Back to School Tax Breaks
Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:2018 Budget Overview: Additional Tax Provisions
Review additional tax provisions announced by the Government in the 2018 Federal Budget.
Tax Tip: Three Tax Secrets for RRSP Investors
March 1, 2018 is an important date for savvy taxpayers: don’t miss topping up your RRSP contribution by this deadline. It’s a great investment for your retirement, of course, but it’s so much more powerful: there are, in fact, three additional tax secrets most people don’t know about that can help you improve your finances.
Rising Interest Rates on the Horizon: Who Will Feel the Impact?
Interest rates are rising and Canadians are already feeling the pinch in paying down their operating lines. Owing the taxman can add to the burden. The Bank of Canada’s next interest rate announcement is March 1 and for some, the trend is already uncomfortable. Debt management is key.
Tax Time: Canada’s Income Tax System Is Here to Stay
The first tax returns of the year will be processed on February 26 this year. February 28 is the last day to catch up your filings and preserve appeal rights under the old Voluntary Disclosure rules that allow for full interest relief. That means tax deniers or procrastinators must step up now.
Auditbusters: Tips and Gratuities
Canadians who earn tips and gratuities are required to report this income on their annual income tax returns. This year the tax auditor is once again taking a closer look, and it’s become easier than ever, as audits of credit card and debt payments provide a reliable record of undeclared amounts. Here’s what you need to know to bust those tax audits:
Leadership Development: Team Culture and the Role of Ethics
Leadership matters. Your team depends on yours; so do your clients. A couple of weeks ago, we featured a story on how the components of ethical leadership can be applied to individual leadership styles. It received great traction on the Executive Business Builders Network. Please chime in this week.
