Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

In a recent case the ‘Tie Breaker’ rules were used to determine the tax status of a group of American business people working in Canada in Dysert v. The Queen (2013) TCC 57. 

Here’s a common issue encountered by tax and financial advisors. The client is Mr. X who has borrowed money to invest and wants to write off the interest. Can the investments be held jointly with his wife, Mrs. X for estate and tax planning purposes? What are the pitfalls to consider?

A new tax credit found on Schedule 1 and 5 of the federal tax return bumps up your existing non-refundable credits by $2000 when you care for an infirm person. 

Canadians love tax refunds, but hate rounding up the paperwork to do the return. That’s where common tax filing errors really begin.

Be very careful about blanket advice.

The best kind of income is the tax free kind, and indeed, several sources exist.