses, for marginal tax rate planning, charitable purposes (see below) or other reasons.</p><p><b><span style="font-size: small;">Donation of Marketable Securities</span></b></p><p> If you wish to make a charitable donation, a great way to be altruistic and save tax is to donate a non-registered marketable security that has gone up in value. As discussed in this <a href="http://www.thebluntbeancounter.com/2021/05/the-tax-benefits-of-donating-stocks-to.html">blog post</a>, when you donate qualifying securities, the capital gain is not taxable and you get the charitable tax credit. Please read the blog post for more details. <br /></p><h3>Settlement Date </h3><p> It is important to ensure that any 2022 tax planning trade is executed by the settlement date, which my understanding is the trade date plus two days (U.S. exchanges may be different). See this excellent<a href="https://www.taxtips.ca/personaltax/investing/taxtreatment/tradeandsettlement.htm"> summary</a> for a discussion of the difference between what is the trade date and what is the settlement date. The summary also includes the 2022 settlement dates for Canada and the U.S. which are both December 28th this year.<br /></p><p></p><h3 style="text-align: left;">Corporations - Passive Income Rules</h3><br /> If you intend to tax gain/loss sell in your corporation, keep in mind the passive income rules. This will likely require you to speak to your accountant to determine whether a realized gain or loss would be more effective in a future year (to reduce the potential small business deduction clawback) than in the current year.<br /><br /><h3>Summary</h3><br /> As discussed above, there are a multitude of factors to consider when tax gain/loss selling. It would therefore be prudent to start planning now with your advisors, so that you can consider all your options rather than frantically selling at the last minute.<p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com3tag:blogger.com,1999:blog-4402283548766807872.post-31358327505702041262022-10-31T07:00:00.312-04:002022-10-31T07:00:00.154-04:00Common Estate and Tax Planning Issues <div dir="ltr" style="text-align: left;" trbidi="on">
Over the years, I have reviewed many individuals’ financial affairs. Most people have their affairs somewhat in order, but there are typically still some issues to be considered or holes to be filled. Today, I list some of the most common issues and gaps.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLNC4fll_L4cQMrTRo1sZCN4PRUWlCmSOjkMPVylnF0X2ntuJdxfN-7HCJW6L-HS8e2Z_voWrFrlCSeU4O-zliiKrj2CSlAW4KK0Uzw3ynG_ZsMKlGU9ZGSAoezgPOj8E8XvKcQRIaJM0oAq6aTySfubCAR3GnoARzhg2j6yu4wLehq_MNQwtizojc/s5500/estate%20planing%202.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3667" data-original-width="5500" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLNC4fll_L4cQMrTRo1sZCN4PRUWlCmSOjkMPVylnF0X2ntuJdxfN-7HCJW6L-HS8e2Z_voWrFrlCSeU4O-zliiKrj2CSlAW4KK0Uzw3ynG_ZsMKlGU9ZGSAoezgPOj8E8XvKcQRIaJM0oAq6aTySfubCAR3GnoARzhg2j6yu4wLehq_MNQwtizojc/s320/estate%20planing%202.jpg" width="320" /></a></div><br /> <h3><span style="font-size: large;">Estate Issues</span></h3><br /> The most common estate planning issues I have observed relate to wills, powers of attorney, estate documentation and insurance. I discuss these below.<br /> </div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: medium;"><b> </b></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: medium;"><b>Wills</b></span><br />
<br />
Wills always seem to have multiple issues and errors of omission when I review them. These five are the most common:<br />
<br /> 1. No Secondary Will – Depending upon your province of residence, a secondary will can be used to reduce the probate taxes due upon your death. This would most typically apply to shares you own in private companies and other personal items. It is my understanding that Ontario and British Columbia are the two main provinces where secondary wills are used, so check-in with your advisor if you live in a province other than Ontario or B.C.<br />
<br /> 2. Old or Dead Executors - As many people do not update their wills on a regular basis, I have often found their executors have passed away or they are very old (if your children are not your executors). You may want to review your executor selection and ensure you have at least one “youngish” executor.<br />
<br /> 3. All the Children are Executors – Keeping with the executor theme, many people have all their children as executors. I suggest that if you can finesse this with your children, in some cases it is better to only have one or two of your financial savvy children as executors, to avoid the estate being bogged down. This is not always practical given family dynamics, but is more efficient and can often reduce sibling friction.<br />
<br />4. Individual Bequests are Missing – Estate lawyer Charles Ticker notes in his book <a href="https://www.thebluntbeancounter.com/2019/12/navigating-sibling-estate-fight-plus.html">“Bobby Gets Bubkes: Navigating the Sibling Estate Fight</a> that one of the biggest issues children have post-mortem, is where a parent had promised a child a certain personal item, be it jewelry, art, purse etc. and it is not reflected in the will. Parents, make your will consistent with your promises.<br />
<br /> 5. Blended Family Issues – Blended family issues can be so complicated, there is sometimes “paralysis by analysis” and they are just ignored. In this <a href="https://www.thebluntbeancounter.com/2020/05/mixing-and-matching-financial-ins-and.html">blog post</a> I wrote in June 2020, I note that estate planning is complicated enough in a first marriage; second or third marriages multiply the risks and complexity. You may want to read the wills and estate planning sections of this blog post on blended families.<br />
<br /><h3>Powers Of Attorney</h3><br />
The two most common issues I come across with Powers of Attorney "(POA) are:<br />
<br />1. They are often not done!<br />
<br />2. The personal healthcare POA is out of date and does not reflect the significant health care issues that should be considered from extraordinary health measures to mental capacity (<a href="https://www.thebluntbeancounter.com/search?q=capacity+wills">see this blog post)</a> to assisted death.<br />
<br /><h3>Estate not Documented</h3><br />
I have seen many estates with no documentation in respect to the assets that constitute the estate and where the assets are located. I wrote about this a couple weeks ago, so I will not re-iterate. Here is the <a href="https://www.thebluntbeancounter.com/2022/09/documenting-and-explaining-your-estate.html">link to the blog post</a>.<br />
<br /><h3>Insurance</h3><br />
Most people dislike paying insurance. However, parents often have family legacy assets they wish to keep in the family such as cottages, rental properties, family businesses etc. I have seen several instances where these legacy assets must be sold by the estate or to keep these assets in the family, excess taxes are paid as a work around solution. Often, life insurance, typically permanent insurance, such as Universal or Whole life would have made financial and tax sense and emotional sense (where the parent wanted a legacy asset to remain in the family).<br />
<br />I discuss many other uses of insurance for estate planning purposes in this <a href="https://www.thebluntbeancounter.com/2021/09/the-basics-and-uses-of-term-and.html">blog post</a> including the most popular, being life insurance to cover an estate tax liability on death. <br />
<br /><h3><span style="font-size: large;">Income Tax Issues</span></h3>
<br /><h3>Capital Dividend Account</h3>
<br />The capital dividend account (“CDA”) is a cumulative tax account that tracks certain amounts (most commonly the non-taxable portion of capital gains) that are not taxable to a Canadian Private Corporation and may be distributed tax-free to the company’s shareholders. See this detailed blog post I wrote on <a href="https://www.thebluntbeancounter.com/2015/03/capital-dividends-tax-free-withdrawal.html">the subject</a>. <br />
<br />Over the years, I have often seen this account not tracked or overlooked. A brief discussion of your corporation’s CDA balance should be part of your annual discussion with your accountant to ensure that you are not leaving any tax-free money on the table.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6At8xmrSc9ssA_EhpocPvl7M12FbdCTQbFuGRgm9nQLIFpPgcO_8C3oxz0a-hfQfSxHuEEqBLpVssVDVoH_bcS45MyqDwFnKQZlayUmPxiRFaWsd-MKqnaWIp1TbzUDWkZusJzzVL6ymN7q1u3i4AkPojXWD2gOmgd9qUt8PEfG5iKbOSSEd9la0J/s3586/taxes.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3586" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6At8xmrSc9ssA_EhpocPvl7M12FbdCTQbFuGRgm9nQLIFpPgcO_8C3oxz0a-hfQfSxHuEEqBLpVssVDVoH_bcS45MyqDwFnKQZlayUmPxiRFaWsd-MKqnaWIp1TbzUDWkZusJzzVL6ymN7q1u3i4AkPojXWD2gOmgd9qUt8PEfG5iKbOSSEd9la0J/s320/taxes.jpg" width="320" /></a></div><br />
<br /><h3>Charitable Donation Tax Efficiency</h3><br />
I have written several times (the last time being <a href="https://www.thebluntbeancounter.com/2021/05/the-tax-benefits-of-donating-stocks-to.html">this blog</a>) that many people do not maximize the tax benefits of their donations. If you plan to make a charitable donation and you own marketable securities with unrealized capital gains, it is far more tax-efficient to donate the securities in lieu of cash. This is because the capital gain on the security is not subject to tax when donated. For example, if you own shares of Bell Canada with a cost of $1,000 and a fair market value of $5,000, you would have to pay capital gains tax on the $4,000 capital gain when sold. However, if you donate the shares, the capital gain is deemed to be nil and you still get the donation tax credit. <br />
<br />Where you have a corporation and own marketable securities, it is even more tax-efficient to make a corporate donation, as the capital gain is eliminated and the capital gain gets added to the CDA account discussed above.<br />
<br /><h3>Unfunded TFSA</h3><br />
I find it very surprising how many people still have unfunded or partially funded Tax-Free Savings Accounts (“TFSAs”). These accounts allow you to grow your money tax-free and provide substantial flexibility in using and replenishing the account.<br />
<br />In the early days of TFSAs, the contribution limits were not large and people did not want the hassle of opening the account. However, as of Jan 1, 2022, the contribution limit for a TFSA is now $81,500. So, if you have not contributed, get going. If you have contributed haphazardly, check your balance with the CRA and get caught-up.<br />
<br /><h3>Capital Loss Utilization</h3><br />
I often see people pay tax on capital gains that is unnecessary, as they could have sold securities that had unrealized losses to reduce the gain and the related tax.<br />
<br />As 2022 has been a tough year in the markets, you may want to undertake some tax-loss selling before the end of the year. I will have my annual tax-loss selling blog in a couple weeks which is very detailed to assist in your tax-loss selling planning.<br />
<br /><h3>Estate Freeze</h3><br />
As per my blog <a href="https://www.thebluntbeancounter.com/2014/06/estate-freeze-tax-solution-for.html">Estate Freeze -A Tax Solution for the Succession of a Small Business</a> undertaking an estate freeze in the right circumstances is often a great way to defer a families tax liability to the next generation. However, not everyone agrees as per this blog <a href="https://www.thebluntbeancounter.com/2014/06/are-estate-freezes-wrong-solution-for.html">Are Estate Freezes the Wrong Solution for Family Business Succession?</a><br />
<br />I am a proponent of using an estate freeze where it fits a families needs. Over the last two years I have seen three estates that caused tax havoc for families that could easily have been minimized with an estate freeze several years ago.<br />
<br />Hopefully you and your advisors have already considered most of the issues discussed above. If not, you may wish to “clean-up” any holes in your planning and ensure the efficiency of your estate and tax planning.<br />
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-71400093892528421102022-10-04T07:00:00.136-04:002022-10-04T07:00:00.170-04:00Explaining Your Estate to your Spouse and Future Steps to Settle the Estate<div dir="ltr" style="text-align: left;" trbidi="on">
Two weeks ago, I discussed the importance of <a href="https://www.thebluntbeancounter.com/2022/09/documenting-and-explaining-your-estate.html">documenting and explaining your estate to your spouse</a> (and also possibly your executors). I noted that while documentation was vital (using an estate summary type document), it was only the first step in trying to reduce the stress your spouse will have in settling your estate. </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">A second crucial step is explaining in “plain English” and practical terms what the documentation means. Today, I will expand on what you may want to consider explaining to your spouse and the future steps they may need to take to settle your estate.<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhylZ0DHUsEsogPJ1HD7bvbEsgNxG7tjJUTdujwF6nVy4kIajHKrqoaelXnFKRpY2wFGxP1CaDtzKat7BZTjU1YhVRlEs9Q0M4dY7k9uHqjdFnk-DUjb0-MJwb4sRwRrB5vgzqhXUClnSetVMt1X7OIR4YFIJkyALDYmVxROi4AnaR5Fx6ovP7iqfhp/s5500/estate%20planing%202.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3667" data-original-width="5500" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhylZ0DHUsEsogPJ1HD7bvbEsgNxG7tjJUTdujwF6nVy4kIajHKrqoaelXnFKRpY2wFGxP1CaDtzKat7BZTjU1YhVRlEs9Q0M4dY7k9uHqjdFnk-DUjb0-MJwb4sRwRrB5vgzqhXUClnSetVMt1X7OIR4YFIJkyALDYmVxROi4AnaR5Fx6ovP7iqfhp/s320/estate%20planing%202.jpg" width="320" /></a></div><br />
