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Yahoo
01-03-2025
- Business
- Yahoo
Frustrated filling out tax forms? FP Video talks to the experts
With tax season underway, FP video guests have some tips on filing your 2024 income taxes, and how U.S. President Donald Trump's tariff threats might impact Canadian banks. Kelley Keehn, co-founder of Money Wise Workplaces, walks you through getting organized for this year's tax season. Tax expert Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, fills us in on what is new this year. Canada's biggest banks have made adjustments as they prepare for potential tariffs from President Trump, including creating a monetary cushion, a spending pause and calling for a deregulation head to cut red tape. Pipeline no longer a pipe-dream? FP Video examines Avoid these common mistakes at tax time How will U.S. tariffs impact Canada's banks?
Yahoo
22-02-2025
- Business
- Yahoo
Charitable securities donation might be the most tax-effective way to give
If you're thinking of giving to charity this year, a securities donation might be the most tax-effective way to do so, according to one tax expert. 'That is probably the best opportunity in terms of tax-effective charitable giving,' Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, said in a recent interview with the Financial Post's Larysa Harapyn. 'You're getting a donation receipt and you're paying no tax on those gains.' He said that donating stocks or mutual funds directly to a charity has additional benefits compared with cash or credit card gifts. One benefit is that you receive a charitable tax receipt for the fair market value of the securities to claim as a donation on your tax return. In addition to that, you avoid paying capital gains tax on the entire accrued gain on those shares. The charitable tax donation deadline for 2024 has been extended to Feb. 28 but the extension does not apply to securities donations. That doesn't mean that you can't take advantage of the opportunity while planning for the 2025 tax year, however. Golombek recommends putting together a budget of how much you want to give to charity and making those donations through stocks in which you've accumulated large capital gains. The federal government's capital gains inclusion rate increase, which was supposed to be implemented on June 25, 2024, has been postponed to Jan. 1, 2026. Canadians might already notice some changes to the Canada Revenue Agency's forms when filing taxes this year, Golombek said, but they won't impact anything yet. A new rule that Airbnb-owners should keep in mind for the 2024 tax year is the limitation for expenses on short-term rentals. If you rent out a property in a zone where it's illegal to do so, according to your municipality, you won't be able to write off any expenses, including mortgage interest, against that rental income. 'So, just be forewarned,' Golombek said. He also reminded Canadians who have made contributions to the First Home Savings Account this year that they don't need to claim that amount in 2024. Instead, Golombek said it could be more beneficial to save it for a future year when they are in a higher tax bracket. Students with a Registered Education Savings Plan can also be strategic with their use of the basic personal amount on which they do not pay any income tax. Golombek said they can take out up to that dollar amount from their RESP every year and pay no tax on their withdrawals. 'Something for parents and kids to think about,' he said. 'If you don't claim that basic personal amount, you lose it forever for a particular year, so it's something you want to try and take advantage of every year.' Golombek advised self-employed Canadians to keep receipts of their expenses for their statement of business income. If you're travelling or taking clients out to lunch, it's also a good idea to write down who you met with and the purpose of that meeting on the receipts in case the CRA audits you and asks you to justify why that was a legitimate business expense. Beware of what can go wrong if someone with a TFSA dies Capital gains mess may be over, but effects of poor tax policies linger on 'CRA is looking at them so you want to make sure you've got backup for your expenses,' Golombek said. The 2024 tax filing season officially begins on Feb. 24. • Email: novid@ Sign in to access your portfolio
Yahoo
22-02-2025
- Business
- Yahoo
Pipeline no longer a pipe-dream? FP Video examines what changed
FP video roundup this week looks at the possible return of a west-east pipeline project, offers top tips for preparing your 2024 taxes, and considers how interwoven Canadian food security is with the United States, who just can't get enough of our imported produce and products. Peter Tertzakian, president of talks about how Canada has some big decisions to make to secure energy for future generations. Jamie Golombek, managing director, tax and estate panning at CIBC Private Wealth Management, has some tips for preparing your 2024 taxes. Canada's food system, much like every other corner of the economy, is interwoven with the United States. We eat their stuff; they eat our stuff, and, were a trade war between our two nations to erupt everybody would lose. Jamie Golombek's tips for preparing your 2024 taxes West-East pipeline is key to securing Canada's energy future Sign in to access your portfolio
