Senior Investment Counsellor & Portfolio Manager
BMO Private Wealth
1250 boul. René-Lévesque Ouest
While most Canadians are aware of the April 30 personal income tax filing deadline, there are other important tax deadlines that must be observed over the course of the year – especially if you want to take advantage of certain tax deductions and credits. This calendar summarizes several important dates on the tax calendar and offers some tips to help you with your overall wealth planning. Where a deadline falls on a weekend or a holiday recognized by the Canada Revenue Agency (“CRA”), the deadline is generally extended to the next business day.
Like many Canadians, making the world a better place and creating a legacy aligned to your personal values, beliefs and convictions is an important wealth planning priority. Establishing a private foundation can help you achieve these priorities and give meaning and structure to your philanthropic goals. It can also help you to pass these values on to your children and grandchildren, by involving them and other family members in your giving strategy and family legacy.
Benefiting the community and the family.
Is your personal wealth strategy as refined as your business strategy? Managing your business and family wealth strategies can present a number of financial, personal, business and emotional challenges, especially in times of change or uncertainty.
Selling their company is usually the largest and most challenging financial transaction of a business owner’s life. For most owners, selling a business only happens once and selling the business represents the culmination of their life’s work. Often the business bares their name and holds a place in their heart right next to the kids. For these reasons, selling the business is not just a technically challenging process, it’s also emotionally complex.
As a business owner, the decision of when to sell your business must be carefully planned, and included as part of a long-term succession planning strategy. Planning for the sale well in advance allows you to prepare your business to ensure you’re in a position of strength to negotiate and maximize the proceeds of the sale.
The successful transfer of wealth to the next generation requires the careful construction of a plan that considers the wealth requirements of each generation and the communication of a family constitution across the generations. Only about 10% of wealthy families adequately prepared the heirs for their future. Intergenerational wealth transfer does not happen by accident; families must work together to document their constitution and build family governance that will manage the wealth over the generations.
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.
Make better investment choices by understanding and reducing bias. BMO Wealth Management provides insights and strategies around wealth planning and financial decisions to better prepare you for a confident financial future.
Are they prepared? Children and grandchildren need to get ready for their roles as inheritors.
The monthly Global Markets Commentary provides an overview of recent global events and their impact on the markets.
Finance Minister Chrystia Freeland presented her second Budget (and first from the re-elected minority Federal Liberal government) in the House of Commons on April 7, 2022.