Tax Free Savings Accounts: Navigate your clients around the Pitfalls

Tax Free Savings Accounts (TFSAs) are in place to incentivise Canadians to save while allowing for tax-free growth. 

Tax Free Savings Accounts (TFSAs) are in place to incentivise Canadians to save while allowing for tax-free growth.  There appears to be an uptick in the enforcement of TFSAs.  In the ten years since its inception, the TFSA vehicle has increasingly become the account of choice for Canadians investors, but it can be mishandled.  Let this walk-through identify potentially pitfalls for your clients to avoid.


Join John Grant and Kristy Balkwill from Norton Rose Fulbright LLP for an informative walk-through with practical guidance on TFSAs.  As you see more and more of your clients using these as an investment strategy, become aware of identifying the pitfalls in its use – what types of investments and activity qualify, and the associated administrative considerations.

More specifically, topics discussed will include the following:

 

  • Proper understanding of the legislative structure
  • Pitfall - (1) The Contribution Limit – and its curious yearly fluidity
  • Pitfall - (2) Qualifying, non-qualifying, and prohibited investments
  • Pitfall – (3) “Trading” in securities
  • Practical Take aways
  • Key docs for the practitioner: hyperlinks to forms (fillable), publications, and commentary

Target Audience

 

This webinar will be of most interest to general practitioner accountants and tax accountants in small to medium sized firms, but may also be of interest to family lawyers and other professionals involved in financial & tax planning and the preparation of tax returns.

Professional Development Credits

CCH Canadian professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.

This Webinar Includes:

  • 30 days to review the webinar recording
  • Print version of the presentation slides

BIOGRAPHIES

This webinar is being presented by John Grant, a partner at Norton Rose Fulbright LLP and Kristy Balkwill, a counsel at Norton Rose Fulbright LLP:

 

John Grant 

John Grant is a Partner at Norton Rose Fulbright LLP.  He focuses on tax litigation. He provides clients with his knowledge in resolving tax disputes with the Canada Revenue Agency and the Provincial tax authorities, from the initial audit stage to the final resolution of litigation. He has successfully dealt with a broad range of matters, including break fees, commodity taxes, transfer pricing, donation programs, tax treaty interpretation, and corporate tax issues.

John’s experience includes carriage of more than 1500 tax litigation matters. He has litigated complex tax cases of national scope, including large scale donation programs, the GAAR, hedging, and other tax issues. John has successfully resolved hundreds of matters without the need for prolonged litigation.  He was previously a highly regarded tax litigation counsel with the Department of Justice (Canada). Over the course of his career as Crown counsel, he successfully litigated a wide array of complex income tax matters before the Tax Court of Canada, the Federal Court, the Federal Court of Appeal, and in responses to Supreme Court of Canada leave applications. He has developed a significant expertise in the field of tax dispute resolution.

 

John is also frequent speaker at national and regional training initiatives, has previously provided training to the Canada Revenue Agency, and has been a guest lecturer and instructor to young legal professionals.

Kristy J. Balkwill

Kristy is a member of Norton Rose Fulbright’s Business Law Group, specializing in Tax.  Her practice focuses primarily on international tax structuring, providing Canadian income tax advice regarding cross-border M&A transactions and global corporate reorganizations.  Kristy has advised with respect to international asset and share acquisitions/sales, multi-jurisdictional mergers and spin-offs, international trust structuring, and various types and levels of audits by the Canada Revenue Agency.

 

She also works with high net worth individuals regarding global wealth management structures involving non-resident trusts, and has comprehensive experience providing Canadian income tax advice concerning equity compensation. 

 

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