Note: I will be providing some links that provide details on how to deal with some of these estate issues. I do not have the expertise or the time to confirm all the information in these links is up-to-date and accurate. I do not know any of the authors of the articles, so I'm unable to endorse them. Please use this information as a starting point only, it may or may not, be the gospel.<br />
<br /><h3>Introduction to Your Advisory Team</h3><br />
Depending upon your personal situation, you may have an accountant, lawyer (maybe even multiple lawyers -one for estate, one for corporate etc.), a private banker, an insurance advisor, an investment manager, or investment advisor. It is one thing to document who these people are, it is another to explain what each of these people do for you and your family and to get your spouse comfortable with them while you are alive.</div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
I suggest you try and do the following with your spouse:<br />
<br />1. Review the section of your estate summary that lists your advisors with your spouse. This section should include the name of the advisor and their contact information. I would then verbally discuss with your spouse what services each of these advisors undertakes for you and your family (i.e. your accountant provides personal tax services, files the family trust, prepares financial statements for your family corporation etc.). This will provide some context to your spouse. After you discuss this with your spouse, you may want to consider writing up a brief summation of your discussions and attach it to your estate summary document.<br />
<br />2. Depending upon how open you are about your financial affairs with your spouse, consider including your spouse at a minimum in your yearly meeting with each of your advisors. This will ensure they get to know these individuals and will provide your spouse a comfort level should they need to contact them about your estate. It will also provide them a greater clarity of your financial affairs. If you are not comfortable with your spouse knowing all the financial details of your life, then arrange lunches or more opaque meetings with these advisors, so your spouse will have some level of comfort with them.<br />
<br />3. After meeting these individuals, it is useful to ensure your spouse understands the granular details of how these people would help them if you passed away. For example, it is not enough for your spouse to know the investment manager is the person who manages your investments. They also need to understand that if you pass away, this is the person who they will contact to ensure they have money coming in to pay the bills and that this person would assist them in understanding their financial situation going forward.<br />
<br />4. My last point on this topic is that if you are a professional advisor and provide these services for your family, you need to clarify who will take over for you. I had not thought of this until my wife asked me who would prepare the family tax returns going forward if I passed away.<br />
<br /><h3>Contact Person</h3><br />
When a spouse passes away, the surviving spouse is grieving and overwhelmed. While it is vital to introduce your spouse to all the above professionals, it is even better if you have a financially savvy family member, friend, or executor whom your spouse knows intimately and is comfortable with, to initially assist your spouse, to get their bearings in dealing with the estate. In a best-case scenario, this person is an executor of the estate. However, this does not necessarily have to be the case, as this person is hopefully someone who can provide both emotional support and financial direction.<br />
<br />If you are lucky enough to have such a person in your life, ensure they are okay assisting and let your spouse know who this person is. To be clear, I am not suggesting this person take on executor like responsibilities (it they are not the executor), but just be a sympathetic friendly ear who acts as the initial quarterback until your spouse gets their feet underneath them. This person for example would help direct your spouse who to contact immediately and what matters can wait.<br />
<br /><h3>Funeral Costs</h3><br />
While any estate summary should include your burial wishes and details, a practical matter is paying for the funeral costs. Most banks will allow you to pay for the funeral costs from an estate account before probate, but it can be an administrative headache. So, discuss the best way to ensure your spouse has the funds to pay for the funeral. That is often as simply opening a joint bank account (if you do not have one) and ensuring there is always a minimum amount in the account to cover funeral expenses and a month or two household expenses.<br />
<br /><h3>Insurance</h3><br />
Ensure that your estate summary includes all insurance policy details and specifically where to find the original policies. Hopefully, you have introduced your spouse to your insurance advisor, and they can help or guide your spouse to navigate the various steps and forms to obtain the insurance proceeds. I know with one estate I was an executor, the insurance company initially balked at paying the proceeds and we needed a lawyer to get involved to get the proceeds paid. In most cases it is smoother than that, but you never know.<br />
<br /> Here is a <a href="https://eirene.ca/blog/how-to-claim-a-life-insurance-benefit-after-death">link on how to claim an insurance benefit after death</a>. As noted above, I do not have the time or expertise to ensure the information is correct and up to date. Again, this link should be at worst a good starting point, as I do not know or endorse the writer (I just googled to find an article on the topic).
<br />
<br /><h3>Investment, Real Estate and Tax Information</h3><br />
You likely have a virtual or physical filing system for your historical investment, real estate and tax information (as well as current information accumulated during the year for tax and other purposes). It is not enough to just document this information in your estate summary, you need to also note the location of this information in your summary. Furthermore, to ensure clarity, physically show your spouse where you keep this information even if you think they know where it is.<br />
<br /> Historical investment and real estate purchase information may be required for future cost base purposes, so you need to ensure there is a summary in your estate file.<br />
<br /><h3>Personal Items</h3><br />
In a perfect world all personal items are easily accessible and included in your will. One of the biggest issues with families is not documenting who receives your personal items or even worse, telling a beneficiary they are to receive an item and then it is not allocated in your will. It is therefore very important to ensure your spouse has a list of your personal items and where they are located. If for some reason you do not wish to list these items in your will, at least make a list for your spouse of these items and who should receive them. It is my understanding this list may not be legally binding if not in your will (you should confirm with an estate lawyer), but at least you would have your wishes known. Again, to ensure family harmony, your will/list must be consistent with what you have verbally told your children, grandchildren etc. about the items they will inherit.<br />
<br /><h3>Mortgage Life Insurance</h3><br />
Lenders typically require mortgage life insurance and upon death, the insurance will typically clear the debt. Ensure your spouse is aware of the insurance and where details of the mortgage and related insurance can be found.<br />
<br /><h3>Loyalty Points</h3><br />
We all love our loyalty points. I have seen loyalty points addressed in wills (although I have read some providers will not respect the will), but they are often overlooked. There are far too many loyalty programs to review, but here is a <a href="https://milesopedia.com/en/rewards/points-death/">link</a> to a 2019 blog post on many of the most popular loyalty program. It is possible given the date of the article; some policies have been changed by the providers.<br />
<br /> You will want to ensure the passwords for these programs and account numbers are included in your estate summary.<br />
<br /><h3>Supplementary Credit Cards</h3><br />
Often a spouse will have a supplementary credit card. <a href="https://www.bankrate.com/finance/credit-cards/death-inherits-credit-card-debt/">This article</a> discusses what happens when there is a joint (supplementary card) in step #4 and goes into depth what to do about credit cards in the deceased spouses name. <br /></div><div dir="ltr" style="text-align: left;" trbidi="on"> <h3>Telephones and Two-Step Verification</h3><h3> </h3></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on">Yesterday I was provided a great piece of advice I had never considered. So many services we use now require two-step verification. If you are too quick to cancel a deceased spouse's telephone, you will not be able to access certain services to update or cancel those services if second-step verification is a text to the deceased spouse's phone.</div><div dir="ltr" style="text-align: left;" trbidi="on"> <br /><h3>Digital World</h3><br />
We live in a digital world. From cryptocurrency to cloud vaults, to blogs, to social media platforms, we are all very much involved in the digital world. It is very important all digital information is listed along with associated passwords in your estate summary. Again, there are so many digital platforms I could not even try to cover a tenth of them. But here are summaries of what happens to your accounts when your spouse passes away for three of the most popular, Gmail, LinkedIn and Facebook.<br />
<br /><a href="https://www.makeuseof.com/what-happens-to-gmail-when-you-die/#:~:text=A%20user%20must%20not%20have,%2C%20pictures%2C%20and%20so%20on.">What Happens to Your Gmail When you Die? </a>
<br /> <a href="https://trustandwill.com/learn/what-happens-to-your-linkedin-after-death">What Happens to Your LinkedIn Account After Death?</a> <br />
<a href="https://www.facebook.com/help/103897939701143">What will happen to my Facebook account if I pass away? </a> <br /> </div><div dir="ltr" style="text-align: left;" trbidi="on">The scary thing about this blog post is that it is shockingly far from exhaustive. However, it's a good start to help explain your estate to your spouse and the steps that may need to be taken upon your death. <br />
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-15646438825314189762022-09-19T07:00:00.043-04:002022-09-19T07:00:00.170-04:00Documenting and Explaining Your Estate to your Spouse<div dir="ltr" style="text-align: left;" trbidi="on">
I hope everyone had a safe and enjoyable summer. Mine was pretty good except for the 5mm kidney stone that decided to come on down in mid-July and took 12 days to finally pass ☹. But as they say, all things shall pass and once the stone did, I had an enjoyable time catching up with family, friends and golf and learning a few new barbeque recipes courtesy of YouTube.<br />
<br />Over the years, I have posted numerous times about “Stress Testing your Finances” and recommended that you document and review your estate with your spouse (and possibly executors). I emphasized in these blog posts that you do not want to pass away without leaving your spouse a listing of your financial assets and a roadmap of how to deal with estate matters. When your healthy and of sound mind, you need to assist and prepare your spouse to deal with and navigate your estate, by clarifying and discussing various financial issues and making introductions to your advisors, amongst other estate matters. To be clear, each spouse should have a reciprocal exchange.<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhylZ0DHUsEsogPJ1HD7bvbEsgNxG7tjJUTdujwF6nVy4kIajHKrqoaelXnFKRpY2wFGxP1CaDtzKat7BZTjU1YhVRlEs9Q0M4dY7k9uHqjdFnk-DUjb0-MJwb4sRwRrB5vgzqhXUClnSetVMt1X7OIR4YFIJkyALDYmVxROi4AnaR5Fx6ovP7iqfhp/s5500/estate%20planing%202.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3667" data-original-width="5500" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhylZ0DHUsEsogPJ1HD7bvbEsgNxG7tjJUTdujwF6nVy4kIajHKrqoaelXnFKRpY2wFGxP1CaDtzKat7BZTjU1YhVRlEs9Q0M4dY7k9uHqjdFnk-DUjb0-MJwb4sRwRrB5vgzqhXUClnSetVMt1X7OIR4YFIJkyALDYmVxROi4AnaR5Fx6ovP7iqfhp/s320/estate%20planing%202.jpg" width="320" /></a></div><br />
I do not want to regurgitate my prior blog posts, so at the bottom of this post, I will link three of the more pertinent posts I have written should you wish to read or re-read them again. Today, I will talk about explaining the details of your estate to your spouse and future steps they may need to settle your estate.<br />
