Wildfires: Apply for Taxpayer Relief Provisions
It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.Spellbinding Gratitude: Leonard Cohen, RIP
Take a moment to witness the inhaling of the fragrance of wood, the passionate dimensions of gratitude and the history of finding one’s voice . . . in Leonard Cohen’s own words. So much to learn from a grand poet: https://youtu.be/VIR5ps8usuo. R.I.P., Leonard.
Life Purpose
"Life's like a movie, write your own ending. Keep believing, keep pretending." Jim Henson
Eight Short Snappers: Quick Year-End Tax Planning Tips
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:
CPP Premiums for 2017 Top $5,000
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.
CRA Serious About Cracking Down on Tax Evasion and Avoidance
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.
Review RESP Details Before Year End
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.
