- Proof or Validation of what you own
- Validation of cash and transfers for Proceeds of Crime/Money Laundering / attribution tracking
- Calculation of capital gains and losses for Tax purposes
- Adjustment of cost for superficial losses to bump future cost to reduce tax
- Verification of RSP claims to ensure all claims captured
- Verification of withdrawals from RSP/RRIF and tax withheld at source
- Instant tax planning if the market changes dramatically
- Tax consequences for RSP swaps/loss denial/capital gains
- Tax planning to reduce tax on capital gains by selling to trigger losses
- Planning to get back tax you already paid by triggering losses to carry back
- Plan for retirement/demise/divorce/ Not so active/Not so alive/Not so together scenarios – Plan for what to hold and what to sell
- Plan to reduce cost of demise to preserve capital for spouse/family
- Assessment of value of financial advisors advice?
- Warnings about calculation verification on statements by investment companies
- What happens when you can’t remember what you own? Dementia has set in. How will you communicate about your holdings if that is a sudden event?
- Verify T-slips? Are they right? Are they ever wrong?
- Verification of expenses, margin interest, flow thru’s, write down of ACB to nil
- Cost of lawyers doing accounting because accounting not done while alive to assist executor reduces value of estate, adds to stress for those left behind
- Cost of pre-1971 ownership documentation
- Elections in 1994 documentation, CGE Pool eliminated after 10 years – did you add back your unused cost? When you sold, did you remember to use those figures to calculate reduced gains?
- Comprehensive Income calculations required for reviewed or audited financial statements for corporations, trusts, non profits – all unrealized gain/loss net of tax
- RRSP over contribution assessment arrives for contributions not claimed, reconciled claims between your investments and your tax returns?
- Tax auditors requests to verify source of funds for attribution of income back to source
- Responsibility to Public Trustee when acting as a trustee for a trust, managing finances for a senior or person with a disability
- Are you the Executor? How will you report to the beneficiaries in an orderly fashion? Are you aware that the Charitable Foundation that was left a % of the estate is entitled to financial statements and will check your work?
- Are you the accountant expected to account and concerned about the source of the funds invested?
- Have you elected under S.50(1) on your delisted shares and claimed the loss carryback to obtain a refund for tax paid on capital gains in the last three years?
and this was before civil penalties and 20% repeat offender penalties for three years in a row, and before TFSA's and RDSP's... both are trusts and require monitoring for superficial and stop loss rules....
and definitely before Unit trusts converted to Stapled Units ....
Sleep tight Tracy...
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