<br /> Since 2012 when I first wrote on this topic, I have taken my own advice and provided my wife with a summary document I update as necessary with various financial information, passwords and anything else I think would help her settle my estate with the least amount of stress. This document is kept in our safety deposit box. I know other people keep it in the cloud, where they have a secure personal locker. Where you keep the document does not matter, the key is competing the document.<br />
<br />I think our household is representative of some if not many Canadian households, where most financial matters are generally taken care of by the “financial oriented” spouse (as opposed to sharing the financial duties), especially where the other spouse does not work in a financial oriented capacity. In these households, financial communication can sometimes be lacking.<br />
<br /> This year, based on various questions my wife has asked me, from how certain payments would continue if I passed away, to what happens to travel points, to whom would prepare her taxes etc. I realized I am one of those “financial spouses” who has not sufficiently explained what my estate summary means to my wife in practical terms beyond the documentation I have provided.<br />
<br />Given my experience with my wife, I decided to delve into greater detail (there will be tons of detail) in my next post the first week of October, on the “explaining” and “future steps” required to settle your estate. Until then, here are the prior links on this topic I noted earlier:<br />
<br /><a href="https://www.thebluntbeancounter.com/2013/03/stress-testing-your-finances-and-your.html">The Blunt Bean Counter: Stress Testing Your Finances and Your Death - The Comprehensive Test</a><br />
<br />
<a href="https://www.thebluntbeancounter.com/2014/09/just-do-it-write-your-financial-story.html">The Blunt Bean Counter: Just Do It – Write Your Financial Story! What the Heck are You Waiting For?</a><br /> <br /></div><div dir="ltr" style="text-align: left;" trbidi="on">Here is also a link to an <a href="http://www.bdo.ca/BDO/media/Misc-Documents/NTL-Wealth-14Dec18-EstateOrganizer.pdf">Estate Organizer</a> (note the document cannot be amended)<br />
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-61255047307901721442022-09-05T06:30:00.074-04:002022-09-05T06:30:00.179-04:00The Best of The Blunt Bean Counter - Are Accountants Really Truly Boring?<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
</div>This summer I am posting the "best of" The Blunt Bean Counter blog while I
work on my golf game. Today, I am re-posting a June 2012 post titled "Are Accountants Really Truly Boring". </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">I think this is the third time I have posted this blog, but I figured lets go with some humour (or what I perceive as humour) to end the summer. I have taken the liberty to play around with the original a bit by adding a couple updates. <br />
<br /><h3>
Are Accountants Really Truly Boring</h3>
<br />
The joke goes like this. "When does a person decide to become an accountant?" Drum roll please. The answer…"When they realize that they do not have the charisma to become an undertaker." Or how about this one? Question: "What does an accountant use for birth control?" Answer: "Their personality."<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwykhg4T_xd59O2ZVEiUJsYupQWMAX3bC3CpF1vWney9Y2ptmSDUYP6FY4fWjFSe32jCV54Nn5YewNecq_7ZM8ynHbWe2JsNj28e9IWdZf9wlWTxWlieNmLu_Wp4qiq2crsDtCibQQ39M/s1600/7991875_s.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwykhg4T_xd59O2ZVEiUJsYupQWMAX3bC3CpF1vWney9Y2ptmSDUYP6FY4fWjFSe32jCV54Nn5YewNecq_7ZM8ynHbWe2JsNj28e9IWdZf9wlWTxWlieNmLu_Wp4qiq2crsDtCibQQ39M/s200/7991875_s.jpg" width="200" /></a></div>
With a reputation like that, Flo Rida will not be penning any rap songs called Wild One’s featuring accountants. So, are we accountants that boring or do we take an unfair rap?<br />
<br />
Unfortunately, in general, I think the rap is probably warranted, although perception may be reality. How would us CPAs be viewed if there had been a TV show called LA Accountant, instead of LA Law? Did you know John Grisham got his undergraduate degree in accounting? What if his books had been about accounting firms instead of law firms? Accountants would then be looked upon as cool dudes/dudettes with a conservative bent.<br />
<br />
In 2016, we finally got top billing with the release of the Ben Affleck's movie titled, <a href="https://en.wikipedia.org/wiki/The_Accountant_(2016_film)">"The Accountant"</a>. Prior to seeing the movie, I was so excited. A movie about accountants, starring a good looking well known actor; finally, the world was going to see how cool accountants could be. Boy, was I surprised when I found out that Ben's role in the movie was that of a freelance accountant for dangerous criminal organizations who is a stone-cold killer. However, upon reflection, maybe his role will give accountants a bit of a bad boy image and cause anyone to think twice before criticizing their accountant :)<br />
<br />
Is it nature, or nurture? I think probably a combination of both. Many accountants by nature are cautious and conservative. Years of training to refine these character traits amplify the situation in non-professional environments. It would probably help if our dress style did not include pens hanging from our dress shirts, pencils behind our ears, or if we occasionally loosened our ties both literally and figuratively. I always had this underlying desire at a cocktail party full of accountants to run about the room and loosen all their ties.<br />
<br />
Personally, although I have pride in my profession and my job, I know the boring stereotype precedes me and I try not to advertise the fact that I am a CPA upon initially meeting people. You can only have so many people at parties walk away after you tell them you are an accountant (or at least walk away after they ask for your advice on a tax situation of theirs) before you get a complex.<br />
<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYs9-dt8EMCSl9_6dVcN675Ak7danCVH9zdGp2BTtCzqIevmpzxjOiF0RTK8mfldAKE72wbTl4KWyWebAKzWe3rpgTnKuhYOT9bYJgxDmIQSiw5RCMYjAtzTUkPuilmoSOsxcM5sY456k/s1600/-bean-counting-accountant.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYs9-dt8EMCSl9_6dVcN675Ak7danCVH9zdGp2BTtCzqIevmpzxjOiF0RTK8mfldAKE72wbTl4KWyWebAKzWe3rpgTnKuhYOT9bYJgxDmIQSiw5RCMYjAtzTUkPuilmoSOsxcM5sY456k/s1600/-bean-counting-accountant.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Classic Bean Counter</td></tr>
</tbody></table>
Unlike many accountants, I don’t advertise my profession with a vanity licence plate with the initials MG CPA. Although I am considering getting one saying “The BBC” [The Blunt Bean Counter]), but I am concerned everyone will just think I am just a British public television expatriate.<br />
<br />
When I am outed as an accountant, I say I am a wealth advisor who will maximize your net worth and minimize your taxes, to make my job sound sexier. Although my naturally boring nature often gives me away, many of my other characteristics are non-accountant like and I enjoy surprising people when they find out this blunt, sometimes arrogant, sometimes confrontational and very occasionally humorous person is an accountant. My happiest social outings are when someone says, “Wow, I would never have thought you to be an accountant”.<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
So, are any of my kind not boring? I did a search of famous people who studied to become accountants and came up with this <a href="https://www.topaccountingdegrees.org/celebrity-accountants/">list</a>. For those of you old enough to remember the Bob Newhart Show, <a href="http://en.wikipedia.org/wiki/Bob_Newhart">Bob Newhart</a> the namesake and star made the list and was a former accountant. Now I am not sure Bob helps our cause. He was funny, but in a boring deadpan style. <br />
<br />
To my surprise, the above list has many famous musicians (in addition, Janet Jackson wanted to be an accountant if she was not a singer). You would figure any musician would break the stereotype as they lead wild and crazy lifestyles. Yet, the list includes <a href="http://en.wikipedia.org/wiki/Kenny_G">Kenny G</a>, a great saxophone player. Although Kenny is a great musician, I typically hear his music in my dentist's office.</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">However, as you go down the list, you will find two of the most famous rockers in history studied accountancy (at least for a short time); Robert Plant of Led Zeppelin and Mick Jagger of the Rolling Stones. Finally, proof, supper-cool accountant types exist!! <br />
<br />
In 2018 our athletic image got a boost when Scott Foster, an accountant by day became the Chicago Black Hawks emergency goaltender for one night. This story is detailed in this<a href="https://www.washingtonpost.com/news/morning-mix/wp/2018/03/30/nhl-stunner-a-36-year-old-accountant-whos-never-played-pro-stars-in-blackhawks-win/?utm_term=.15c1c17322f8"> article</a>.<br />
<br />
Another former accountant with attitude (who actually made a career of accountancy) is <a href="http://en.wikipedia.org/wiki/Paul_Beeston">Paul Beeston.</a> Mr. Beeston, who was a CPA with Coopers and Lybrand, was also the President and CEO of the Toronto Blue Jays and later the President and COO of Major League Baseball. Paul is a cigar chomping, fun loving, non-sock wearing CPA. Yes, there is one out there.<br />
<br />
There you have it, proof that there is an accountant (and a couple who studied accountancy) out there who does not fit the stereotype. Anyways, if you ever meet me, I will be easy to spot. I am the outgoing accountant who will be looking down at your shoes instead of staring down at my own shoes<span style="color: black;"> :). </span><span style="color: black;"><o:p></o:p></span>
<br />
<br />
<div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-91671325137727841972022-08-22T07:30:00.098-04:002022-08-22T07:30:00.166-04:00The Best of The Blunt Bean Counter - The Tax Benefits of Donating Stocks to Charities<div dir="ltr" style="text-align: left;" trbidi="on">This summer I am re-posting the "best of" The Blunt Bean Counter blog while I
work on my golf game (for some reason there seems to be a negative relationship between my age and my handicap). Today, I am re-posting a May 2021 blog titled "The Tax Benefits of Donating Stocks to Charities". </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div>I have edited this preamble, as the original blog post had a few paragraphs discussing the unusual congruence of capitalism and altruism in relation to the Reddit WallStreetBets group. As you may recall, capitalism (at it's worst or best depending upon your view) was on display as many members of the WallStreetBets forum made astronomical amounts of money on the shares of GameStop, AMC etc. when they "squeezed short sellers". Yet, altruism was also on display, as there were many stories of the Reddit users making large donations with their profits and urging others to do likewise. <br /></div><div> </div><div>Speaking of charity and kindness, the Canadian Income Tax Act is surprisingly altruistic. It provides for charitable giving while at the same time providing income tax benefits. This is especially true where you donate publicly listed securities with unrealized capital gains to your charity of choice. Today, I will discuss the benefits of a donation of publicly listed securities to a charity versus a cash only donation.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfDNFTOVglMgd1ElnA-nRZaX4_xIumpEiBE4iC1eUgwmcIaWCPbZuv0uBW9bcB84iwofZV2fLH-xOk2MRdI4npmbeqivIna-HD8aKl16JNjKJXup1V2pq6YxRFmd7Oyfg712NVVZSSGjj3pD8mR5Hy7wfrwn2i65tBhIIEWmanPzRsO9OoI-N8bOiN/s5184/donation.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3456" data-original-width="5184" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfDNFTOVglMgd1ElnA-nRZaX4_xIumpEiBE4iC1eUgwmcIaWCPbZuv0uBW9bcB84iwofZV2fLH-xOk2MRdI4npmbeqivIna-HD8aKl16JNjKJXup1V2pq6YxRFmd7Oyfg712NVVZSSGjj3pD8mR5Hy7wfrwn2i65tBhIIEWmanPzRsO9OoI-N8bOiN/s320/donation.jpg" width="320" /></a></div><br /><h3 style="text-align: left;">Donation of Cash </h3><br />If you donate cash to charity, you can claim a donation credit of up to 75% of your net income. Where an individual makes a charitable donation of cash, there is a federal non-refundable tax credit of 15% on the first $200 of donations. For donations in excess of $200, the non-refundable tax credit increases to 29%. In addition, the provinces provide provincial tax credits. <br /><br />In Ontario, my home province, the actual tax savings for a donation range from approximately 40% (if your net income is around $50,000) to 50% (if you are a high-rate taxpayer) of your actual donation, for any donations in excess of the $200 limit. Thus, from a cash perspective, your donation only costs you 50-60% of what you actually donate to the charity. A good deal for all parties. <br /><br /><h3 style="text-align: left;">Donation of Public Securities </h3><br />For those of you sitting with large unrealized capital gains on public securities, a donation of these shares is more tax effective than a donation of cash from the after-tax sale of your shares (this applies to non-registered account donations only, not RRSPs etc.). This is because when you donate public securities listed on a prescribed stock exchange, the taxable portion of the capital gain is eliminated, and the net after-tax cost of the donation is reduced substantially. <br /> <br /> For example, if a high-rate Ontario taxpayer sells a stock for a $10,000 gain (say the proceeds were $12,000 and the cost was $2,000), they would owe approximately $2,700 in income tax on the capital gain in the following April. If they donate the gross proceeds of $12,000, the donation would result in income tax savings of approximately $6,000 when they filed their return. The net after-tax cash cost of the donation is approximately $8,700 ($12,000 cash donation + $2,700 tax owing - $6,000 tax credit).