All items tagged with: tax benefits

It’s Better to Give…Before the First-Time Charitable Donor’s Super Credit Disappears

Posted: December 19, 2017
Posted in: Strategic Thinking , Financial Literacy, tax credits, knowledge bureau, charitable donations, Evelyn Jacks, tax courses, financial education, tax benefits, charitable donation claims, donating to charity, First Time Donor’s Super Credit, tax-efficient planning, tax incentives

In the spirit of the season, it’s heartwarming to know that the vast majority of Canadians are lending a helping hand to those in need. And what goes around comes around: be sure to inform your clients about tax credits they may qualify for, thanks to their generosity.

Capital Gains Deduction Series, Part I: The Basics

Posted: October 10, 2017 By: Walter Harder
Posted in: Strategic Thinking , Financial Literacy, CRA, knowledge bureau, Canada Revenue Agency, income tax act, Evelyn Jacks, income tax, tax deductions, tax education, financial education, small business tax, tax benefits, taxpayer, farming tax, fishing tax, agriculture tax, Capital Gains Deduction, corporation shares, disposition dates, spousal taxation, agricultural property, fishing property, business partnership, business taxation

With proposed changes looming to the eligibility for the Lifetime Capital Gains Exemption (LCGE), which becomes the Capital Gains Deduction on the personal tax return, tax and financial advisors are well advised to review the rules and have discussions with their clients on whether any year end planning opportunities should be pursued.

Canadian Retirement Stats: Do Employed or Self-Employed Retire First?

Posted: September 25, 2017 By : Tamar Satov
Posted in: Strategic Thinking , Retirement, Tax Planning, self-employed, knowledge bureau, statistics canada, Evelyn Jacks, income tax estimator, retirement planning, rrsp, knowledge bureau calculators, income splitting, tax education, financial education, RRIF, tax benefits, retirement statistics, retirement in Canada, Labour Force Survey, public sector employees, private sector employees, retirement age, self-employed women, income sprinkling, Canadian Controlled Private Corporations, Retirement Pension Plans, RRPs

Nearly four in 10 (38 per cent) Canadians age 55 or older — and 14 per cent of those 65 or older — participated in the labour force last year, the highest participation rates among older Canadians since the collection of comparable Statistics Canada data began in 1976. But who exactly are these stalwart workers, and at what age are they retiring?

Back to School Tax Tip: Understand and Use the RESP

Posted: September 01, 2017 By: Evelyn Jacks
Posted in: Strategic Thinking , Federal Government, knowledge bureau, Evelyn Jacks, tax tips, RESP, back to school, tax deductions, CESG, post-secondary education, Registered Education Savings Plan, Canada Education Savings Grant, saving for education, tax benefits, Education Assistance Payments, investment earnings, RESP contribution limits, government assistance for education, tuition fees

Did you know that dentistry, pharmacy, medicine and law are the professions with the highest undergraduate tuition fees in Canada, ranging from $10,000 to $18,000 per year? The average tuition fee for all faculties is just under $6,000 a year. With this in mind, most families could find it challenging to fund their family’s lifelong educational needs. The Registered Education Savings Plan (RESP) can help.