June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

"Life's like a movie, write your own ending. Keep believing, keep pretending." Jim Henson

There is still plenty of time to look for year-end planning strategies to reduce taxes in 2016 and start 2017 out on a tax-efficient foot. Tax and financial advisors who make time for a planning discussion with families at this time of year may wish to use this checklist of money savers:

The CRA has announced the maximum CPP pensionable earnings for 2017: $55,300, up from $54,900 in 2016.  The employer-employee contribution to the plan is now $5128.20 when maximum contributory earnings are reached.

The Canada Revenue Agency (CRA) is taking its fight against non-compliance by offshore tax evaders to a new level, as 85 Canadians are investigated and 60 tax audits have been initiated, as reported by news media this week.   This is the result of searching millions of files and identifying 2600 Canadians with a link to the abuse.

Year end education planning requires a close look at the Registered Education Saving Plan (RESP) as an option for families saving for their children’s education.  The RESP features a generous Canada Education Savings Grant (CESG) and Canada Learning Bond (CLB) which really sweetens the savings pot thanks to the federal government.

After the highly acclaimed DAC 2016 in San Diego, the location of the 14th Distinguished Advisor Conference (DAC) was announced. Following tradition, advisors will be visiting a retirement haven that their clients frequent; this time in beautiful Kelowna, B.C., November 5-8, 2017.