<br /> <br /> However, if the taxpayer donated the stock directly to a charity, the organization would receive $12,000, the taxpayer would receive a refund of approximately $6,000, and they would owe no taxes on the capital gain, making the net after-tax cash donation cost only $6,000.<br /> <br /> Clearly, where you have a stock or bond you intend to sell and you plan on donating some or all of the proceeds, a direct contribution of the security to a charity is far more tax efficient. Most charities make the process relatively pain-free (note: as a reader commented in my original post, you can also make donations to public foundations). <br /><br /><h3 style="text-align: left;">Donation of securities from a private corporation </h3><br />Canadian-controlled private corporations (CCPCs) can be taxed in various ways, so I am not going to get into the ins and outs of donating. However, one thing to consider when deciding whether to donate personally or corporately is that for most CCPCs, they will be able to add 100% of the capital gain ($10,000 in the example above) to their capital dividend account (CDA) and get this money out to you and/or the other shareholders tax-free (assuming there are no negative attributes to the CDA account). For a detailed discussion of the CDA, <a href="http://www.thebluntbeancounter.com/2015/03/capital-dividends-tax-free-withdrawal.html">see this blog post.</a> In all cases, please speak to your accountant so they can help you determine whether to make a personal or corporate donation. <br /><br />While the markets have not been very good in 2022, you may still have several marketable securities with large unrealized gains due to the strong markets of the last few years. Consider donating some of these shares to help a good cause. You will help make the world a better place and as an added bonus, you will reduce your taxes. <br /><br /> </div><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-88703135419298335602022-08-08T07:00:00.017-04:002022-08-08T07:00:00.151-04:00The Best of The Blunt Bean Counter - Inheriting the Cottage/Cabin/Chalet –The Great Estate Planning Challenge <div dir="ltr" style="text-align: left;" trbidi="on">
This summer I am re-posting the "best of" The Blunt Bean Counter blog
while I
work on my golf game. Today, I am posting a November, 2014 blog titled "Inheriting the Cottage/Cabin/Chalet - The Great Estate Planning Challenge. While this post is almost eight years old, it is still relevant today and what better time to contemplate the future use of your cottage than while you are spending time there. <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisvSeAnUXhU_hXsnDNhCQTeVaCFraHSfx0ebk4ts1LRXldaN2wSOWZQiPZiZMyS5gOcMDZr01EpojEb9ZVacDIe89mBlSLwI2_xg9kGS-jFYVvJINrHMgmV8d-v_paOoJnM69_34VOgpEHeGJ4IFGzvlBDXAoQkXv9fLKRpbPEcvWSTXQotV1tUVaz/s4288/cottage.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2848" data-original-width="4288" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisvSeAnUXhU_hXsnDNhCQTeVaCFraHSfx0ebk4ts1LRXldaN2wSOWZQiPZiZMyS5gOcMDZr01EpojEb9ZVacDIe89mBlSLwI2_xg9kGS-jFYVvJINrHMgmV8d-v_paOoJnM69_34VOgpEHeGJ4IFGzvlBDXAoQkXv9fLKRpbPEcvWSTXQotV1tUVaz/w400-h266/cottage.jpg" width="400" /></a></div><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on">This blog post was written by my most popular guest poster, Katy Basi. Katy has guest posted such BBC favourites as <a href="http://www.thebluntbeancounter.com/2013/10/qualifying-spousal-trusts-what-are-they.html">Qualifying Spousal Trusts - What are They and Why do we Care?</a>, a three part series on new will provisions for the 21st century dealing with your <a href="http://www.thebluntbeancounter.com/2013/06/new-will-provisions-for-21st-century.html">digital life</a>, <a href="http://www.thebluntbeancounter.com/2013/03/new-will-provisions-for-21st-century.html">RESPs</a> and <a href="http://www.thebluntbeancounter.com/2014/01/new-will-provisions-for-21st-century.html">reproductive assets</a> and <a href="https://www.thebluntbeancounter.com/2020/03/alter-ego-trusts-and-joint-partner.html">Alter Ego Trusts and Joint Partner Trusts - A Primer</a>. Without further ado, here is Katy! <br />
<br />
<h3>
<span style="font-size: large;">Inheriting the Cottage/Cabin/Chalet –The Great Estate Planning Challenge<i><span> </span></i></span></h3>
<h3>
<i><span style="font-size: x-small;">By Katy Basi</span></i></h3>
<br />From my lovely vantage point on the dock at my dad’s cottage, looking around the lake at all of the other family cottages, I’m reminded that every cottage, cabin and chalet has a story. Some have been in the same family for generations, with or without accompanying drama. Too many more were sold to a third party against the expectations of the family, often as a result of poor estate planning.</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">The family vacation home can be the Cyanean Rocks against which an estate plan crashes and sinks. (The Cyanean Rocks, aka the Symplegades, were a pair of rocks at the Bosphorus that moved, causing major problems to boats in the area until Jason and the Argonauts defeated the rocks). There are many factors that make planning for this property more challenging than for other assets. For example:<br />
<ol style="text-align: left;">
<li>Often the legal ownership of a cottage does not reflect the practical reality of the cottage situation (for the remainder of this blog, I will refer to the “cottage” as this is the term commonly used in Ontario, but no disrespect is intended to owners of cabins and chalets - many of the same principles and problems will apply!) Due to the inter-generational history of many cottages, cottage ownership is often just not as simple as ownership of a primary residence. I have seen cottage ownership being shared between siblings, or divided among parents and all of their adult children. Sometimes a child is on title “but everyone understands that the cottage belongs to mom”. A parent may own only a “life interest” in the cottage, with adult children holding the “remainder interest”. Other times, ownership was transferred to a trust in the misty reaches of time. If a trust owns your cottage, you’ll want to read my companion blog next week entitled “Cottage Trusts” to ensure that you are aware of some nasty tax traps with the cottage trust structure.</li>
<br />
<li>If an owner spends any time at a cottage with his/her family, the cottage will qualify as a matrimonial home for family law purposes, and may therefore be shareable upon a later separation or divorce of the owner (unless there is a marriage contract in place which addresses this issue). Let’s say, for example, that in your Will you leave your cottage to your son Adam and your daughter Beth as 50/50 tenants in common (not as joint tenants, as you want Adam’s children to be able to inherit his 50% interest if Adam so chooses). You shuffle off of this mortal coil, so that Adam becomes a co-owner of the cottage. Adam spends a week a year at the cottage with his wife and two children. Adam then separates, and his wife makes a claim for 50% of Adam’s 50% interest in the cottage on the basis that it is a matrimonial home. Will Adam be able to pay 25% of the value of the cottage to his ex as part of the settlement? Will he need to sell his interest in the cottage to Beth to provide the funds for this payment? If Beth cannot afford to buy Adam’s share, this issue may result in the sale of the cottage to a third party. Leaving the cottage to your beneficiaries in a cottage trust created in your Will may be helpful in this respect if marriage contracts are not doable (this planning technique is discussed in more detail in my “Cottage Trusts” blog).</li>
<br />
<li>Cottages are expensive to maintain. Not every beneficiary who wants the cottage can afford the upkeep, and not every beneficiary who can afford the upkeep wants the cottage.</li>
<br />
<li>Family members often have strong emotional attachments to the cottage. Leaving the cottage in your Will to the child with the financial resources to maintain the cottage may be the smart choice from a monetary perspective, but if this decision leads to lifelong conflict between the cottage child and the non-cottage child, it may not be the best plan taking all considerations into account.</li>
<br />
<li>Cottages are not divisible in the same way as financial assets. Cottage owners who intend to leave the cottage to more than one person need to ask themselves what the practical implications are of each beneficiary inheriting only a share of the cottage. For example, co-ownership agreements are strongly recommended whenever more than one person or family shares ownership of a cottage. These agreements can provide for the payment of maintenance expenses and utilities associated with the cottage, allocation of time at the cottage, “shared time” (everyone is welcome!) versus “private time” (my family only please…), policies on having pets/friends over to stay (allergies? replenishment of beverages required?), bringing household items to/taking household items from the cottage, etc.</li>
<br />
<li>If the cottage owner has owned the cottage for a number of years, there is often a large accrued capital gain on the cottage that is triggered upon the owner’s death. If the owner does not have sufficient liquid assets to pay the tax, and the beneficiaries do not have the funds, the cottage must often be sold simply to pay this tax bill. Insurance on the life of the owner is often recommended, where available at an affordable premium, to backfill this monetary gap. Sometimes a beneficiary is given the cottage in the Will upon the condition that the beneficiary pays the related capital gains tax, saving the other beneficiaries of the estate from bearing part of this burden. The calculation of the capital gain is often complex due to shoeboxes of receipts, collected over decades, which may or may not affect the adjusted cost base ("ACB") of the cottage, as well as principal residence issues (sometimes a cottage may be designated as a principal residence for certain years of ownership….and sometimes not!)</li>
</ol>
If you own a cottage, it is strongly recommended that you speak with a professional to ensure that your cottage estate plan is optimized. My sisters and I spent lots of idyllic summers at my dad’s cottage as children, and we’re very lucky to still be able to enjoy the cottage, and the memories it holds for us, to this day. I hope that I’ve helped my family create an estate plan whereby my children, and my nieces and nephews, will be just as fortunate, and I wish the same for you.</div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
Katy Basi is a barrister and solicitor with her own practice, focusing on wills, trusts, estate planning, estate administration and income tax law. Katy practiced income tax law for many years with a large Toronto law firm, and therefore considers the income tax and probate tax implications of her clients' decisions. Please feel free to contact her directly at (905) 237-9299, or by
email at katy@basilaw.com. More articles by Katy can be found at her
website, <a href="http://www.basilaw.com/">http://www.basilaw.com/</a></div><div dir="ltr" style="text-align: left;" trbidi="on">
<br /><h3><span style="font-size: large;">Other Cottage Blog Posts by The Blunt Bean Counter<i><span> </span></i></span></h3>
<br />
Over the years I have written a couple other blog posts on cottage related topics. They include: </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><a href="https://www.thebluntbeancounter.com/2012/05/cottages-cost-base-additions-are-they.html">Cottages - Cost Base Additions, are they a new CRA Audit Target?</a></div><div dir="ltr" style="text-align: left;" trbidi="on">Transferring the Family Cottage -<a href="https://www.thebluntbeancounter.com/2017/08/the-best-of-blunt-bean-counter_7.html"> Part 1,</a> <a href="https://www.thebluntbeancounter.com/2017/08/the-best-of-blunt-bean-counter_14.html">Part 2</a>,<a href="https://www.thebluntbeancounter.com/2017/08/the-best-of-blunt-bean-counter.html"> Part 3</a><br />
<span style="font-size: x-small;"><br /></span>
<span style="font-size: x-small;"><i>The above blog post is for general
information purposes only and does not constitute legal or other
professional advice or an opinion of any kind. Readers are advised to
seek specific legal advice regarding any specific legal issues.</i></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: x-small;"><i> </i></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: x-small;"><span style="font-family: inherit;">This
site provides general information on various tax issues and other
matters. The information is not intended to constitute professional
advice and may not be appropriate for a specific individual or fact
situation.
