KBR Poll: A Huge Opportunity for Tax Reforms
The Knowledge Bureau News Network was vibrant last month, especially in the Knowledge Bureau Report Poll. Over 98% of readers who answered overwhelmingly were in favor of tax reforms and they had some great comments as well. Take a look:2017 Budget Overview: Additional Tax Provisions
Review additional tax provisions announced by the Government in the 2017 Federal Budget.
Next Week: Special Federal Budget Report
Knowledge Bureau will publish a late edition of KBR on March 22 to cover the Budget. Be sure to join us for all the news and please share knowledge: a subscription to the Special Budget Report is free. Your friends and colleagues can sign in to reserve their copy now.
Tax Tip: Seniors Who Receive OAS Must Plan for Clawbacks
The full OAS Benefits to be reported as income by recipients on the 2016 tax return is $6,878.82. The amount will be less if you started receiving the benefits this year or could be more if you delayed starting beyond your 65th birthday. But, if you had unanticipated higher income on the 2016 tax return perhaps due to your investments, your annual Old Age Security (OAS) could be reduced or disappear entirely come this July. Worse, you could find yourself paying more in quarterly tax instalment remittances. Are you having that discussion with your tax specialist? It’s important to plan your summer cash flows. Here’s what you need to know:
Early Retirement? You Have Options When It’s Not Your Idea
Lost your job? That can be a very traumatic experience for some; a relief for others. In both cases, Employment Insurance (EI) benefits are a good first line of defence to pay for food and shelter. However, these benefits will be taxable. Worse, if you are a high-income earner in the year you leave your job, these benefits may also be subject to repayment. Therefore, some tax planning is in order.
2017 Tax Convictions by CRA Reap Big Penalties and Jail for Some
CRA has been busy announcing new convictions at the start of 2017, a great deterrent for potential tax evaders at the start of tax season. It’s always best to come forward to declare shortfalls in income reporting or overstatements of tax deductions or credits to avoid expensive interest, penalties and potential jail time. Here’s what happened to those who didn’t. . .
What is an RRSP Meltdown Strategy?
What’s the best way to pay the least amount of tax on your RRSP or RRIF accumulations? “Average down” the taxes payable on your accumulated capital by using the progressivity of the tax system (the more you make the more you pay) and the current tax brackets and rates to your advantage.
