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Monthly Archive for: ‘March, 2012’

Investco | Federal Budget 2012 Summary

A leader in the timely and thorough preparation of tax information on a wide range of issues, Invesco has been providing a customized summary of the Federal Budget for more than a decade. This summary has been prepared from within the budget lock-up in Ottawa by Doug Carroll, Invesco’s Vice President of Tax and Estate Planning. As is our practice, …

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Budget Tests Client Retirement Assumptions

Originally published on Advisor.ca There’s no question, the biggest piece of news out of the federal budget is increased age at which Canadians will qualify for Old Age Security payments. The good news is that the government has given plenty of notice. The decision to delay OAS payments until age 67 will require advisors to rethink all financial models and …

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Budget Delays OAS Eligibility to 67

Originally published on Advisor.ca The federal government hiked the eligibility age for Old Age Security (OAS) to 67 from 65 reflecting the reality that Canadians are living longer and healthier lives, and may prefer to keep working. However, the changes won’t begin taking effect for 11 years. Federal Finance Minister Jim Flaherty announced the adjustments in today’s federal budget, which …

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Feds Improve, Streamline RDSP

Originally published on Advisor.ca Despite its austerity, this budget was a huge boon for disabled clients. “There were a number of very positive changes to the RDSP,” says Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management. Under certain circumstances, a plan-holder can now withdraw up to 10% of the plan’s fair market value at …

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Budget a Downer for Seniors

Originally published on Advisor.ca Aside from his $110 brogues, Finance Minister Jim Flaherty’s budget had little that was new for the nation’s senior population. Even the push back of the age of eligibility for OAS from 65 to 67, which comes into effect in 2023, doesn’t affect current recipients or those nearing retirement. Financial types are largely underwhelmed, some even …

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Budget 2012: Small Business Issues

Originally published on Advisor.ca There were a few items of significant interest to small business owners in the 2012 Federal Budget. Most of them are reflected in the government’s expressed concern for closing perceived tax loopholes.  Here are some prominent items relevant to small business owners that should be reviewed.

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Industry Reacts to Budget 2012

Originally published on Advisor.ca Reaction to the federal budget came swiftly from several industry associations, accounting firms and advocacy groups.  Here’s a selection of their thoughts: IIAC The association supports the long-term vision in the federal budget. “We have not had a strong recovery since the 2008 financial crisis, and only modest growth is expected over the next few years. …

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Changes to Life Insurance Policy Exemption Test

Originally published on InvestmentExecutive.com As part of Budget 2012, unveiled Thursday, the Canadian government is proposing a number of key changes to the test it uses to determine which life insurance policies are to be considered exempt policies, and therefore exempt from accrual taxation on the income earned in the savings portion of the policy. The purpose of the exemption …

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Budget 2012: Reaching for Balance

Originally published on Advisor.ca Finance Minster Jim Flaherty has tabled his first majority-backed budget. With the power to push through the Conservative agenda, he has taken aim at public pension plans in an attempt to shrink the size of the government and whittle down the deficit.

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Assumption Life | What's Up, Assumption Life? (February and March 2012)

In this issue: Changes to Odyssey Universal Life: premiums will not increase! Financial Services: new toll free fax number Reminder: procedure for commissions on segregated funds Reminder: summary report of GIAs to be renewed posted online Award winning funds on Assumption Life’s platform Rated A- (excellent) by A.M. Best Record Sales and Stable Profits at Assumption Life Direct access to …

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