FiscalAgents.com Money Management Newsletter: June 2012

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June 2012,
Issue 101
Residency rules snowbirds need to know

Avoiding Canadian winters by heading to the warmer climate of the southern United States has long been a common goal for Canadian retirees. These snowbirds look to enjoy the warm weather while maintaining their Canadian ties. For many it’s a great way to spend a part of their retirement, as long as they are aware of the potential tax consequences.
Use
the Read
More
link to view the complete article.


Attribution rules re: Gifts, transfers, or loans to
a spouse or a related minor child

If income-producing property, or money which is used to purchase income-producing property, is transferred or loaned to a related minor, either directly or indirectly, or by means of a trust, the income from the property will normally be attributed back to the person giving the gift or loan. The capital gains from the property will be considered capital gains of the minor.
Use
the Read
More
link to view the complete article.


E-mail fraud causes tax trouble

Even the judgment reads like a screenplay, with a cast (as the judge called it) that included a 23-year-old girl whose father had just been assassinated; a security “diplomat”; transcontinental couriers; and a handful of pliable airport officials. Add to that our unsuspecting taxpayer—a Calgary lawyer named CR—and things were ripe for a $400,000 fraud.
Use
the Read
More
link to view the complete article.


Tax Topics: Insured Annuities

GICs are a great way to guarantee an income, but is there a better way? Perhaps this article (provided by Manulife Financial's Tax & Estate Planning Group) will provide some insight to Insured Annuities.
Use
the Read
More
link to view the complete article.


What happens to locked-in pension funds?

If an individual was previously a member of a pension plan, they gay be entitled to transfer their locked-in pension funds to a locked-in RRSP (also called a Locked-In Retirement Account or LIRA). Locked-in funds are not generally available for cash withdrawal and must be used to provide some form of life retirement income. Various pension jurisdictions do allow for earlier access under the following circumstances.
Use
the Read
More
link to view the complete article.


A saver's road map for twentysomethings

We've provided a list of helpful tips for younger people who would like to put some more into their savings account.
Use
the Read
More
link to view the complete article.


Next time somebody says GICs are for the birds

We've provided an extract from David Trahair's book titled Enough Bull - How to retire well without the stock market. It describes the risks and pitfalls in choosing a number of different types of fixed term investments, and provides reassurances and guidance in the direction of a GIC-focused portfolio.
Use
the Read
More
link to view the complete article.


Newlyweds need to talk about money

You’ve fallen in love and you’ve decided to tie the knot. Falling in love is a time of joy, hope, discovery and optimism. Part of love and new marriage is dreaming about the future – a future of travel, buying a house, having children and living happily ever after for the rest of life. Some say money can’t buy happiness but these dreams requires some amount of money.
Use
the Read
More
link to view the complete article.


Income-splitting using testamentary trusts

If you're considering leaving an income-producing inheritance to someone, putting part or all of it in a trust instead of giving it directly to your beneficiary can impact the family tax bill. Sharing the income (income-splitting) between a testamentary trust (established upon your death through your will) and your heir is a good way, when planning your estate, to save tax, especially if your heir is already to a high tax bracket. A testamentary trust pays tax on any income generated that is not paid out to beneficiaries.
Use
the Read
More
link to view the complete article.


Planning for your child's future

In today's hectic world, planning plays an important role in the way we live our lives. From major decisions like what kind of car to buy to relatively minor issues such as what to wear to work, planning is what makes our lives run smoothly. But while most of our lives would crumble without the structure of the plans we make, we often put off tackling the chore of making the most important choices: planning for our future and the futures of our children.
Use
the Read
More
link to view the complete article.


Fiscal Agents Launches MoneyGuide iPhone Application - And its free!

The MoneyGuide app provides conservative investors with guaranteed investment (GICs) rates of return, mortgages, retirement and tax free saving accounts, along with product and company profile information. Now you can keep up-to-date anywhere you go – sort by term, deposit amount, issuer. On screen statistics, hundreds of data points and updated throughout the day.
Use
the Read
More
link to view the complete bulletin.


Today's
Market Rates
 
Taken from the FiscalAgents.com
Money Centre
, as of 21/6/12
Term
Deposits
1.65%
Annually,
180-269
Days, $5,000
GICs
2.73%
Annually,
5 Year, $5,000
Maximum
Rate
2.75%
Annually,
5 Year, $25,000
RRIFs

2.65%


Annually,
20 Years, $100,000
RRSPs
2.75%
Annual,
5 Year, $25,000
Savings
a/c
1.75%
Daily
Click the link below to view our best-offered rate table.
  The Best of
our Best

Mutual
Fund Statistics:
May 2012
Assets
under management:


$810.0 billion


Net
sales
(excludes reinv.distr.):
$1.93 billion
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Copyright ©2012 Fiscal
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The information contained in this newsletter is intended only as a general guide
and may not be suitable for certain individuals. If expert advice is warranted,
readers are urged to consult a competent professional. While any investment, legal,
tax and accounting information, contained herein, has been obtained from sources
believed to to be accurate, constant changes in the legal and financial environment
make it imperative that readers confirm this information before making financial
decisions. This newsletter is not and under no circumstances is to be construed
as an offer to sell or the solicitation of an offer to buy any securities. This
newsletter is furnished on a basis and understanding that Fiscal Agents Ltd.,
Fiscal Agents Insurance Ltd. cannot be held responsible or liable for liability
a reader of this newsletter may suffer as a result of reliance on information
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read the prospectus of the mutual funds in which investment may be made under
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their values change frequently and past performance may not be repeated. Fiscal
Agents Financial Services Group, P.O.Box 5000, Oakville, ON. L6J 5C7 (905)844-7700

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