Most people hate paying taxes but not far behind is their dislike of paying for tax and other professional financial services. However, value propositions for clients can be increased when they understand how professional fees are being claimed to their advantage on their tax returns.
Even at the end of tax season, some last minute tax tips can help clients and their families win extra dollars this year – or possibly next. There are some eyebrow-raising write-offs under the category of medical expenses for example, that might make a knowledgeable tax expert the most interesting person around the water fountain.
The 2015 Federal Budget introduced significant changes to Canadians’ finances. The challenge now for most tax and financial professionals is deciphering these changes and putting them into action in a meaningful way for clients.
Tax breaks and economic incentives have been peppered throughout Canada’s pre-election budget document with savers, seniors and small business corporations emerging as big winners.