New Mega Deduction a Good Start, But More Tax Reforms Are Needed
The Federal government has unveiled a Productivity Mega Deduction, which will provide immediate expensing under Capital Cost Allowance (CCA) provisions for a broad range of depreciable property, importantly on a permanent basis, for acquisitions on or after September 15, 2026. Check out the noteworthy exclusions are listed below. This tax reform is a good start, but much more needs to be done, especially for small business owners and average taxpayers to make Canada truly competitive across our tax base.Planning Sweetspots: Tax-Efficient Retirement Income Layering
Boomers are moving towards retirement, but many are not getting the planning services they need to manage their retirement income on a tax-efficient basis.
Search for 2016 Distinguished Advisor Conference (DAC) Award Winners Begins Now
Application forms for the 2016 DAC Young Advisors Award are now being accepted from young advisors, their clients, employers or mentors and can be found on the Knowledge Bureau website at the Conference tab at www.knowledgebureau.com. The application process will close on May 31 and selection will be announced on June 15, 2016.
Life Purpose
“Do not value money for any more nor any less than its worth; it is a good servant but a bad master.” Alexander Dumas
Tax Tips: The Disability Amount: The Most Lucrative Tax Credit
Do you know what one of the most missed credits on the personal tax return is? It’s the Disability Tax Amount, a substantial non-refundable tax credit valued at $7899 in the 2015 tax year; 8001 in 2016. It can be claimed by someone who is markedly restricted in the activities of daily living on a permanent basis, or by their supporting individual.
Reporting Dividends? Check Out These Tax Tips
Dividends of taxable Canadian corporations enjoy preferred tax rates, but some complexities in reporting can plague unsuspecting filers. Here are some tips for last-minute filers:
Tax Tips for Paying Family Members in Your Business
Income splitting is an excellent strategy to reduce a family’s tax load and it is even easier when you are self employed. Consider Steve, who currently makes $84,000 in his small unincorporated business in B.C. He wants to pay his new wife, Carin, half this amount, as they work together in the business. Can he do it? How much can he save?
