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March 14, 2012      


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Quote of the Week

"It's not your salary that makes you rich, it's your spending habits. " Charles A. Jaffe


Breaking News
► Illegal Tax Protester Schemes
► Ontario Changes Delivery of Tax Credits
► How to Calculate TFSA Contribution Room
► Evelyn Jacks: Claiming Tax Benefits For Disabled Adults
 
Your News
Poll Question: Should the government raise the age at which you begin to receive OAS benefits?
DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™: New rules concerning RDSP withdrawals, Part 5
You Asked Us: Private Health-care Plans and Wage-loss Replacement Plans
Advisor Think Tank: Women want and need better advice
Tax Tips: Employment Deductions can be Lucrative
Our First iPad Contest Winner
 
Our News
Mark Your Calendar: Knowledge Bureau Events
Featured Course: Tax Preparation for Proprietorships
► Special Offer for Knowledge Bureau Report (KBR) readers only
Featured Book: Master Your Philanthropy
► Special Offer for Knowledge Bureau Report (KBR) readers only
In the News: Book signings and tax commentary
Featured Event: DAC 2012 - Navigation: Charting a New Financial Course
 
Breaking News
Illegal Tax Protester Schemes

On Feb. 28, Winnipeg chiropractor Rosalie Chobotar was sentenced in the Provincial Court of Manitoba to six months in jail and fined $162,513. Chobotar's offense: tax evasion. She is what Canada Revenue Agency (CRA) refers to as a "tax protestor, someone who believes income taxes are unconstitutional, optional or easily averted using certain interpretive techniques.

... more
 
Ontario Changes Delivery of Tax Credits

The Ontario government is changing the way it delivers its Ontario Energy and Property Tax Credit (OEPTC) as well as its Northern Ontario Energy Credit (NOEC)  and Ontario Sales Tax Credit (OSTC). Instead of quarterly cheques, come July, all three will be rolled into the Ontario Trillium Benefit (OTB) and will be delivered to the low- to moderate-income Ontarians who qualify as monthly cheques.

... more
 
How to Calculate TFSA Contribution Room

The RC343 Worksheet for calculating the contribution room for Tax-Free Savings Account Plans (TFSAs) is now available in electronic form on the Canada Revenue Agency (CRA) website.

 
But you use the worksheet only if the CRA has incomplete information about your TFSA contributions. To find out what the CRA says about your contribution room you have three options: go online to http://www.cra-arc.gc.ca/myaccount/ or http://www.cra-arc.gc.ca/quickaccess/ or call the Tax Information Phone Service at 1-800-267-6999.
... more
 
Evelyn Jacks: Claiming Tax Benefits For Disabled Adults

If you are supporting an adult who is dependent on you because of mental or physical impairment, the Canada Revenue Agency (CRA) offers tax relief on this year's federal tax return in the form of several, important, non-refundable tax credits.

... more
 
Your News
Knowledge Bureau Poll
 

Current question

Should the government raise the age at which you begin to receive OAS benefits?

      


Current poll results: Yes: 24%  No: 76%   Read what other readers have to say

 DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™:  New rules concerning RDSP withdrawals, Part 5

Canada Revenue Agency recently released new rules concerning Registered Disability Savings Plan (RDSP) and the taxation of withdrawals from the plan. In this fifth and final installment, Knowledge Bureau Report looks at the rules that govern RDSPs in the year in which a plan becomes a primarily government-assisted plan.

... more
 You Asked Us: Private Health-care Plans and Wage-loss Replacement Plans
 
 

Are you paying premiums for the private health-care plan at your work? If so, you can claim those premiums as a medical expense on line 330 of your income tax return.

The premiums qualify as deductions if you pay them directly. Or, if the premiums are paid through your employer, they must be deducted from your pay. Any premium paid by the employer will show up on your T4 slip in Box 85.

 

... more
 Advisor Think Tank: Women want and need better advice
 

In honour of International Women's Day March 8, BMO Nesbitt Burns has thrown down the gauntlet to financial advisors. According to the investment dealer's research, 82% of Canadian women are responsible or share responsibility equally for household financial decisions. Yet, only 30% of women feel the financial services industry is effectively addressing their needs and 61% want more detailed information from their investment advisors.

... more
 Tax Tips: Employment Deductions can be Lucrative
 
 

You may claim out-of-pocket expenses as a result of your employment if your employer certifies that those expenditures were required and not reimbursed. The deductible amounts depend on whether you earn salary only, or salary plus commissions. They include:

 
accounting and legal fees,
motor vehicle expenses,
travel costs,
parking (generally only at locations away from the employer's office),
supplies used up directly in your work (such as stationery or maps),
office rent or certain home-office expenses,
amounts paid to an assistant, who could be a family member.

These claims can pay off handsomely when you file this year's return. So, be sure to check out Form T777 Statement of Employment Expenses when you gather your receipts for tax filing this year.

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Our First iPad Contest Winner
 
... more
 
Our News
Mark Your Calendar: Knowledge Bureau Events

   Knowledge Bureau Calendar of Events
 
May 15
May 14-17
Client Appreciation Events: 4 cities
 
... more
Featured Course: Tax Preparation for Proprietorships
Special Offer for Knowledge Bureau Report (KBR) readers only

Unincorporated small business returns are increasingly in demand as aging demographic moves from full-time employment to self-employment as a way to leverage time and money. This course will take your skills to the next level.

Enrol before March 27, to save $200 off the regular course price or call for personal assistance (1-866-953-4769).

... more
Featured Book: Master Your Philanthropy
Special Offer for Knowledge Bureau Report (KBR) readers only

Is charitable giving important to you?

Do you want to give time, money, future assets?
Do you want to make a bequest in your will?

Author Nicola Elkins helps you or your clients develop charitable giving plans for the long term and the donor's personal tax situation in MASTER Your Philanthropy.
 
SAVE $10 if you buy before March 20, 2012!

... more
In the News: Book signings and tax commentary

 

In a CBC news story "Six juicy tax-free benefits for employees: Things your employer can give you that aren't taxable, reporter Tom McFeat quoted Essential Tax Facts 2012 by Knowledge Bureau President Evelyn Jacks about getting gifts from employers without taking a tax hit.

... more
Featured Event: DAC 2012 - Navigation: Charting a New Financial Course

Charting a New Course
 
Learn the impacts of tax and economic change at DAC
 
Early Bird Enrolment: ends June 30
... more

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Published by
The Knowledge Bureau
Evelyn Jacks, Managing Editor
Knowledge Bureau Faculty