Claiming Medical Expenses: Free Healthcare?
Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions.2017 Budget Overview: Specific Tax Provisions for Business
New 2017 federal budget includes business tax provisions addressing tax changes for business income.
2017 Budget Overview: Specific Tax Provisions in GST
Review specific tax provision in GST news, announced by the Government in the 2016 Federal Budget.
2017 Budget Overview: Tax Changes for Families
Review tax changes for families announced by the Government in the 2017 Federal Budget.
2017 Budget Overview: Additional Tax Provisions
Review additional tax provisions announced by the Government in the 2017 Federal Budget.
Next Week: Special Federal Budget Report
Knowledge Bureau will publish a late edition of KBR on March 22 to cover the Budget. Be sure to join us for all the news and please share knowledge: a subscription to the Special Budget Report is free. Your friends and colleagues can sign in to reserve their copy now.
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:
