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.

While the March 2nd 2015 deadline for filing T4 slips is still some time away, CRA released publication RC4120-Employers’ Guide – Filing the T4 Slip and Summary on November 21, 2014. 

Is your estate planning up to date so that your final wishes will indeed be carried out?  If not, things may not pan out, as the courts take matters into their own hands.

Canada has a taxation system that is based on self-assessment.  We are required to accurately assess income, deductions and credits, filing our tax returns on time, or face penalties, interest and/or jail in serious instances. 

New Income Tax Estimator Can Help Last week CRA issued the 2015 TD1 Personal Tax Credit Return and the corresponding provincial forms. 

This Week:  It’s a Tax Question:  Win A $100 Gift Certificate Be one of 10 recipients of a  $100 gift certificate towards any Knowledge Bureau online course. Hurry – this is the last chance to win until the new year.  You can only win once - so be the first one to answer this question correctly.  Here’s the question: What is the net income amount at which the Old Age Security received by a senior is completely clawed back for 2014?    

Knowledge Bureau’s November Poll Question attracted close to 200 respondents to the question: Do You Think the New Family Tax Cut Provisions will Help Canadian Families Save and Invest More for the Future?