The Personal Financial Planner's Manual™
Summary of Contents of Update 60

The provincial income tax rates and tax credits have been added to the Chapter.
 

Federal Budget 2010

This Chapter includes the proposals in the Federal Budget of March 4, 2010 including the changes to eligible medical expenses for the medical expense tax credit, the registered disability savings plans, the scholarship exemption and education tax credit and employee stock options.
   

This Chapter has been replaced by an update of the material from Chapter 4-6 on Fundamental & Technical Analysis Derivatives and Chapter 4-7 on Derivatives.
   

This Chapter has been updated for the imminent “termination” of business income trusts and moved from Chapter 4-10.
 

Pension Adjustments, Locked-In Funds, & Transfers between Registered Plans

As the owner of a New LIF regulated by the Ontario Pension Benefits Standards Act, you could apply for a withdrawal of up to 50% of an eligible amount that you transferred into a New LIF. Prior to January 1, 2010, the eligible amount for a withdrawal was 25%. If you had made a withdrawal prior to that date, you could top it up to 50%.
 

This Chapter has been revised and updated for the changes including common-law relationships, support obligations, and family property division.
   

Over the last few years, there have been many changes to the income tax relief provided by charitable donations. These have included reduced capital gains inclusion rates, the opportunity to use beneficiary designations and issues with valuations. This Chapter has been updated and revised to make it easier to read.
   

Extensive material has been added to this Chapter dealing with the rollover of RRSPs, RRIFs and RDSPs to a qualified beneficiary, the taxation of other registered plans, deemed dispositions upon death, and deductions and tax credits.
   

The U.S. estate tax has been eliminated, at least in theory, for 2010 only. In 2011, the estate tax is scheduled to return. The U.S. government will likely reinstate the estate tax, retroactively for 2010. This Chapter has been updated for these changes to the U.S. estate taxes.
 

There have not been any significant changes to the legal or income tax considerations for buy-sell agreements. However, this Chapter has been revised and updated to make it easier to read.