During a misguided summer in the late 1970’s I worked for my father, an accountant, to make money for a trip to
Europe. To my father’s consternation (he was asked to try out for the Cleveland Indians but became an accountant instead due to family circumstances) I continued along the path of becoming a Chartered Professional Accountant. Along the way I moved from accounting to income tax, from a Big 4 firm (PWC) to a boutique firm, to a two person partnership, to Cunningham LLP, a mid-sized accounting firm in , and back now to a national accounting firm. Toronto
As someone who has been an accounting partner, tax partner, managing partner and partner in charge of Wealth Management, I speak from several perspectives within the accounting profession.
I love sports and played baseball, hockey and basketball, but with age and body erosion, I turned into a golfer. I enjoy good food, music and travel. I have been a Big Brother, acted on the Investment Committee for the Reena Foundation and have been involved in the Make A Wish Foundation on a committee level and as a wish grantor with my wife. We intend to grant more wishes over the next couple years,
Finally, I for some unknown reason have always enjoyed writing and thus, this blog.
Can you explain how a RRIF in a segregated fund is taxed upon death. It has adult children as named beneficiaries. Is there any benefit to having a RRIF in a segregated fund?ReplyDelete
Upon death if the RRIF if left to adult beneficiaries whether in a seg fund or not, the RRIF is deemed disposed and the estate of the deceased must pay tax on the value of the RRIF at death. I dont provide investment advice, so no comment on a RRIF is a seg fund, but in my practice I rarely see such.
I would take to know of there is a tax sheltered method to transfer monies from my holdco to a resp or ITF for my childrenDelete
Not that I am aware of. Many people have a family trust own their opco which is an indirect way of accomplishing the above.
We have a contractor business and sometimes work for or hire a sub. I would like clarification on how to pay a sub - have the sub submit an invoice to us and pay the agreed amount. Then if we work for the sub we would invoice the sub for the work, then pay our employees through payroll that worked on the job and at year end submit aT5018 to cra. The sub wants to use our BN number and put each persons info that was on the job on a T5018 and submit to cra. I don't think this is right and could cause us tax implications.
Your comments would be greatly appreciated.
You should speak to your accountant, or here is the CRA's link
What's your current favourite basketball team and player?ReplyDelete
Raptors and Wiggins since he is from TorontoDelete
How would someone figure out, and then find, the right TYPE of accountant that would be needed to provide specialized advice? I have invested in a limited partnership to develop property, and it looks like it will become a bigger, longer term thing rather than a one-off investment. I have a regular day job and am wondering what kind of accountant can help me determine whether I should create and invest as a corporation or the best way to structure my involvement for tax purposes? Is there a special type of accountant for this? I am not what one would call HNW (portfolio only ~$1,000,000) so not even sure if there are options available to me. Thank you.ReplyDelete
Hi Anon, I would look for an accountant with real estate experience and tax expertise.Delete