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This newsletter is courtesy of Terry Fay and RetirementByDesign.ca. Please remember that while strategies outlined within this newsletter may be appropriate for some investors, you should always consult a financial advisor to determine if they are appropriate for you.
Sincerely,
Terry
Hello
:
This month’s article has significant implications for investors and businesses who borrow money to invest and who expect to receive deductibility for those expenses and any realized capital gains. CRA is moving to eliminate people from borrowing to invest without the objective and realization of an acceptable level of revenue/income from that investment.
Again, I stress, this will have significant implications for investors.
My commitment to you is to be on top of this proposed legislation and to plan ahead for your benefit. I’ll keep you posted but it is also important that we begin to plan ahead for what might happen so that you’re positioned well for your future financial security. Please contact Lucy or myself at your convenience.
All the best,
Terry
Capital
Punishment
by Jamie Golombek
Last October, the federal government introduced new tax rules severely limiting the deductibility of losses -- in particular, rules that restrict losses created through the deductibility of interest. The new rules, if enacted as proposed, would be effective beginning in 2005 and represent a new and unnecessary limitation on the deductibility of interest and other expenses. The measures will limit the deductibility of interest on money borrowed to purchase securities (including common share and mutual funds) and thus harm Canada's capital markets, Canada's global economic competitiveness and the Canadian economy.
Schedule a meeting with me to review the implications of the proposed income tax legislation now, not after it's in place. Let's be proactive together so we can reduce it's effect on your and your financial plan.
All you really need to know is that we are committed to helping our clients achieve financial security and peace of mind.
Our Mission: Enhancing peoples lives by creating a positive life vision and the money to support it through our unique approach to financial planning.
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