Andrew Stewart

Vice President & Senior Investment Counsellor

Tel: 780-408-0518
Tel: 780-408-0525

Address

BMO Private Wealth
10175 101 St NW
20th Floor
Edmonton, AB
T5J 0H3
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Publications

Tax Planning

Retirement Planning

Understanding the Basic RRSP Rules

Investing in a Registered Retirement Savings Plan (“RRSP”) is one of the soundest ways to ensure you enjoy a financially secure retirement. In order to maximize the benefits of an RRSP, it’s important to have a basic understanding of the rules that govern them.

Tax-Free Savings Account

The Tax-Free Savings Account (TFSA) is a savings plan that allows Canadians to invest and earn tax-free returns. Any income (interest, dividends, and capital gains) earned is tax-free.

Your RRSP Maturity Options

You’ve saved and invested wisely over the years in a Registered Retirement Savings Plan (RRSP). Now that you’re retiring, you’ll need to use your RRSP savings to supplement your pension and government benefits to create the retirement lifestyle you’ve been planning. The question now becomes, what RRSP maturity option is best for you?

RRIFs' tips and considerations

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement.

Retirement Expense Worksheet

As you plan for your retirement, it is critical to consider your current expenses as well as your future expenses.

Registered Retirement Income Funds

Selecting the right retirement income option for your Registered Retirement Savings Plan (RRSP) is one of the most important financial and estate planning decisions you’ll make. This is especially true today, when statistics show that Canadians are living longer, healthier lives.

Locked-in Retirement Plans

While staying with one employer for your entire career used to be the norm, statistics indicate that most of us will work for four or five different employers prior to retirement. If you are entitled to a vested pension benefit under a pension plan, each job transition may provide you with an opportunity to transfer your pension to a vested and locked-in registered plan.

LIF Minimum & Maximum Withdrawal Schedule

Each year the amount that you can withdraw from your Life Income Fund (LIF) will vary depending on your age, the value of your plan at the beginning of the calendar year, and the provincial or federal pension legislation governing your plan.

Get a TFSA working for you

The benefits and flexibility provided by a Tax-Free Savings Account (TFSA) make it an ideal solution to save for multiple financial goals. While TFSA contributions are not tax deductible; they grow tax-free, can be withdrawn tax-free at any time, and there are no restrictions on how you use the funds once they’re withdrawn from your TFSA.

Retirement planning: CPP/QPP, RRIF and OAS considerations

When the time for retirement arrives, payments from the Canada Pension Plan or Quebec Pension Plan (CPP/QPP), Registered Retirement Income Fund (RRIF), and Old Age Security (OAS) are the main sources of retirement income for many Canadians. It is important to consider these income streams and discuss the planning opportunities with your financial professional as you approach your retirement years. This publication provides an overview of these programs and some factors affecting the decision-making process.

Checklist: More than 10 years to retirement

Welcome to tomorrow. Prepare now to retire well later.

Checklist: Between 2 and 10 years to retirement

A clear path to retirement requires a clear plan. If retirement is now on the horizon and no longer a distant goal, you’ll want to make sure preparing for it is a priority. Using this time to continue to save and build your assets, while paying off outstanding debt can really make a difference. This is also the perfect time to put some serious thought into what your retirement will look like. This checklist will help you do just that.

Philanthropy

Donating Appreciated Securities

The benefits of making a charitable donation are countless – from helping those in need to the personal satisfaction of giving back to the causes that are important to us. Charitable giving also makes good sense from a tax perspective. With proper planning, you can reduce your total income tax liability and maximize the value of your donation.

Business Advisory & Succession Planning

Who Will Buy My Business?

Once a business owner decides to start the process of selling his/her company, one of the first considerations is who will purchase the business. Each potential buyer will approach an acquisition opportunity with a different view of the business’ strengths, weaknesses, opportunities, and threats. In addition, the type and number of buyers interested in acquiring the same business may have a significant impact on its perceived value, and purchase price. Understanding the types of buyers and potential advantages and disadvantages of engaging with each, may help business owners determine their priorities when selling their business.

