Ms. Deb MacPherson

Deb MacPherson, a tax partner at KPMG in Hamilton, says owners should beware that the structure they use has "some flexibility in it."
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Papering your company from the get-go also means dealing with accounting issues, Ms. MacPherson says.

DEB MACPHERSON, THE SPECTATOR

Last week, we started to look at universal life insurance for Greg, who has his own business.Universal life insurance is a type of permanent insurance policy that can offer tremendous flexibility for Greg for his estate and retirement planning.
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Deb Macpherson, C.A., CFP is a partner with KPMG's Hamilton/Niagara offices.If you have any questions for Deb, please write to Her at 21 King Street West, Suite 700, P.O. Box 976, Hamilton, Ontario L8N 3R1.Her e-mail address is Dmacpherson@kpmg.ca.

Deborah A. MacPhersonTax partner with KPMG's Hamilton/St.Catharine's offices, providing tax advice to business owners and individuals.She is Vice Chair of the Board and Chair of the Governance Committee.

An interview with Deb Mac Pherson, tax partner with KPMG, Hamilton, ON

Q. 2001 was a year of major tax changes.In June of 2001, Bill C22 was passed, which was massive piece of legalization that, for one thing, introduced alter ego and joint partnership trusts.Who would use an alter ego or joint partner trust?

A. Older people, because you have to be 65 or older.The tax planning community has boiled these trusts down to vehicles for saving probate fees.

Deborah MacPherson, PartnerKPMG LLP

Deb MacPherson Partner, KPMG, Hamilton

Host Tom Hogue, Business Enterprise Editor of the Hamilton Spectator, was joined by guests Neil Murdoch, Executive Vice-President of AIC Group of Funds and Portfolio Manager; Deb MacPherson, Tax Partner with KPMG; Dom Cocco, chartered accountant with BDO Dunwoody; and Zane Reid, Channel Manager for BMO Mutual Funds.

The panel members were : Tim Cestnick , managing director , AIC Group of Funds ; Wilfred Vos , vice-president , Fidelity Investments Canada ; Gena Katz , senior principal , Ernst & Young ; Deb MacPherson , partner , KPMG ; Laurence Booth , professor of finance , University of Toronto ; and Jim Rogers , chairman , The Rogers Group.
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Deb MacPherson : She's doing a lot of things right , but the issue with a financial plan is incorporating your own key objectives.Sandy was clear about wanting to retire at 60.I've calculated that assuming she and her husband want 60 per cent of their current income in retirement , they will need savings at retirement of $1.8 million.Extrapolating what they're doing right now , they will be left at retirement with $1.1 million , so there will be a shortfall.

Sandy , therefore , needs to ensure she has maximized her RRSP -- including unused contribution room from the past.I'd expect their RRSP to be a bit larger if they'd been contributing all the way along.They should ensure they make the most of the room of whichever spouse is in the higher tax bracket first.