It is written by the author solely in their personal capacity and cannot
be
attributed to the accounting firm with which they are affiliated. It is
not intended to constitute professional
advice, and neither the author nor the firm with which the author is
associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional
advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div><br />The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-31397070368954401422022-07-25T07:00:00.031-04:002022-07-25T07:00:00.173-04:00The Best (Most read all-time) of The Blunt Bean Counter - Transferring Property Among Family Members - A Potential Income Tax Nightmare<div dir="ltr" style="text-align: left;" trbidi="on">
This summer I am posting the "best of" The Blunt Bean Counter while I
work on my golf game. Today, I
am re-posting my most read blog post of all-time (over 200,000 page views); a post on transferring property amongst family members. As you will read, there is potential for some strange income tax results and care must be taken when transferring property to family members. I thus strongly suggest you obtain professional advice before undertaking any such transfer.<br />
<br />
<h3>
Transferring Property Among Family Members - A Potential Income Tax Nightmare</h3>
<br />
In today’s blog post, I will discuss the income tax implications relating to the transfer of property among family members. These transfers often create significant income tax issues and can be either errors of commission or errors of omission. Over my 25 years as an accountant, I have been referred some unbelievably messed up situations involving intra-family transfers of property. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEJtP3ROs6v4ZScLPhyJuKVcA2ZvYwGSui2A8hXig2on5wvPHnecxbOEtpoSzSrOlc0srt6COJrLqQ8Pzisi77neUhq7SL0Zi45Y_Est7B_D0Sjkx6c1gukxPssSVrtUnEv1oke7onl_994Xz_bHqYLBHNYfX4_3FuYP5rKv1Nm5JE7R5r7v5jSuWR/s3586/taxes.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3586" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEJtP3ROs6v4ZScLPhyJuKVcA2ZvYwGSui2A8hXig2on5wvPHnecxbOEtpoSzSrOlc0srt6COJrLqQ8Pzisi77neUhq7SL0Zi45Y_Est7B_D0Sjkx6c1gukxPssSVrtUnEv1oke7onl_994Xz_bHqYLBHNYfX4_3FuYP5rKv1Nm5JE7R5r7v5jSuWR/s320/taxes.jpg" width="320" /></a><br /><br /><h3>
Transfers of Property - Why They Are Undertaken</h3>
<br />
Many individuals transfer capital properties (real estate and common shares, being the most common) in and amongst their families like hot cakes. Some of the reasons for undertaking these transfers include: (1) the transferor has creditor issues and believes that if certain properties are transferred, the properties will become creditor protected (2) the transferor wishes to reduce probate fees on his or her death and (3) the transferor wishes to either gift the property, transfer beneficial title or income split with lower-income family members.<br />
<br />
I will not discuss the first reason today because it is legal in nature. But be aware, Section 160(1) of the Income Tax Act can make you legally responsible for the transferor's income tax liability and there may be fraudulent conveyance issues amongst other matters.<br />
<br />
<h3>
Transfers of Property - Income Tax Implications</h3>
<br />
When a property is transferred without consideration (i.e. as gift or to just transfer property into another person's name), the transferor is generally deemed to have sold the property for proceeds equal to its fair market value (“FMV”). If the property has increased in value since the time the transferor first acquired the property, a capital gain will be realized and there will be taxes to be paid even though ownership of the property has stayed within the family. For example, if mom owns a rental property worth $500,000 which she purchased for $100,000 and she transfers it to her daughter, mom is deemed to have a $400,000 capital gain, even though she did not receive any money.<br />
<br />
There is one common exception to the deemed disposition rule. The Income Tax Act <b>permits transfers between spouses to take place at the transferor’s adjusted cost base</b> instead of at the FMV of the capital property.<br />
<br />
This difference is best illustrated by an example: Mary owns shares of Bell Canada which she purchased 5 years ago at $50. The FMV of the shares today is $75. If Mary transferred the shares of Bell Canada to her brother, Bob, she would realize a capital gain of $25. If instead Mary transferred the shares of Bell Canada to her husband, Doug, the shares would be transferred at Mary’s adjusted cost base of $50 and no capital gain would be realized. It must be noted that if Doug sells the shares in the future, Mary would be required to report the capital gain realized at that time (i.e. the proceeds Doug receives from selling the shares less Mary’s original cost of $50) and Mary would be required to report any dividends received by Doug on those shares from the date of transfer.<br />
<br />When transfers are made to spouses or children who are minors (under the age of 18), the income attribution rules can apply and any income generated by the transferred properties is attributed back to the transferor (the exception being there is no attribution on capital gains earned by a minor). The application of this rule is reflected in that Mary must report the capital gain and any dividends received by Doug. If the transferred property is sold, there is often attribution even on the substituted property.<br />
<br />
We have discussed where property is transferred to a non-arm’s length person that the vendor is deemed to have sold the property at its FMV. However, what happens when the non-arm’s length person has paid no consideration or consideration less than the FMV? The answer is that in all cases other than gifts, bequests and inheritances, the transferees cost is the amount they actually paid for the property and there is no adjustment to FMV, a very punitive result.<br />
<br />
In English, what these last two sentences are saying is that if you legally gift something, the cost base and proceeds of disposition are the FMV. But if say your brother pays you $5,000 for shares worth $50,000, you will be deemed to sell the shares for $50,000, but your brothers cost will now only be $5,000; whereas if you gifted the shares, his cost base would be $50,000. A strange result considering he actually paid you. This generally results in “double taxation” when the property is ultimately sold by the transferee (your brother in this case), as you were deemed to sell at $50,000 and your brothers gain is measured from only $5,000 and not the FMV of $50,000.<br />
<br />
<h3>
Transfers of a Principal Residence - The Ultimate Potential Tax Nightmare</h3>
<br />
I have seen several cases where a parent decides to change the ownership of his or her principal residence such that it is to be held jointly by the parent and one or more of their children. In the case of a parent changing ownership of say half of their principal residence to one of their children, the parent is deemed to have disposed of ½ of the property. This initial transfer is tax-free, since it is the parent’s principal residence. However, <b>a transfer into joint ownership can often create an unforeseen tax problem when the property is eventually sold</b>. Subsequent to the change in ownership, the child will own ½ the principal residence. When the property is eventually sold, the gain realized by the parent on his or her half of the property is exempt from tax since it qualifies for the principal residence exemption; however, since the child now owns half of the property, the child is subject to tax on any capital gain realized on their half of the property (i.e. 50% of the difference between the sale price and the FMV at the time the parent transferred the property to the child, assuming the child has a principal residence of their own).<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCkB-ZiYcaAI5KOGcA6bwu-lD0mvZTbjjrpGmzgETEsvuRmGgGnOdCewG7GfeNWyfdSc1wunS3y7INu517Eniqx4zRp0elSyTFTCYVmGGaeThPKzucoD3yEgwTBDeXYOsZAD3sXG4NNSE/s1600/9909985_s.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCkB-ZiYcaAI5KOGcA6bwu-lD0mvZTbjjrpGmzgETEsvuRmGgGnOdCewG7GfeNWyfdSc1wunS3y7INu517Eniqx4zRp0elSyTFTCYVmGGaeThPKzucoD3yEgwTBDeXYOsZAD3sXG4NNSE/s200/9909985_s.jpg" width="200" /></a></div>
<br />
An example of the above is discussed in this Toronto Star story that outlines a <a href="http://www.thestar.com/business/personal_finance/retirement/2011/08/29/these_seniors_made_a_700000_tax_mistake.html">$700,000 tax mistake made by one parent in gifting their principal residence to their children</a>.<br />
<br />
I have been engaged at least three times over the years by new clients to sort out similar family transfer issues.<br />
<br />
<h3>
Transfers for Probate Purposes</h3>
<br />
As noted in the first paragraph, many troublesome family transfers are done to avoid probate tax. Since I wrote on this topic previously and this post is somewhat overlapping, I will just provide you the link to that blog post titled <a href="http://www.thebluntbeancounter.com/2011/06/probate-fee-planning-income-tax-estate.html">Probate Fee Planning - Income Tax, Estate and Legal Issues to consider</a>.<br />
<br />
Many people are far too cavalier when transferring property among family members. It should be clear by now that extreme care should be taken before undertaking any transfer of real estate, shares or investments to a family member. I strongly urge you to consult with your accountant or to engage an accountant when contemplating a family transfer or you may be penny wise but $700,000 pound tax foolish.</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><b>Note: </b>I will not be answering any questions on this "best of" post. The <a href="https://www.thebluntbeancounter.com/2013/05/transferring-property-among-family.html">original post</a> has 268 comments. Please scan those comments; it is likely your question has already been addressed.<p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div><br /> The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0tag:blogger.com,1999:blog-4402283548766807872.post-46007617792337959232022-07-11T06:30:00.024-04:002022-07-12T11:28:16.971-04:00The Best of The Blunt Bean Counter - “My Kids Will Never Fight Over My Estate”<div dir="ltr" style="text-align: left;" trbidi="on">This summer, as per tradition, I am re-posting the "best of" The Blunt Bean Counter blog while I
work on my golf game (it needs more work than usual :( Today, I am posting a May 2021 blog titled "My Kids Will Never Fight Over My Estate". I decided to re-post this blog because I was recently told of the acrimony caused in a family because a parent did not specifically allocate personal assets in their will as promised/told to their children during the parent's lifetime.</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: large;"><b>My Kids Will Never Fight Over My Estate</b></span><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
In December 2019, <a href="http://www.thebluntbeancounter.com/2019/12/navigating-sibling-estate-fight-plus.html">I reviewed the book “Bobby Gets Bubkes: Navigating the Sibling Estate Fight.”</a> In that book, estate lawyer Charles Ticker attempts to explain how to avoid, or at least limit, sibling estate fights when drafting your will. In the comments section to that post, Michael James, who writes the excellent finance blog <a href="https://www.michaeljamesonmoney.com/">Michael James on Money</a>, made the following remark:<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvJrwx2wn4ax_ioALuWJM54ajvyq0nsx7i6uF7MS2bnYbnodTRP_RLlmEuZ4P6B1897RtIkByvp9q4bA0uc5ahGaJodxuWHDyg2SrTPFFdx-8nsnjSib7sHUURmi1iV7A98Jfaur3Yvcv5SmRNnJXjmRhz3qGPg97bIfAa5mBE20a2YPFAt1Pt5wGF/s6183/fight%20over%20treasure.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="4827" data-original-width="6183" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvJrwx2wn4ax_ioALuWJM54ajvyq0nsx7i6uF7MS2bnYbnodTRP_RLlmEuZ4P6B1897RtIkByvp9q4bA0uc5ahGaJodxuWHDyg2SrTPFFdx-8nsnjSib7sHUURmi1iV7A98Jfaur3Yvcv5SmRNnJXjmRhz3qGPg97bIfAa5mBE20a2YPFAt1Pt5wGF/s320/fight%20over%20treasure.jpg" width="320" /></a></div><br /></div><div>Sounds like an interesting book. Sadly, I'm guessing most people incorrectly think that their own kids would never squabble in these ways, so they think they don't need to follow the book's advice. <br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><div>Michael’s “guess” is very perceptive. Based on my experiences over 35 years as an accountant, many parents look at their children and their sibling relationships with rose-coloured glasses or, in some cases, with blinders. As a consequence, they ignore clear warning signals <a href="http://www.thebluntbeancounter.com/2012/02/sibling-rivalry-parents-beware-it-is.html">that their children have significant sibling rivalry issues and don’t work well together</a>. In some cases, you can almost predict a sibling estate fight. <br /><br />Let me be clear. I am not saying every estate has a sibling fight. Many families settle and distribute the estate in accordance with the will and their parent’s wishes with little acrimony. However, this is far from the case in many estates, as human nature can turn ugly when there is money and sentimental items at stake, especially where sibling issues have reared their heads during the parents’ lifetimes. <br /><br />Today, I am going to list factors in no particular order that can cause siblings to squabble over an estate. <br /><br /><h3 style="text-align: left;">Why siblings squabble over an estate </h3><br /><ul style="text-align: left;"><li><b>Greed</b> – Very simply, money causes some people to lose their minds and perspective. This can destroy sibling relationships.