The 2020 issue of our annual newsletter, The Checkup, is now available for download.
In this edition, Kiren Sethi discusses the tax benefits of donating publicly-traded shares and life insurance policies to charities; Alana Engelberg explains the Canada Revenue Agency's policies on how gifts made to employees are taxed; Andrea Nagy navigates us through the options for an insolvency involving significant tax debts; and selected principal residence exemption issues are addressed by Rustem Moldagazinov. We have also updated the due dates for certain tax filings and payments coming up in 2020.
A Message from the Editor
Benjamin Franklin is credited with penning the words, "In this world nothing can be said to be certain, except death and taxes." Based on this quote, perhaps he secretly wanted to add "accountant" to the long list of endeavours he pursued, which included writer, politician, scientist, inventor, philosopher, amongst many others.
To most people's relief, these two certainties are only encountered periodically, but for accountants, we live them almost daily. As accountants, we need to take care of our client's tax compliance and filings and we need to proactively seek out opportunities to undertake tax planning to minimize our client's tax liabilities; however, we also need to advise our clients on how best to prepare and plan for the other certainty – death. This is the crossover. It is important for accountants to encourage their clients to have updated wills in place, to execute Powers of Attorney for both personal care and property, as well as to consider a well-thought out post-mortem plan which includes how best to distribute his or her estate and make philanthropic gifts in the most tax efficient manner.
I spent a considerable amount of time dealing with death and taxes in 2019. Personally, I lost a family member and two clients in 2019, mediated a family meeting consisting of five siblings wherein we proposed a complex, but necessary, post-mortem tax plan to minimize the tax liability associated with the patriarch's inevitable passing, and presented selected estate tax planning issues and considerations to the members of the Society of Tax and Estate Practitioners (STEP). We are here to help. If you need assistance dealing with these issues and/or want to plan for your eventual passing or the passing of a family member, please reach out.
Although he can be excused for doing so, Benjamin Franklin missed identifying a third certainty in this world – a jam -packed, informative and interesting issue of The Checkup. This edition will surely not disappoint. Kiren Sethi discusses the tax benefits of donating publicly-traded shares and life insurance policies to charities; Alana Engelberg explains the Canada Revenue Agency's policies on how gifts made to employees are taxed; Andrea Nagy navigates us through the options for an insolvency involving significant tax debts; and selected principal residence exemption issues are addressed by Rustem Moldagazinov. We have also updated the due dates for certain tax filings and payments coming up in 2020.
Enjoy!
Aaron Schechter, CPA, CA, TEP, Aaron Schechter Professional Corporation, Partner - Tax Group
Click here to download the latest edition of The Checkup.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
