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Case issue

A client approached Rotfleisch & Samulovitch P.C. and sought tax-planning advice about an imminent $1 million payout from a foreign pension. 

Approach

Rotfleisch & Samulovitch P.C. recommended a payout structure allowing the client and the client’s ex-spouse to divide the pension per their separation agreement and qualify for the RRSP foreign-pension rollover under paragraph 60(j) of the Income Tax Act. 

Result

By following Rotfleisch & Samulovitch P.C.’s advice, they each saved $250,000 in income tax—a total tax savings of $500,000.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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