</li><li><b>Grabbers</b> – I have seen this many times. One child “grabs,” or takes, items before the will is considered, or even ignores the wishes of the will, which starts a spiral of hurt and mistrust among the siblings.</li><li><b>Sentimental items</b> – Children often fight over these items. In many cases, this issue can be avoided if the parent simply provides a specific item-by-item allocation in their wills of sentimental items such as jewelry. Parents can also cause huge sibling issues when they promise or tell a child they will receive a certain item and then do not specifically allocate that item to the child in their will—or worse yet, allocate the item to another child. Parents: always make your will consistent with what you have told your children, or communicate the change to them.</li><li><b>Grandchildren</b> – There is no right or wrong answer here, but parents really need to think through how to allocate their estate when one of their children does not have children of their own or each family has a different number of grandchildren. Is the estate split equally by family? And if giving money directly to grandchildren—does each grandchild receive the same amount, or is the allocation equal by family and a grandchild with no siblings receives more than a grandchild with siblings?</li><li><b>Business assets</b> – When parents leave a business to one sibling and equalize other siblings in cash or investments of equal value, one would think they have accomplished peak fairness. Yet some businesses explode after the parents die, making the child that took over the business very wealthy. Alternatively, the business may stumble or even fail, leaving that child in far worse financial situation than their siblings. Either way, the disparity in financial position creates acrimony. </li><li><b>Asset in one child’s name</b> – Parents often put assets in a child’s name for probate or tax planning purposes. But as the saying goes, ownership is nine-tenths of the law. Some siblings may depart from the parents’ assumption that they will act just as trustees of that asset for their siblings. They may think of themselves as the actual owner of the asset.</li><li><b>No parents, no buffers</b> - One comment from Charles’ book I found truly relevant was “that once the parental referees are out of the picture, the gloves come off.” I have seen this so often. Parents really do act as buffers and referees for their children. Without a referee, disagreements can break out.</li><li><b> Spouses and in-laws</b> – Spouses and in-laws in the ear of one child stoking their belief that the parents divided assets unfairly have caused many a sibling fight.</li></ul></div><div class="MsoNormal"><div><h3 style="text-align: left;"><br />Parents: Have that discussion </h3><br />Many of the above issues are human nature, which can’t be avoided entirely. But parents need to consider all the above possibilities when drafting a will. Readers of my blog will know that I am a huge proponent of discussing your will to a full or partial extent with your family and explaining your intentions. I think this can sometimes avoid or minimize sibling estate issues. <br /><br />It is sad that sibling estate fights are even a topic, but they do unfortunately often become an issue. Parents, my suggestion to you is consider these issues, get good estate planning advice, consider a family meeting, and take off your rose-coloured glasses when planning your estate.</div><p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com1tag:blogger.com,1999:blog-4402283548766807872.post-22285565827909588042022-06-27T06:47:00.000-04:002022-06-27T06:47:22.832-04:00Identifying Potential Stock Investments Through Demographic Trends and Everyday Awareness<div dir="ltr" style="text-align: left;" trbidi="on">
If you are a Do-it-yourself investor (“DIY”) or have a “play account” (while your investment advisor/manager invests most of your money), you are likely always looking for potential stocks to invest in (well maybe not the last few weeks ☹). <br />
<br /> People use various methods to identify stocks, from reading business newspapers and magazines, to subscribing to investment newsletters and monitoring stock chat forums etc.<br />
<br /> Once a stock is identified, many people run the company through stock criteria filters (utilizing various earnings methodologies, revenue, dividend history, PE ratio’s etc.), read financial statements and Management Discussion and Analysis and any other number of due diligence methods to determine if any given stock meets their investing criteria.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt_YJpn-slz8i0Z3TaaeCXP3HUk2viHovbbZSYEFHn9ILMsmC_9KnBc4WMNdD0jad0NYrth0Tfcg8JJaeUsPjmlahULWAwuvD2amCgNl7RFnI9u2gBk_WOpQrEIT56ImAoiekXk5OoJhmkfMqzH6GUKdz1sZ0UHi_MaEPa52XIBrLWy1RBJHOTni-0/s7129/stock%20pickers.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="4758" data-original-width="7129" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt_YJpn-slz8i0Z3TaaeCXP3HUk2viHovbbZSYEFHn9ILMsmC_9KnBc4WMNdD0jad0NYrth0Tfcg8JJaeUsPjmlahULWAwuvD2amCgNl7RFnI9u2gBk_WOpQrEIT56ImAoiekXk5OoJhmkfMqzH6GUKdz1sZ0UHi_MaEPa52XIBrLWy1RBJHOTni-0/s320/stock%20pickers.jpg" width="320" /></a></div><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"> <br />Today, I want to discuss using demographic trends and everyday insights to identify stocks that you may considering investing in. <br />
<br /><h3>Demographic Trends<br /></h3><br />
Earlier this year, I virtually attended <a href="https://www.youtube.com/watch?v=dkSCusUOTxI">Outlook 2022</a>, a roundtable discussion hosted by <a href="https://www.wealthstewards.ca/">Wealth Stewards Inc.</a> a full service planning and investment firm. The roundtable participants discussed the economic and stock market outlook for 2022. There were also discussions on tax, real estate and demographics.<br />
<br />I found the discussion with <a href="https://kgcdirect.com/">Kenneth Gronbach</a>, a well-known American author and demographic specialist very enlightening. Ken somehow makes the complex topic of demographics, easy to understand.<br />
<br /> During his presentation, Ken gave a couple examples of how demographics may play out in the future. In his first example, he noted that the sales of eyeglasses are to a large extent driven by Presbyopia (which is essentially our eye's ability to see things up close getting worse as we age, typically starting at 40-45 and older). He noted that optometrists generally resolve Presbyopia by simply prescribing reading glasses.<br />
<br />Ken noted that the largest generation in history of the United States are millennials born 1985-2004 who are currently 18-37 and heading to the age where Presbyopia will be prevalent. So, if you sell eyeglasses, and look down the time continuum, you will know there should be a lot of business heading your way. In the same way this demographic information is good for an eyeglass manufacturer, this information is also very useful for an investor who is looking for companies that will have strong markets in the coming years.<br />
<br />He also discussed that in the United States, demographic data suggests that due to the population size of the millennials, there will be a housing shortage of 25 million housing units over the coming years, despite the fact the Baby Boomers will be selling. I was a little surprised to hear this, as personally I had thought the opposite, that baby boomers would be selling into a market with limited demand.<br />
<br />Ken also noted the human body typically starts to fall apart at 75 (for me it was 55 ☹). Because of the size of the baby boomer (1946-1964) population and the wealth many Baby Boomers have, there will be a critical mass of money and motivation to put towards health care. This would be very important demographic information for the health care industry and someone looking to invest in health care.<br />
<br />If you listen to the round table, Mr. Gronbach has other examples. However, the key take-away is that demographic information is not only useful for end sellers, but it can also be used by investors, especially by those who invest with longer time horizons to identify potential stock and/or sector investments.<br />
<br /><h3>Economic Trends<br /></h3>
<br />Following Mr. Gronbach, Nick Griffin of Munro Partners spoke. He is the founding partner and chief investment officer of Munro and has been managing global long / short equity mandates for over 15 years.<br />
<br />Mr. Griffin spoke about economic trends, such as cloud computing, climate change and silicon demand. He feels that silicon and semi-conductors will be huge in the coming years. He bases this on the fact semi-conductors drive the digital economy and human progress.<br />
<br />Whether he is correct or not will not be determined for several years, but again as an investor, if you agree with Mr. Munro’s assessment, the “trend will be your friend”.<br />
<br /><h3>Everyday Awareness<br /></h3><br />Peter Lynch was the director of Fidelity Magellan Fund from 1977-1990 and is almost as revered as Warren Buffet for his ability to pick stocks. In one of his books Beating the Street, Mr. Lynch suggested average investors can beat Wall Street professionals by using information they encounter in their everyday lives. He told the story of how he invested in Hanes (for those old enough to remember, Hanes pantyhose were made famous by the TV advertisement featuring New York Jet Joe Namath in panty hose) after his wife told him about the popularity of L'eggs pantyhose amongst all her friends.<br />
<br />Even though the advice is over 30 years old, it is still as relevant today as ever. As an investor, using day to day information could mean observing a company/sector you deal with in your job that is rapidly expanding (assuming your company does not have any prohibitions about purchasing shares of supplies or customers and it is not insider information) or seeing the use of Artificial Intelligence grow in your industry. A simple example of everyday awareness over the last 15-20 years would have been watching your kids plead for iPods, then ipads and finally iPhones. Ever parent should have invested in Apple if we were paying attention.<br />
<br /> It is interesting how we observe day to day trends, but often we do not take advantage of these observations when making our investments.<br />
<br /> Please note: I am not an investment advisor, and I am not suggesting the use of any one particular investment identification methodology or the purchase of any particular investment. <br />
<br /> <i>The above blog post is for general information purposes only and does not constitute investment or other professional advice or an opinion of any kind.</i><p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p></div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com2tag:blogger.com,1999:blog-4402283548766807872.post-22709933739761443502022-06-13T07:00:00.153-04:002022-06-13T08:41:01.523-04:00Planning for the Creeping Tax Liability in your Corporation<div dir="ltr" style="text-align: left;" trbidi="on">
In January, I wrote a post titled <a href="https://www.thebluntbeancounter.com/2022/01/rrsps-and-corporations-your-silent.html">RRSPs and Corporations – Your Silent Creeping Tax Liability</a>. The blog noted that whether you are currently working, near retirement or in retirement, you and/or your corporation have silent creeping tax liabilities accumulating in your Registered Retirement Savings Plan ("RRSP") and/or corporation.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7p3jbXE5pO8b5Q5Z3_1tbGKSHJ5jJGY-RR2O-JXXLQdjW3q7xTLnRKxZkey5e2FSqodIpzM0eec4YaFnTtXqpGE966mBeRB8boVIgYPggVb7GbY5v7geTp1IHsbweTPHPap1arsQjpYmgv7SG7OlIJbFhqJsov1KNP17gGHhvBwZiFnpS6OBXUDml/s3586/taxes.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="2484" data-original-width="3586" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7p3jbXE5pO8b5Q5Z3_1tbGKSHJ5jJGY-RR2O-JXXLQdjW3q7xTLnRKxZkey5e2FSqodIpzM0eec4YaFnTtXqpGE966mBeRB8boVIgYPggVb7GbY5v7geTp1IHsbweTPHPap1arsQjpYmgv7SG7OlIJbFhqJsov1KNP17gGHhvBwZiFnpS6OBXUDml/s320/taxes.jpg" width="320" /></a></div><br />
I followed up in April, with a post on some <a href="https://www.thebluntbeancounter.com/2022/04/planning-for-creeping-tax-liability-in.html">potential planning to address the creeping RRSP liability</a>. Today, I discuss some planning and considerations to reduce the creeping corporate tax liability you may be accruing. <br /><br />
<h3>Corporate Tax Attributes</h3>
<br />
Many corporations have built up corporate tax attributes that can be accessed prior to retirement or in retirement that can reduce the tax liability related to you and/or your corporation. I discuss these below.<br />
<br />
<b>Shareholder Loans</b><br /></div><p>
Repayment of shareholder loans owing to you and other shareholders is the most tax efficient way to remove funds from your corporation on a tax-free basis.
