Donate securities to charity (and be a bit of a tax Scrooge)

You may have heard that there are tax advantages to giving to charity, particularly if you want to give shares and securities, but do you really understand how it works? Do you know whether it might work for you? I'm attaching a link to an excellent article in the Globe and Mail by Tim Cestnick that really explains it well. Click here to read it. Although the article talks about charitable giving while you're alive, the same tax principles apply to giving to charities through your will.

The tax benefits of charitable giving explained

Clients often ask me if there is a tax break available if they leave charitable donations in their wills. The answer is yes, and this article from The Financial Post explains how it works. It also talks about donor advised funds work, such as the Aqueduct fund that I work with here at Scotia Trust. Click here to read the article.

When maxing out your RRSP makes sense and when it doesn't

More good advice and information from the Globe and Mail, this time about tax planning and RRSPs. Click here to read the article.

Trial and Heirs' top tips for 2011

This story was posted on a blog called http://www.probatelawyerblog.com/ which features celebrity estate fights. It looks back on celebrity estate mistakes of 2010 and gives some suggestions for planning in 2011. The tax information is American, but the tips are still worthwhile. Click here to read it.

Tax implications of owning a recreational property

In this article, lawyer Douglas Gray goes into some detail about taxation of persons who own recreational properties when those properties are sold or the owner passes away. Taxation is one of the biggest challenges for a family trying to complete its estate plan with a recreational property in the mix. There are other issues too, as I've blogged about before, but the taxes and their impact on your estate are definitely something you have to consider. Click here to read the article. And please, always make sure that you crunch YOUR numbers with your accountant before relying on general advice.

Intergenerational transfer of farm property

A while ago I blogged about the basics of a farm rollover, always intending to go back and flesh out the subject with more detail. Now I find that someone else has done that already, and probably better than I would have done, given that this author is a chartered accountant and tax specialist. So those of you with an interest in the tax implications of farm rollovers, about who qualifies, etc, click here to read this article by Jason M. Stephan.

Small business capital gains exemption

Taxation is a big factor in any business succession plan. It's important that someone selling or otherwise transferring a business understands how the tax arising from the transaction will affect everyone involved. I've found an article by Mark Borkowski that discusses how a seller can use the lifetime capital gains deduction. Click here to read it. This is really well-explained and readable, so I suggest that any business owners who are contemplating an estate freeze or who want to know more about taxation in business succession planning should read this article.

Want lower taxes? Start planning now

The Globe and Mail ran a story yesterday about how planning can help reduce your taxes. I notice that they also have a live "tax chat" on November 1, which might be a good place for some readers to ask a tax expert some questions. Click here to learn more about the online tax chat.