A Guide to Individual Pension Plans

An Individual Pension Plan (“IPP”) is a defined benefit pension plan that is designed for high-income earning executives, small business owners, and incorporated professionals, such as doctors, dentists, and lawyers. An IPP allows eligible individuals to accrue retirement income on a tax-deferred basis and is an excellent way to increase your retirement nest egg, as contributions are higher than those available through a Registered Retirement Savings Plan (“RRSP”). An IPP is most suitable for individuals between ages 40 and 71 who have T4 earnings generally greater than $154,611 in 2020.

Do you have a succession plan for your business?

A succession plan would detail the business owner’s desires with respect to the management of the business and the disposition of their shares. This is very important because business owners devote a significant amount of time, energy and, in most cases, their own money to building their business. If you’re contemplating a sale to a third party or a transition to family or employees, setting goals, having a vision and developing a formalized business succession plan are critical for success.

COVID-19 Update

Beware of the Parallels Between Today and the Great Depression

May 4, 2020: There is an interesting paradox occurring today where the current economic and market environment is described as ‘unprecedented,’ yet there are consistent parallels drawn between the present circumstances and the Great Depression of the early twentieth century.

Philanthropy Emergency Response Guide

April 30, 2020: As we all adapt to these extraordinary times, many are also considering how to best support those who are in need during the COVID-19 pandemic. The BMO Philanthropic Advisory Services team has developed this Philanthropy Emergency Response Guide containing timely and relevant information on making an impact during the COVID-19 crisis through philanthropy.

Five Best Practices for Business Owners During Uncertain Times

April 30, 2020: The COVID-19 crisis has created an uncertain time for business owners, regardless of the industry in which they operate. Given these challenging times, the BMO Business Advisory and Transition Planning team has outlined five best practices to help business owners focus and manage their business effectively.

Tax Planning Strategies

Tax Tips For Investors

Knowing how the tax rules affect your investments is essential. Tax strategies that you should consider such as income splitting, charitable giving and estate planning.

The Tax Consequences and Benefits of Charitable Giving Through A Will

People often choose to fulfill their philanthropic goals by making gifts to charity in their will. There are many benefits to this form of giving and one of them is the tax benefit. When an individual provides for a charitable gift in his or her will, his or her estate is entitled to a donation tax credit. If the estate qualifies as a “graduated rate estate” (GRE), the donation tax credit may also be used to reduce or completely offset the tax liability that arises from the deemed disposition of capital property that occurs upon death. In the year of death and the year prior to death, up to 100% of a taxpayer’s net income can be offset by charitable donations.

Canadian Snowbirds and U.S. Income Tax

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

Managing Your Wealth

Wealth Planning Facts & Figures

This is a helpful resource summarizing important tax, retirement and estate planning information.

Insurance Considerations

Insurance Considerations for Business Owners and Incorporated Professionals

Estate & Succession Planning

Digital Assets and Your Estate Plan

This article discusses common digital asset considerations and important information for making sure they are properly addressed in your estate plan.

Preparing Your Last Will and Testament

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

Succession Planning for the Family Farm

This article addresses common questions asked by our agricultural clients regarding succession planning of the family farm.

What Happens When a Canadian Resident Dies?

What Happens When a Canadian Resident Dies? discusses what happens to the assets of a deceased Canadian resident from a tax and estate perspective.

Estate Information Organizer

This is designed to help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and other information needed to administer your estate or act as your Power of Attorney for Property

Planning for the Family Vacation Property

If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.

Economic and Market Updates

Global Markets Commentary

The monthly Global Markets Commentary provides an overview of recent global events and their impact on the markets.

Education and Knowledge

Periodic Table of Asset Class Returns

As the Periodic Table of Returns demonstrates, your portfolio should be well diversified amongst global asset classes to enhance return and reduce risk. Click to read more.