5th Annual RBC Squash Crohn’s Tournament

We are pleased to announce that Altro & Associates, LLP returned as a Champion Court Sponsor of the 5th Annual RBC Squash Crohn’s Tournament.

The event was held on Sunday, May 20th, 2012 at Midtown Le Sporting Club Sanctuaire in Montreal. Squash Crohn’s was joined by squash legend and world champion squash player Jonathon Power, who put on an exhibition and spent time on the court with our top fundraisers! This year, the money raised will support the Montreal Children’s Hospital Foundation in order to contribute to the very important area of Pediatric IBD research and care.

In 2008 our COO, Matt Altro co-cofounded the event, and over the past five years, the Squash Crohn’s Tournament has raised $225,000 which has been distributed to various IBD research and care projects.

This year’s event raised $63,000, a record achievement!

David A. Altro and Matt Altro published in STEP Journal – June 2012

Canadian departure tax: obstacle or opportunity?

By David A. Altro, B.A., LL.L, J.D, D.D.N, Fin. Pl., TEP and Matt Altro, B.Comm., CFP®, F. PL.

Canadians move to the US for a variety of reasons. Proximity to family, lifestyle, sunny weather, employment, health issues and lower income tax rates are some of the more popular reasons. If tax is the main driver for a client to hang up their hockey skates in favour of a golf club, they will probably choose to live in a state with little or no state income tax, such as Florida.

The highest marginal rate for a resident of Quebec is 48.2 per cent (Ontario is 46.4 per cent). The highest marginal rate for a Florida resident is only 35 per cent. The tax savings are more pronounced when you take into account that a Quebec resident reaches the highest marginal rate at just CAD132,000 of income, while a Florida resident reaches the highest marginal rate only at income above USD379,000.

But before recommending a one-way ticket to West Palm Beach, it is important to understand the tax impact of becoming a non-resident of Canada. When a Canadian moves to another country and gives up tax residency in Canada this may give rise to a tax commonly referred to as departure tax. To better understand how this departure tax is calculated, a key concept of the Canadian tax system should be reviewed. Canadian residents are taxed on their worldwide income only while they are considered tax residents of Canada. Unlike the US, which taxes based on citizenship, when Canadians depart Canada they are no longer obliged to pay tax to Canada unless they continue to earn Canadian-source income. Canadians who depart Canada need to complete their final personal tax return (also known as an ‘exit return’) by 30 April of the year following their departure. Read the rest of this entry »