A type of RRSP (Registered Retirement Savings Plan) whose owner determines the asset mix held in the trust. An RRSP is a Canadian retirement savings vehicle to which contributions are tax deductible on an annual basis, up to a certain amount. With a self-directed RRSP, an investor can determine the portfolio of investment products in his or her RRSP. Investments that are not RRSP eligible, however, are sill not allowed in a self-directed RRSP. Aside from the tax advantage provided by the Canadian federal government, a self-directed RRSP account is very similar to a regular investment account. Owners of self-directed RRSPs are responsible for ensuring that their RRSP investments meet the legal requirements set by the Canada Revenue Agency. The penalty for not meeting these requirements is the loss of the income tax deduction.
A measure states can adopt to ensure corporations pay state taxes on 100% of their profits. Traditional state apportionment formulas base state corporate taxes on a formula that considers where a corporation's property, payroll and sales are located. These formulas result in "nowhere income," or income on which a corporation does not pay tax in any state. The throwback rule is meant to eliminate this tax loophole. Critics consider traditional apportionment formulas unfair to small businesses that have profits that are 100% taxable because all of their business activities are located in a single state. These businesses end up paying taxes on a greater percentage of their profits than some multi-state corporations do. Critics also think that multi-state corporations with "nowhere income" are burdening state residents by not paying for their fair share of public services, and that the corporate income tax has declined significantly as a source of state revenue as a result of the "nowhere income" loophole.
A code of conduct that governs consumer credit transactions. The Uniform Consumer Credit Code (UCCC) provides guidelines for the purchase and use of all types of credit products. It is intended to protect consumers who use various types of credit from fraud and misinformation. |||The National Conference of Commissioners on Uniform State Laws originally approved the UCCC in 1968. The Code has been adopted in a limited number states, and many others have incorporated at least some of its provisions into their own laws. One of its key provisions is the limitation of rates charged to consumers by lenders.
A retirement account in which the individual investor is in charge of making all investment decisions. The self-directed IRA provides the investor with greater opportunity for asset diversification outside of the traditional stocks bonds and mutual funds, as real estate, private tax liens and notes can be purchased. All securities and investments are held in an account administered by a custodian or trustee. Some investment types, such as life insurance, are still not permitted in an IRA. In addition, investments cannot be employed for personal use or gain. For example, an investor cannot hold real estate that is personally used in a self-directed IRA. It is the responsibility of the investor to comply with all IRS regulations.
A type of unified managed account that will allow not only for the investing of any form of security by an individual investor, but also will allow any member of the immediate family the same investing access under the same account. This type of account will allow for the ease of administration on behalf of the financial institution and greater transparency for the investing family. |||The UMHA is currently a theoretical account as no unified managed accounts exist - as defined in its purest form. This type of account would allow a family, defined by a parenting couple and their children, to make all types of investments under one account, and most likely, one financial planner. However, there may be many kinks to work out in this account concept in regards to tax implications and account insurance.
Section 2035 of the tax code, which stipulates that assets that have been gifted through an ownership transfer, or assets for which the original owner has relinquished power, are to be included in the gross value of the original owner's estate if the transfer took place within three years of his or her death. If gifted assets do not meet the necessary requirements, the value of the assets is added to the value of the estate at the time of the original owner's death, increasing its value and the estate taxes imposed on it. This rule prevents individuals from gifting assets to their descendants or other parties once death is imminent in an attempt to avoid estate taxes. The rule does not include all assets gifted or transferred in that three-year period and is mainly focused on insurance policies or assets in which the deceased retains an interest.
A corporate structure that permits a company to be incorporated and flow all profits and losses to shareholders. An unlimited liability corporation (ULC) shelters shareholders from liability in most circumstances except upon liquidation of the company. Shareholders or past shareholders that disposed of their shares less than one year before liquidation become liable for the debts of the company. |||The ULC has become a useful vehicle for the acquisition of a Canadian business by a U.S. investor, due to preferential tax treatment. The U.S. Internal Revenue Code states that the ULC is disregarded for U.S. tax purposes, as profits and losses flow through to shareholders.
A tax-free exchange of an existing annuity contract for a new one. In order for the new contract to qualify as a Section 1035 Exchange, the policyholder must have exchanged his or her existing contract for an equivalent new contract. The annuitant or policyholder must also remain the same. Application of a check received for the old contract against the new contract does NOT qualify.
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