Beware taxes on your US estate

If you own a condo in Florida or Arizona, as so many Canadians do, you may wonder whether you'll have to pay U.S. tax on it when you pass away. The U.S. estate tax system was in a state of flux during 2012, making it very hard for professional advisors to give their clients certainty about what would happen tax-wise upon their deaths, but the tax rules have now been settled. Click here to read a column by Jamie Golumbek in the Financial Post that explains very clearly whether or not you'll have to pay tax in the U.S. if you own that vacation home when you pass away. Yes, you heard right - an article about tax that will give you a clear answer!

Prepare Your Business for the Unexpected

When I talk to business owners about their plans for one day leaving their business, I often hear them say that they are so busy running their business that they simply don't have time to plan to leave it. While I understand that it takes an enormous amount of time and dedication to making a business a success, I urge business owners to realize that planning for one day being out of the picture should be part of running that business.

After all, we don't always get to choose when and how we leave our careers or businesses. We could pass away unexpectedly, or become ill or disabled. Or, on a brighter note, a really great opportunity to sell at a fabulous price could come along at any time. But you have to be ready no matter what comes down the pipe if you want your business to carry on properly if you're no longer there.

Drew Hasselback of the Financial Post has a really good article on this topic today, with great advice. Click here to read the article.

Working longer only way to keep pension afloat

By this time, we've all heard it said that the standard retirement age of 65 is slowly rising, and that early retirement is a thing of the past. This latest article from the Financial Post delivers the latest news from the Organization for Economic Co-operation and Development. Click here to read it.

Sibling battles brew over parental care

Well, it's true. Siblings certainly do fight over the possible care for a parent, for a hundred emotionally-laden reasons. This article from the Financial Post talks about what the parent can do to prevent it, and identifies some useful resources. Click here to read the article.

Retire early, it's cheaper

This article from the Financial Post discusses a couple of strategies for maximizing money available at retirement and reducing your tax hit. Click here to read it and see if one or both of these strategies might work for you.

Retirement live chat this Wednesday - Financial Post

I love these live chat things, though the one time I was the host I was extremely nervous. This Wednesday, there will be a session with Garry Marr and Andrew Pyle, Scotia McLeod wealth advisors. Click here to learn more about how you can join in (see you there!).

If you own a vacation home in the USA, read this

You may or may not know that the estate tax in the US has been in limbo this last year due to a re-vamping of their tax system. It has caused uncertainty for advisors and consumers alike, but now the Americans have got their new system in place for 2011. This column in today's Financial Post talks about how the new estate tax will affect Canadians who own property in the US when they pass away. Click here to read it.

Tax scheme too good to be true?

I found this article in the Financial Post to be truly interesting, particularly as it reveals the numbers of Canadians who are using (or WERE using) these donation schemes in the hopes of reducing taxes. It's a long article but very well done and informative. Please read the article here if you're thinking of going to a seminar to learn how to use tax shelters.

Top Tax Tips for Year-End

This article from the Financial Post contains tax ideas for investors and business owners. Check it out by clicking here.

Forget cash donations, give securities instead

This article from the Financial Post talks about the tax reasons behind giving securities instead of cash to your favourite charity. Click here to read it.

Too many clowns with no financial plan

This story from the Financial Post says that 80% of Canadians don't have any form of comprehensive financial plan. I can well believe it. The article also discusses how financial planning is not synonymous with saving. Click here to read the story.

The boomer apocalypse is on its way

Click here to read this article from the Financial Post that talks about how the government is planning to prepare for the upcoming mass retirement and aging of  baby boomers. The discussion of "pension envy" is enlightening!

Research reverse mortgages before you need one

A reverse mortgage is often described as a way seniors - those who are house-rich but cash-poor - can continue to live in their homes and generate extra tax-free cash flow. There's a good article in the Financial Post attached. Click here to read it.

Most think retirement planning should start before 35 but 40% haven't planned at all

Interesting story from the Financial Post. Click here to read the article.

How an estate freeze can help you minimize tax

Here is a good article from the Financial Post about small business owners and estate freeze. This is a really popular form of tax planning that many business owners find to be exactly what they need. Click here to read the article.

(Attached photo by Caroline Blumberg is also from that article).

The Risks of Longer Life

There is a good article in today's Financial Post talking about how, now that people live longer, we outlive our finances. They bring up some great points, and have some ideas about how to avoid running out of money during your retirement. Read it here.