Late Filing Penalties: Talk About It!
While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:Tax Refunds Take Big Bite Out of Retirement Savings
This year’s average tax refund of $1641 takes a big bite out of retirement savings for Canadian families.
Government Grants for Disability Saving Plans Can be Very Lucrative
The Canada Disability Savings Grant can add significantly to the pensions set up for disabled individuals through the Registered Disability Savings Plan (RDSP).
When am I Considered to Have Left Canada for Tax Purposes?
This excerpt from Evelyn Jacks’ Jacks on Tax outlines the different categories of residency and provides an answer.
Planning for Crisis Situations: Illness, Family Strife, and Breakups
If you own a family business, you will undoubtedly experience several people-related crises that may plague the business during its life cycle. Family conflict, divorce, illness, and premature death all represent potential threats. Excerpted from Master Your Investment in the Family Business are some tips and traps you should avoid in crisis situations.
Are Your Clients’ Quarterly Tax Instalments Necessary?
Are your clients making unnecessary quarterly tax instalment remittances on self-employment, investments, pensions, or other sums from which tax is not withheld at source?
Retirement Income Layering
Here’s the tax secret: Income layering of all your income sources in retirement can help you get a better after-tax result, and help you preserve your capital for the future, too.
