14 Tax Tips for Spouses and Common-Law Partners

Whether you live in a conjugal relationship is an important tax issue, as it affects many provisions on the return. Failure to report your status properly can, in fact, lead to expensive penalties. So, if your relationship status changed in 2016, consider discussing the following checklist with your advisor. It’s a “baker’s dozen plus one,” chocked full of potential tax filing provisions for couples that can save you time and money, especially on a tax audit:

Universal Child Care Benefits Are Subject to Tax for The Last Time

There are a number of omissions that can occur in the rush at the end of tax season. One of them is missing the reporting of income benefits received by families in 2016. It’s important to remember that for the first six months of 2016 the UCCB (Universal Child Care Benefits) were received and they are taxable. That’s a double whammy for many upper-middle-income families who also lost the family income-splitting provisions. There are now no child tax supports at all for them.

Charitable Bequests: How Do the New Rules Work?

Filing a 2016 tax return for a deceased taxpayer? Then be aware that as of January 1, 2016, new rules apply to charitable donations made by will.

DAC: Take A Strategic Look at The Crossroads of Change

At a time when governments are more closely monitoring changes in global GDP growth, the effects of protectionism, currency fluctuations, tax changes and sluggish business investment on the long-term financial well-being of Canadians, wealth advisors need to better understand new strategies for making tax-efficient investment recommendations to the families they work with.

Proprietors: 7 Tax Tips for Those Scrambling to Meet Tax Deadline

It’s high time for unincorporated business owners to get their books and taxes done for the May 1st deadline. You could, in fact, procrastinate until the final June 15 filing deadline, but interest will be charged on balances due after midnight, May 1. For that reason alone, don’t delay; get those books done now. Here are seven tips to make it easier:

Tax Preparation for Proprietorships: A Growth Opportunity for Your Business

Unincorporated small business returns are increasingly in demand as an aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

Financial Trivia Contest - Win a Free Registration to DAC, Nov. 5-8 in Kelowna, BC

How’s your luck? Try it out and get in on a chance to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC. Come to Kelowna and think more clearly about this year’s theme, Canada 150: Financial Advice at the Crossroads of Change. Here’s April’s question:
 
 

2017 Federal Budget

 
 
Knowledge Bureau Poll Question

Do you agree with the 2017 Budget proposal to cancel the deferral of Work in Progress for accountants, doctors, lawyers and other professionals?

  • Yes
    30 votes
    23.62%
  • No
    97 votes
    76.38%