Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, asserts that this year’s federal budget left many strategies still intact that can help clients reduce the taxes they pay. He spoke at the CIFPs 2013 annual conference in Niagara Falls, Ont.
Many firms have already capped their sales of “character conversion” funds
Ottawa to eliminate "character conversion transactions"
End of 10/8s could lead to legal issues for financial advisors
This year's budget says little about where the country is going, actual expenditures or whether forecasts are realistic
Association reviewing tax policy changes to annuities, loan arrangements
The 2013 federal budget appears to be cracking down on conversion contracts, which convert what would otherwise be considered income into capital gains. Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, discusses the impact of this crackdown on derivative forward gains and funds using these strategies. Golombek spoke from the Media Lock up government conference centre in Ottawa.
Tax benefits from leveraged life insurance arrangements to be reduced
Changes will effect mutual funds that use these contracts to increase yields
Budget takes steps to secure banking system