Every week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.
This week, we begin with some very welcome news from the IRS for holders of certain Canadian registered accounts, then offer a piece with alarming information on retirement happiness (or lack thereof) and finish with an article reviewing important tax planning information.
Relief gives automatic tax deferral to many in Canadian retirement plans (http://www.cbta.net/) – In a Revenue Procedure (Rev Proc), the IRS has provided that eligible U.S. citizens and residents who are beneficiaries of certain Canadian retirement plans will be treated as having made an election under Article XVIII(7) of the U.S.-Canada Income Tax Treaty, to defer U.S. income tax on income accruing in their retirement plans until a distribution is made. This relief is retroactive to the first year in which they would have been entitled to make the election under the treaty. In addition, the annual reporting requirement associated with such Canadian retirement plans has been eliminated…
The Secret Sadness of Retired Men (http://www.thinkadvisor.com/) – Retirement may be dangerous to your health—especially if you’re a man. A growing body of research has found that retirement significantly increases the risk of clinical depression and even suicide among men. As an advisor working with retirees, you may be a witness—and sometimes an unwitting accessory—to lives whose joy is sapped by depression. If these afflicted clients are men, you will probably have to take the lead in encouraging them to seek help because they won’t volunteer that they need it…
Tax-smart investing: Control the type of income you earn (http://www.theglobeandmail.com/) – I miss my grandfather. He shared with me so many words of wisdom over the years. He used say “Tim, before you criticize someone, you should walk a mile in their shoes. That way, when you criticize them, you’ll be a mile away and you’ll have their shoes.” That advice has come in handy over the years. He also used to tell me that “a penny saved in taxes is like a penny more in after-tax income earned.” He would be proud that I’m not paying more in tax on my investments that [sic] I should…
Come back next week for more interesting news and articles. Enjoy your weekend!