<br />
<br />
<b>Capital Dividend Account</b><br />
<br />
If your corporation has a capital dividend account ("CDA") balance, paying out capital dividends is a great way to remove funds on a tax-free basis and reduce your ultimate corporate tax liability (Non-resident shareholders are subject to withholding tax on capital dividends). <a href="https://www.thebluntbeancounter.com/2015/03/capital-dividends-tax-free-withdrawal.html">See this blog post I wrote for all the details of a capital dividend account. </a></p><p>For some unknown reason, many corporations do not pay out tax-free capital
dividends from their CDA on timely basis. Since this account is a "moment in time" account, this can prove very costly if you incur capital losses. For example, if your corporation had previous capital gains and the CDA balance is say $100,000 today, but the corporation incurs capital losses of say $60,000 tomorrow, the CDA account will be reduced by $30,000 to $70,000. Thus, your corporation will have forgone $30,000 in tax-free dividends if the capital dividend had been paid before the capital losses were incurred. </p><p>Due to the poor stock markets this year, you may be triggering capital losses as part of the corporation's investment and/or tax planning. Discuss paying out a capital dividend with your investment advisor and accountant before triggering any capital losses this year. <br /></p><p><b>Refundable Dividend Taxes On Hand</b><br />
<br />
Your corporation may have balances in the following two notional accounts: Eligible Refundable Dividend Tax on Hand (ERDTOH) and Non-Eligible Refundable Dividend Tax on Hand (NERDTOH). These accounts are the successor accounts of what was formerly known as Refundable Dividend Tax On Hand (RDTOH). These accounts are essentially prior years corporate taxes paid that are refundable when the corporations pays dividends to the shareholders. The accounts act as a mechanism to ensure that you and your corporation are not double taxed. </p><p>While your corporation needs to pay a taxable dividend to trigger refunds from these accounts (the rules are confusing, speak to your accountant), the government essentially pays your corporation a refund somewhat equivalent to the personal tax you owe on the dividend, so you net out much better than if you paid a taxable dividend with no refundable tax.<br />
<br />
<b>Return of Capital</b><br />
<br />
If your corporation has “hard” paid-up-capital (“PUC”) for money you previously paid to purchase corporate shares from treasury, you should be able to return most of the PUC tax-free.<br />
</p><h3>Income Splitting</h3>
<br />
<b>Payment of Wages<b></b></b><br />
<br />
If you have family members who work in the business and are not paid a salary or are paid a very low salary, consider paying them a “reasonable salary”. I say reasonable, as the CRA requires a salary to family members to be reasonable to be deductible.
<br />
<br /><b>Tax on Split Income Rules<b></b></b><br />
<br />
The Tax on Split Income Rules (“TOSI”) rules are very complicated and far beyond today’s brief discussion. However, in general, TOSI will not apply on amounts paid to a business owner’s spouse or common-law partner, who are inactive in the business, so long as the business owner has reached age 65 during the year. This will be the case where the amount would have been excluded from TOSI had it been received by the business owner directly, by virtue of the fact that they would have otherwise met another exclusion. So, an inactive spouse whose shares were subject to TOSI before the business owner turned 65, will in most cases, now be able to receive dividends on their shares without the TOSI rules applying. It may also be possible to reorganize the company when the business owner turns 65 to provide shares to the inactive spouse.<br />
<br />
<h3>Tax Reorganizations/Tax Planning</h3>
<br />
If you have a successful corporation (especially an active corporation), your accountant or tax lawyer may have one or two reorganization/tax plan ideas to consider that could possibly lower your creeping tax liability. The Federal budget in April this year contains proposals to limit a couple of these planning ideas, so you should speak to your accountant to review whether there are any planning opportunities still available that may work for you and your corporation(s). <br />
<p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com2tag:blogger.com,1999:blog-4402283548766807872.post-32230820974698239502022-05-30T07:00:00.025-04:002022-05-30T07:00:00.152-04:00The One-Two Punch of Inflation and a Weak Stock Market<div dir="ltr" style="text-align: left;" trbidi="on">
We are currently facing the highest inflation rates in forty years. In April, the inflation rate was 6.8% in Canada and 8.3% in the United States. It is scary to think that these rates pale in comparison to the levels hit in the 1980’s which were as high as almost 14% in Canada and 15% in the United States.<br />
<br /> In addition to the current inflationary pressures, the stock markets performance is also the weakest since 2008. How this double whammy affects you is based on your age, working status and income bracket. Today, I will look at two scenarios: those of you still working and those of you retired or close to retirement.<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUQhJK2idcLWYidvDDQOGtxIyM2uBa98d2RQBDF_YxNfXlt2ZmqPb5M22oJueDgNB_bcoVIPf0irjXyojIRhF37-o7p3Kv4pLv7k7wZuZncJMYhHa3iciistLn5fPnYUpgLUMpNhaFL2ZYy9W9AUMjkEs3X2IYDZOqSVvwWJW35aFGe9HB-htqeL0L/s6111/inflation.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="3966" data-original-width="6111" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUQhJK2idcLWYidvDDQOGtxIyM2uBa98d2RQBDF_YxNfXlt2ZmqPb5M22oJueDgNB_bcoVIPf0irjXyojIRhF37-o7p3Kv4pLv7k7wZuZncJMYhHa3iciistLn5fPnYUpgLUMpNhaFL2ZYy9W9AUMjkEs3X2IYDZOqSVvwWJW35aFGe9HB-htqeL0L/s320/inflation.jpg" width="320" /></a><br />
<br /><h3>Working Individual<br /></h3><br />
<b>The Effect of Inflation on Your Cost of Living </b></div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">The current environment of low interest rates (although they are moving higher quickly), the war on Ukraine and supply chain issues are a rare economic mix. I certainly have no clarity of where inflation is going and I am definitely not qualified to comment. I will just say personally, I am concerned we are stuck with higher than usual inflation for a while until the supply chain is restored to “normal” or the demand side drops.<br />
<br /> While not representative of the population in general, a sizable portion of my blog’s readership are high-net-worth (“HNW”) individuals and owners of successful private corporations. If you are part of this economic group, you are undoubtedly feeling the impact of the rise in inflation. However, in general, HNW individuals are typically not as significantly impacted by inflation, as their higher monthly income provides a buffer to absorb higher monthly costs. In addition, many HNW jobs and business goods and services are in demand currently, resulting in higher wages and/or profits. While the above is not the case in all situations, for many high-net-worth people, inflation has a minor impact on their day to day lives.<br />
<br />If you are not a high net worth individual, the rise in inflation can be painful. The high cost of gasoline, groceries, restaurants, clothing, travel, appliances, cars etc. has raised your monthly costs 7% or so, or maybe higher depending upon how you consume or if you are required to drive long distances for work. <br />
<br />
So how does one offset inflation costs if their wages are not covering the increase in costs? Essentially, you have to watch your day-to-day spending and consider delaying or cutting-out some discretionary spending. This is also a suitable time to update or create a monthly budget.<br />
<br />You may want to consider the following tips to help you offset your rising costs and expenses:<br />
<br />
1. Review your Mortgage Term -As we are seeing, governments are increasing interest rates to offset inflationary pressures. How high and for how long these rate hikes continue are unknown. But interest rates in most cases cause the largest potential impact to family costs in the form of higher mortgage costs. If you have a mortgage advisor or financial planner, you should discuss with them whether you should lock in rates for a longer-term mortgage to provide cost stability. If you do not have a planner, educate yourself as best as possible and speak to people you trust about what tact you may want to take in respect of your mortgage.<br />
<br /> 2. Reduce and Consolidate Consumer Debt - Consumer debt can become very costly when interest rates rise. You need to consider if you can pay down any of this debt or consolidate into a lower interest rate.<br />
<br /> 3. Contain Food Costs -This is not a micro-cost savings blog, so I am not going to get into cost saving details, but as we all know, grocery and restaurant costs have increased substantially. You may need to pay more attention to your grocery planning and cut back on your restaurant visits.<br />
<br /> 4. Drive Smartly -With the explosion in gasoline prices, it may be prudent to cut down some non-essential driving and when driving with your spouse or companion, you may want to use the most gas efficient vehicle rather than the “nicer car”. <br />
<br /> 5. Cancel Unnecessary Subscriptions and Fees -You may want to review your various subscriptions and fees; as if you are like most people, one or two are not providing much value. This would include gym costs that are often new years resolutions that fade by March.<br />
<br /> 6. Review Larger Discretionary Costs -You unfortunately may have to consider cutting back or delaying on planned discretionary expenditures such as travel, home improvements, RRSP contributions etc.<br />
<br /> Many of your other expenses can be reduced or cut. Again, I suggest you prepare a detailed budget to help identify those expenses.<br />
<br />
<b>The Second Punch – The Stock Market Decline <br />
</b><br />
The stock market has taken a large hit in 2022 (the TSX has done better than most), however, the reality is that unless you are near retirement, you should have several more years to make-up any current year losses whether you are a high-net worth individual or not.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_A5iYa6XtP0jdgOgDXJRh4dC4PKNHvxRMQ1UbuH9nq27en9Kzf3mzXiWaAENDNiHw14cnHxnrb2HAPtJSbYLT1bL_Wyp83m2c6dbDm4q_gI4PbE_y6nZCmDev0fe1FSewtBKF4-T5kycPpZpz7bhEk7DxHk6Pq_VylWSUYufVXdB3So4Yx_XYkmGz/s4000/bull%20bear.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="4000" data-original-width="4000" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_A5iYa6XtP0jdgOgDXJRh4dC4PKNHvxRMQ1UbuH9nq27en9Kzf3mzXiWaAENDNiHw14cnHxnrb2HAPtJSbYLT1bL_Wyp83m2c6dbDm4q_gI4PbE_y6nZCmDev0fe1FSewtBKF4-T5kycPpZpz7bhEk7DxHk6Pq_VylWSUYufVXdB3So4Yx_XYkmGz/s320/bull%20bear.jpg" width="320" /></a></div><br />
While your investment statements will not be pretty, the strong market returns of the last few years have created a buffer. Historically, a long-time horizon until retirement will allow you to recover any current losses and hopefully have some significant future returns.<br />
<br /> This may be the appropriate time to review your advisor’s three, five and ten year investment returns to their established benchmarks and review their annual fees, to ensure you returns are reasonable and you are receiving value for your fees. I will not discuss potential re-allocations of your portfolio, as those should be discussed with your investment advisor. Keep in mind short-term fixes often come back to haunt you when things turn around. So, keeping to your plan with a couple tweaks, often is the best course of action, but speak with your advisor who is aware of your personal situation.<br />
<br />
Given many people have reported significant capital gains the last few years, you may want to discuss with your advisor (or consider yourself if you are a DIY investor) realizing capital losses on speculative holdings or other stocks that have suffered losses and do not fit your current investment strategy. Any losses realized in 2022 can be carried back against capital gains in 2019, 2020 and 2021.<br />
<br /><h3>The Effect of Inflation and Poor Markets on Retirees or Those People Close to Retirement<br /></h3>
<br /> I have written a couple times on how much money you need to retire. In 2014, I wrote an extensive six-part series titled How Much Money do I Need to Retire? Heck if I Know or Anyone Else Does! (the links to this series are under Retirement on the far-right hand side of the blog).<br />
<br /> I updated this series between January and March 2021, including a discussion on the factors that can impact both the funding of your retirement nest egg and your withdrawal rate in retirement. The randomness and unpredictability of these factors can derail even the most detailed retirement plans.<br />
<br /> Two of the most impactful factors on retirement planning are inflation and sequence of returns. As both these factors have reared their ugly heads at the same time, this one-two combo can really throw a wrench into the accumulation of your future nest egg if you are close to retirement. Furthermore, they can impact the retirement savings and withdrawal rates of those already retired.<br />
<br /><h3>Inflation Can Dramatically Impact Your Retirement<br /></h3><br />
Many financial plans I have seen over the last few years have been using a 2% inflation rate. However, a 2% inflation rate is at least in the short-term 4-5% too low. If inflation holds, many retirees will need to reduce costs and may have to make larger than anticipated withdrawals from their retirement funds.<br />
<br />The following excerpt taken from Investopedia, quantifies an example of the damage inflation can do to an American receiving social security. “In terms of the actual amount of money that inflation can cost retirees, the numbers are startling. LIMRA Secure Retirement Institute constructed a model demonstrating the effect inflation could have on the average Social Security benefit over a period of 20 years. According to its research, a 1% inflation rate could swallow up $34,406 of retirees’ benefits. If the inflation rate were to increase to 3%, the shortfall would total more than $117,000”.<br />
