2024 Year-End Tax Planning for Individuals

 November 14, 2024 |Charles W. Cullen III
As 2024 comes to a close, there are many items to cross off our "to do" list before 2025. One item that should not be overlooked is any opportunities to reduce your tax bill. To help ensure you leave no stone unturned, click the link. For even more information...
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Registered Retirement Savings Plan (RRSP) Maturity Options

 October 17, 2024 |Charles W. Cullen III
For those that turned age 71 this year, you must convert your Registered Retirement Savings Plan (RRSP). There are several options you can pick from, each with their own benefits and drawbacks. For help deciding what option is best for you, please reach...
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Pension Income Tax Credit

 October 10, 2024 |Charles W. Cullen III
For those age 65 or older, taking advantage of the pension income tax credit may make sense. To learn how it works, what income qualifies and how to structure your retirement holdings to take advantage of this credit, you can read this article. As always...
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Managing the Tax Impact of Realizing Significant Capital Gains in 2024

 October 03, 2024 |Charles W. Cullen III
With the federal budget changing the inclusion rate for capital gains, people now more then ever are looking at potential strategies that may help mitigate and manage the impact. This article discusses some of these strategies - to see if they are applicable...
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Testamentary Trusts

 August 29, 2024 |Charles W. Cullen III
One common way to distribute your estate is by using a Testamentary Trust, a trust that is created by your will. This article discusses some of the reasons you may want to consider using such a trust. For more information, as always, please reach out...
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Alternative Minimum Tax (AMT

 August 15, 2024 |Charles W. Cullen III
Alternative Minimum Tax has been in effect since 1986, however, in 2023 the federal budget broadened the impact it may have on high-income earners. To learn more, please click the article. To have a more thorough conversation, please reach out. Click...
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Determining Your Tax Residency Status in Canada

 August 01, 2024 |Charles W. Cullen III
In Canada, unlike the U.S., the income tax system is based on Canadian residency status. This articles discusses some of the factors that are considered when determining your residency status for Canadian tax purposes and some potential implications....
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Transferring a Foreign Pension Plan to Your RRSP or RRIF

 June 27, 2024 |Charles W. Cullen III
Many Canadian residents find themselves in situations where they have a foreign pension plan that was earned while working abroad. This article discussed transferring it back to a RRSP or RRIF on a tax-efficient basis. To see if this option could work...
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Are You a U.S. Person Living in Canada?

 June 20, 2024 |Charles W. Cullen III
The U.S. is one of the few countries in the world that levies tax on your worldwide income based on citizenship and residency status. An individual who's considered to be a U.S. person for U.S. income tax purposes, regardless of where they're living,...
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Old Age Security and Other Government Income Sources

 June 06, 2024 |Charles W. Cullen III
Starting at age 65, you are entitled to receive Old Age Security (OAS). For strategies on additional benefits you may qualify for, or conversely, strategies to help you reduce your exposure to OAS clawback, please click below. As always, for a more detailed...
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