News of the day: Philanthropist Walter Schroeder, alternative minimum tax, TD share buyback, pension plan deferral, Panama copper mine restart and more

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Photo by Peter J Thompson/PostmediaIt’s Wednesday, Sept. 30. Here are the top stories we’re following today.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWalter Schroeder grew up poor in the poorest part of Winnipeg, an area that in the 1940s was hemmed in by a couple of railway lines. Money was tight, but his parents were rich in wisdom and taught their son to be frugal, work hard, family life was central to a good life and that you should be generous with whatever you have even if you don’t have much to give.This advertisement has not loaded yet, but your article continues below. If you do end up paying alternative minimum tax (AMT), you may be able to get it back over the following seven years to the extent your regular tax exceeds AMT in those years, but the recovery of AMT paid in the past is far from a sure thing. Photo by RobMattingley/Getty ImagesGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againMost taxpayers will likely never have to worry about the dreaded alternative minimum tax (AMT) as it generally only affects high-income Canadians. But AMT does occasionally arise for more modest income earners who realize a one-time capital gain on the sale of their business, vacation home or on an income property. Toronto-Dominion Bank said the share buyback will represent about 3.74 per cent of the bank’s issued and outstanding common shares. Photo by Cole Burston/BloombergToronto Dominion Bank says it intends to repurchase up to $10-billion worth of common shares by next July after Canada’s banking regulator lowered the amount of money the Big Six need to keep aside for financial shocks. If Christopher’s preference is to keep his real estate holdings for his children, a permanent life insurance policy could provide a tax-free source of estate liquidity to help cover future taxes and costs. Photo by DEV IMAGES/Getty ImagesWith retirement in sight, Christopher,* 64, has built an investment and real estate portfolio valued at nearly $3.5 million. His key financial concerns are focused on estate planning and how best to leave a tax-efficient inheritance for his two adult sons. When he turns 65, he believes he will be eligible to receive the maximum Quebec Pension Plan benefit. “I’ve already informed Old Age Security that I wish to defer to age 70; should I do the same for QPP?” Cobre Panama closed after local protests and a ruling from the country’s Supreme Court declaring that a 20-year operating concession granted to First Quantum Minerals Ltd. was unconstitutional. Photo by LUIS ACOSTA/AFP via Getty ImagesFirst Quantum Minerals Ltd.’s share price dropped more than 30 per cent on Wednesday on news that its Cobre Panama mine may get a second life on its way to winding down operations for good.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.