Watch Jason Watt, CD, CLU®, RHU™ of Business Career College Corp. discuss the Coordinating with Financial Planners - FAQs.
AREAS OF FREQUENT QUESTIONS BY FINANCIAL PLANNERS (linked)
- Principal Residence Exemption ( Principal Residence Folio ) as it relates to:
- Multiple properties (eg. cottage and house)
- US Property (as in the most recent Tax Lane)
- Farm Residence (the home quarter or whatever slang gets applied)
- Farm Rollovers between spouses and to the kids.
- Incorrect assumptions around taxation at death. As an example, a lot of people don’t realize that spousal rollovers of capital property are available any time, not just at death.
- US Persons and their Canadian tax situations. Complicating factors include filing of tax returns; use of TFSA, RESP, and RDSP.
- Private Health Services Plans / Health Spending Accounts: keeping them compliant and what rules apply and don’t apply. A lot of the information around these is based on Circulars and Interpretations that accountants will typically have access to and benefits brokers may not have access to.
- Active and Passive assets in the corporation, and the overall use of the LCGE – CRA and Business Career College
- Attribution rules. One may fall offside fairly easily with the attribution rules, whether it’s informal trusts for kids, or gifting shares of the business to the spouse.