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:

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.

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:

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?

Statistics Canada released new unemployment numbers for February on April 21, 2016, and unfortunately, on a year-over-year basis, there were close to 35,000 more EI beneficiaries this February than there were in the same month a year ago—an increase of 6.7%.

Over the past 12 years the Distinguished Advisor Conference (DAC) has set a high bar for leaders in the professional financial services by encouraging strategic thought in their provision of wealth management advice.

The tax filing deadline for proprietors is midnight June 15; this is also a great time to discuss transitions for growth with owner-managers: incorporation or transition to the next business owner.