<br />Hopefully, the spike in the inflation rate is a short-term blip and government policies cause the rate of inflation to settle down to more recent levels. If not, there is no magical panacea. Retirees will be forced to review spending and possibly cut-back on items that are not necessary or substitute cheaper alternatives.<br />
<br /><h3>Stock Market Declines and Sequence of Returns <br /></h3>
<br /> As discussed above, for non-retirees, a drop in the market historically provides short-term pain only, as the investors portfolio has a long-time frame to recover and grow. However, for retirees (and possibly near-retirees) that is not the case and they are subject to what is known as Sequence-of-Returns Risk. For purposes of retirement planning, this refers to the random order in which investment returns occur and the impact of those random returns on people who are in retirement. In plain English, it relates to whether you are the unlucky person that retires into a bear(ish) market in 2022 or the lucky person who retired into the bull market five years ago. This is important because if your returns are poor early on, your retirement nest egg will not last as long as someone who had good returns early in retirement.<br />
<br /> For full transparency, most of the discussion below comes from prior blogs I have written on the subject of sequence of returns.<br />
<br />The sequence of returns phenomenon is illustrated very clearly on page 7 of this <a href="https://moshemilevsky.com/wp-content/uploads/2018/02/WHITEPAPER_2.pdf%20" target="_blank">report</a> by Moshe Milevsky and by W. Van Harlow of Fidelity Research Institute. In this example, two portfolios have the same return over 21 years but in inverse order. The portfolio with the positive returns initially ends up worth $447,225 in year 13, while the portfolio with the negative returns was depleted in year 13.<br />
<br /> If you read the article, you will note the authors also discuss the affect of inflation.<br />
<br /><h3>Can you solve for the sequence of returns? <br /></h3>
<br />Michael Kitces and Wade Pfau two of the most renowned retirement specialists both seem to agree that people can reduce the impact of sequence of returns near to, or early in retirement, by using something called a rising equity glidepath in retirement.<br />
<br />This strategy has you starting retirement with a lower equity component in your portfolio—30%, for example—and increasing it throughout retirement to, say 65% or 70%. The advice is counterintuitive, since consensus advice has always been to reduce equity as we age. But as Mr. Kitces and Mr. Pfau point out <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2324930" target="_blank">here </a>and <a href="https://www.youtube.com/watch?app=desktop&v=fEFzSjyG1Ro" target="_blank">here</a> (at the 6:12 mark), the glidepath actually reduces losses in your nest egg when you most need it (at the beginning of your retirement) and allows for recovery in later years as your equity increases.<br />
<br /> I am not qualified to condone or dismiss the equity glidepath. I am just pointing out some alternative thinking by two retirement specialists.<br />
<br />Retirement planning is difficult at the best of times, it can get downright ugly when inflation and poor markets occur simultaneously. Let’s hope, these are just short-term blips, but they are a wake-up call to the random risks we always have in saving for retirement and more acutely, for those already in retirement.<br />
<p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com5tag:blogger.com,1999:blog-4402283548766807872.post-23152535806396088962022-05-09T07:00:00.296-04:002022-05-09T07:00:00.209-04:00Talking with Your Parents about Planning, Documenting and Meeting on Their Estate<div dir="ltr" style="text-align: left;" trbidi="on">Let’s be honest, talking with your parents about estate matters can be a very uncomfortable discussion. In my experience, this process sadly starts in many cases, when a parent becomes sick or has a terminal illness. This is very unfortunate and not the best time to start estate planning.<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdxdJ10-IOJOIFNvz3cd071RynrCxvpeOrETFRe16zcKiA1rl6a9PYw6QngfziWeZ9419i6Vykg6oyzBRLNMCTSIMyNkwy1x38nhA06wP2L-QiLnO7HtPEimA2IZKB2PTg6db3C0TbprC-ON8E3UHmD9HeV7qDLOzQ-_5m6OyWR3awhf5ZicBd55R/s5550/Estate%20plan%20parents.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="5550" data-original-width="4350" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdxdJ10-IOJOIFNvz3cd071RynrCxvpeOrETFRe16zcKiA1rl6a9PYw6QngfziWeZ9419i6Vykg6oyzBRLNMCTSIMyNkwy1x38nhA06wP2L-QiLnO7HtPEimA2IZKB2PTg6db3C0TbprC-ON8E3UHmD9HeV7qDLOzQ-_5m6OyWR3awhf5ZicBd55R/s320/Estate%20plan%20parents.jpg" width="251" /></a></div><br />This parental discussion has a fair bit to unpack, as there are three component pieces. The planning component, which some parents do not undertake. The documenting element, which is often not done or incomplete. Finally, there is the family meeting which occurs infrequently. I will discuss each of these factors separately below.<br />
<br /><h3>How to Start the Planning Conversation<br /></h3>
<br />Many parents (I will use the plural parents throughout this blog post, but the discussion will apply equally to the "singular" parent) plan their estate without prompting. Others think it will magically plan itself or they just procrastinate as they do not want to contemplate their ultimate demise. In many cases, parents do not think it is their children's business to even discuss their estate planning. </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">So how does a child/children raise the estate planning issue without causing their parents to think they are greedy, nosy or rubbing their hands in anticipation of an inheritance? Here are some suggestions I have gleamed from various articles and from my personal experience.<br />
<br />
1. This may seem crude, but use another person’s poor planning as a way to start the discussion. Your parents may provide the opening when discussing “the mess their friend Mrs. Smith left her estate in”. Alternatively, you may bring up a bad situation one of your friend’s parents had or use an article in a newspaper or publication that discusses a messy situation caused by poor estate planning.<br />
<br /> 2. Set-up a scheduled time to meet with your parents and siblings to discuss their wishes for the estate, so that you and your siblings can support their desires. This meeting will hopefully make your parents feel that they are not being ambushed and feel there is a family consensus. Let your parents know specific dollar amounts do not have to be disclosed, which can sometimes be an impediment.<br />
<br /> 3. Directly ask if your parents are working with a planner. This may lead to an opening and request for a referral, or they may get their back-up. If the latter, don’t pressure them. It is very important to be patient and empathetic. Try again at a later time, maybe when one of the opportunities in #1 present themselves.<br />
<br /> 4. Flip the situation around and say you are working on your own planning and your advisor has asked is there anything your parents can share with you so that it can be built into your planning. Alternatively, where your parents may not be financially secure, the siblings can say they want to ensure they can help, but need to be able to plan for the assistance (or if the assistance will not be available, they want to help you minimize these financial concerns by planning in advance for such things as a reverse mortgage).<br />
<br />
There is no magic bullet to get the discussion started. Maybe one of the above strategies will work for your family dynamics. In any case, ensuring your parents have started their estate planning is beneficial for them and you and your siblings, especially if the children are executors of their estate.<br />
<br /> I suggest proper planning includes most of the following:</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><ul style="text-align: left;"><li>preparation of wills (should not be finalized until the family meeting discussed below)</li><li>personal care and financial powers of attorney</li><li>personal and possibly corporate tax planning</li><li>estate and probate planning</li><li>introductions to your parent’s key financial, insurance, tax etc. advisors</li></ul>
<br /><h3>Documenting Assets and Wishes<br /></h3> <br />
Having your parents complete their estate planning is a huge first step. However, if they do not document their assets, wishes, digital passwords etc. they will leave you and or your siblings and the executors a huge mess and a morose game of hide and seek at a time of mourning and distress. I therefore suggest strongly you get your parents to complete an estate organizer or listing of their assets and location. <br />
<br />
The listing will include at minimum the following:</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on"><ul style="text-align: left;"><li>location of important documents like will(s) and power of attorneys </li><li>where the safety deposit key and jewelry can be found</li><li>details of all bank, investment and real estate information</li><li>location of insurance policies and details of the policies</li><li>a summary listing of financial advisors' names and contact information</li><li>details of digital information from cryptocurrency to Facebook passwords</li><li>details of any prepaid funeral arrangements and/or wishes in regard to their burial <br /></li></ul>
There are several estate organizers on the internet or if you have a financial advisor, they will likely have one.</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /> In 2012, I wrote a blog post <a href="https://www.thebluntbeancounter.com/2012/01/estate-planning-tale-of-fathers.html">A Tale of a Fathers Selfless Act of Love</a>. This should act as your guide to the ultimate in planning and documentation. The link to the actual article noted in the blog is <a href="https://www.forbes.com/sites/moneybuilder/2011/12/12/reader-story-what-my-fathers-death-taught-me-about-estate-planning/?sh=590503e71b95">here</a>.
<br />
<br /><h3>Setup a Family Meeting</h3>
<br />
If your parents have planned and documented, then the final and penultimate task would be a family meeting (if not done as part of the planning). </div><div dir="ltr" style="text-align: left;" trbidi="on"> <br /> Some people suggest a family meeting have a formal agenda, others a less formal tone. In any event, the meeting’s objective is to ensure your parents' choices and decisions are heard in their voice by the family, so there is never a dispute to what you really wanted. </div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">Your parents can accomplish the following by having a family meeting:<br />
<br />
1. Share their spiritual and personal values and hopes for the future of their family <a href="https://www.thebluntbeancounter.com/2016/05/financial-ethical-wills-for-estate.html">(see this blog post I wrote on ethical wills).</a> <br />
<br /> 2. Discuss their healthcare wishes for all to hear. This would be the time to clarify who the power of attorney is for healthcare and their views on the right to resuscitation and even assisted death. For anyone who watches the TV show This is Us, in a recent episode Rebecca (the mother who has early onset Alzheimer’s) calls a family meeting to discuss who will make her health care decisions and how she expects her family to live and carry on once her Alzheimer’s progresses. I thought this was a great example set by the show.<br />
<br /> 3. Share their draft wills to determine if their thoughts on asset distribution are aligned with what their children want. Some parents will be open about the will, some will disclose certain information without actual financial details, and some will not want to discuss the will. If your parents have an open discussion about their planned distribution of assets, they may be surprised their perception is not reality. For example, they may have thought the children would want to share the cottage, but only one child even has interest in the cottage and they don’t have the financial means for the upkeep. This discussion can result in changes to the draft will.<br />
<br /> 4. Discuss any possible perceived or actual inequalities in their will(s) and their rationale. The rationale does not have to be accepted by all, but everyone can now at least understand these were not arbitrary or punitive decisions and could save significant family dis-harmony after their passing.<br />
<br /> 5. Identify who will be named executors. Most children have no idea of the responsibilities and the burden of being named an executor of the will. Your parents can explain the duties of the executor and determine if the children or child they wish to be an executor(s) are/is willing to undertake the position.<br />
<br /> 6. Indicate their burial plans and desires.</div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
These are some of the key issues a meeting can address, but the agenda is only limited by what your parents wish to discuss. In the end, the meeting provides a forum for your parents to discuss their wishes for healthcare and asset distributions in their own words and voices; which leaves no room for speculation upon their passing.</div><div dir="ltr" style="text-align: left;" trbidi="on"> </div><div dir="ltr" style="text-align: left;" trbidi="on">Talking to your parents about planning, documenting and meeting on their estate is a tall order. However, whatever you can accomplish from the above list will be beneficial for the estate, your parents and siblings and the executors. <br />
<br />
<p></p><p></p><p></p><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: inherit;">This site provides general information on various tax issues and other matters. The information is not intended to constitute professional advice and may not be appropriate for a specific individual or fact situation.
It is written by the author solely in their personal capacity and cannot be
attributed to the accounting firm with which they are affiliated. It is not intended to constitute professional
advice, and neither the author nor the firm with which the author is associated
shall accept any liability in respect of any reliance on the information
contained herein. Readers should always consult with their professional advisors in respect of their particular
situation. Please note the blog post is time sensitive and subject to
changes in legislation or law.</span></span></div>
<p></p>
</div>The Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.com0