Navigating Auto Expense Deduction at Year End: What Clients Need to Know

Doubtless you’ve had clients ask whether they can write off any portion of their vehicle for work or business purposes. And your answer, as always, is: “It depends.” The rules are worth reviewing at year end as they can vary significantly depending on how the client earns their income—employee, self-employed, or incorporated – and this is a deduction that’s often audited. Here’s a practical primer to guide that conversation.

Find out about this and more at the 2015 Distinguished Advisor Conference (DAC).

Substantial tax reform has recently changed the rules for post-death planning for high net worth families.

Jimmy Yee of Burnaby, BC recently completed the Knowledge Bureau’s Elements of Real Wealth Management course and he believes the knowledge he gained will help close the gaps in understanding who he is as a financial advisor.

Notable in the BC 2015-2016 budget was the lack of any provision to extend the temporary high-income tax bracket: 16.8% on income in excess of $151,050.  This bracket is scheduled to be eliminated after 2015.

The Family Tax Cut can change the way we think about which spouse should make the RRSP contribution. 

CRA is asking tax preparers to get email addresses and direct deposit information for their clients this year, but the process of retrieving the Notice of Assessment is less than clear.