2017 Federal Budget Overview

The Devil Is in The Details:  Budget 2017 Gives to Some, But Small Business Pays More Again.

Tax Tip: Seniors Who Receive OAS Must Plan for Clawbacks

The full OAS  Benefits to be reported as income by recipients on the 2016 tax return is $6,878.82.  The amount will be less if you started receiving the benefits this year or could be more if you delayed starting beyond your 65th birthday.  But, if you had unanticipated higher income on the 2016 tax return perhaps due to your investments, your annual Old Age Security (OAS) could be reduced or disappear entirely come this July.  Worse, you could find yourself paying more in quarterly tax instalment remittances.  Are you having that discussion with your tax specialist?  It’s important to plan your summer cash flows.  Here’s what you need to know:

Early Retirement?  You Have Options When It’s Not Your Idea

Lost your job?  That can be a very traumatic experience for some; a relief for others.  In both cases, Employment Insurance (EI) benefits are a good first line of defence to pay for food and shelter.  However, these benefits will be taxable. Worse,  if you are a high-income earner in the year you leave your job, these benefits may also be subject to repayment.  Therefore, some tax planning is in order.

2017 Tax Convictions by CRA Reap Big Penalties and Jail for Some

CRA has been busy announcing new convictions at the start of 2017, a great deterrent for potential tax evaders at the start of tax season.  It’s always best to come forward to declare shortfalls in income reporting or overstatements of tax deductions or credits to avoid expensive interest, penalties and potential jail time. Here’s what happened to those who didn’t. . .

What is an RRSP Meltdown Strategy?

What’s the best way to pay the least amount of tax on your RRSP or RRIF accumulations?  “Average down” the taxes payable on your accumulated capital  by using the progressivity of the tax system (the more you make the more you pay) and the current tax brackets and rates to your advantage.

Spotlight on Canadian Financial Authors:  Rick Atkinson

In Canada’s 150th year, Knowledge Bureau is pleased to put the spotlight on Canadian Financial Authors and celebrate Financial Advice at the Crossroads of Change at DAC Nov 5-8 in Kelowna.  This week:  Rick Atkinson discusses:  Guiding Clients to Better Health & Well Being in Retirement.

Distinguished Advisor Conference, November 5-8, 2017 in Kelowna: Financial Trivia Question

We would like to remind you about our skill-testing financial trivia.  This is your chance to win a free registration to the DAC in Kelowna, where this year’s theme will be: CANADA 150: Financial Advice at the Crossroads of Change. You just need to correctly answer both questions.
 
 

2017 Federal Budget

 
 
Knowledge Bureau Poll Question

Do you support the cancellation of education and textbook credits in 2017, leaving only tuition fee credits for students and supporting individuals?

  • Yes
    22 votes
    5.09%
  • No
    410 votes
    94.91%