Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

For several years now, the prescribed interest rate applied to spousal loans has been set at 1%, but that could change if interest rates rise in 2017. Are you taking advantage of the opportunity to transfer capital to a spouse with a bona fide loan at the current low interest rate?

Knowledge Bureau Report’s monthly poll for October asked: “In your opinion is the new Canada Child Benefit (CCB) better than the combo of UCCB, Child Tax Benefit and Family Tax Cut?”  The results were almost evenly split: 52% voted yes and 48% voted no.

Short of cash or credit for your business? Year end is a great time to review financing options with business-owner clients, especially if there is a pressing need for a few new assets in the business. There may be value in a couple of options beyond bank financing.

As boomers start inching towards retirement, the conversation about business succession planning needs to be accelerated.  It’s a great opportunity to become your client’s most valuable source of thought leadership and information by helping your clients to understand how much their business is really worth.

We look forward to welcoming close to 200 delegates at the DAC 2016 Opening Reception in less than one week and announcing our secret 2017 location on Sunday! The topic of discussion at this incredible three-day think tank will be SOAR HIGHER: Plan for Your Greater Potential.

“In the real world of work, purpose finding is what leaders do.” Robert E. Quinn