The Personal Financial Planner's Manual™
Summary of Contents of Update 48
November 2006
| Section-Chapter | |
| 1-1. | Financial Planning Process |
| This Chapter has been revised to include the final version of the Practice Standards released by The Financial Planners Standards Council and changes to the Code of Ethics. |
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| 3-2. | Personal Tax Rates and Credits |
| Over recent years, the government has been expanded the tax credits to provide support for those who are disadvantaged by disability and health issues, and to encourage certain social behaviours, such as taking public transit and enrolling one’s children in organized hockey. This new Chapter describes the personal tax rates and credits. |
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| 3-10. | Taxation of Property Income |
| As of 2006, there are two types of dividends from taxable Canadian corporations. This Chapter describes the new rules for eligible dividends for the 45% dividend gross-up and has been updated to include current examples. |
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| 4-7. | Derivatives and Exchange-Traded Funds |
| The exchange traded funds listed on the TSX have been renamed, some of their objectives have been revised and some of their investments have been changed. This Chapter has been updated to provide current information on exchange traded funds. |
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| 4-10. | Income Trusts |
| On October 31, 2006, Minister of Finance announced a proposal to restore balance and fairness to the federal tax system by creating a level playing field between income trusts and corporations. He introduced a Notice of Ways and Means Motion to Amend the Income Tax Act. This Chapter describes the proposed changes. |
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| 5-3. | The Cost of Education |
| This Chapter has been updated for the university tuition fees and other expenses for the 2006 - 2007 academic year. |
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| 5-5. | Students and Income Tax |
| The Federal Budget of May 2, 2006 introduced a textbook tax credit. This Chapter has been updated and describes the tax credits to provide relief for students. |
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| 7-12. | Income Tax Planning |
| This new Chapter describes two important federal tax credits. It also describes the proposal for pension income splitting introduced on October 31, 2006 to mollify the seniors’ anger at the government shutting down the tax advantages of certain income trusts. |
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| 9-3. | Demographics |
| The Chapter has been updated to include the latest statistics on key demographic factors. |
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