Jim Flaherty’s first majority budget proposes several changes to the Income Tax Act that will no doubt have substantial effects on current financial planning strategies. On the whole, we welcome the proposed changes. Some of the proposals which are relevant to the products and services offered by GBL are as follows.

The 2011 annual reporting season has begun with deadlines for submissions beginning as early as February 28th. Please take a moment to visit the IPP and RCA annual administration sections of our website, which contain helpful and important information. A circular by mail/email containing this important information has been sent to clients and trusted advisors.

If you have any questions, please feel free to contact us toll-free at 1-877-249-2999.

For many business owners who have seen their businesses flourish through years of hard work, one ongoing difficulty is how to unlock the wealth held captive in their corporation. One method of gaining access to some of those retained earnings in a tax-effective manner is through the sale of a personally owned life insurance policy to a non-arms-length corporation.