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:Help Clients Reduce the Downward Pressure on Wallets
Is the Grinch in the house? The interest rate hikes just haven’t stopped in 2022. On December 7, the Bank of Canada (BOC) increased policy interest rate again by 50 basis points, leaving many Canadians worried about the effect on their finances in 2023. Currently, the overnight rate is 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. But this translates to much higher costs on various debt transactions: operating lines, lines of credit and mortgages. Is there a silver lining?
TAX TIP: Make Charitable Giving a Multi-Stakeholder Event
Why don’t more taxpayers – and charities – know more about gifting securities in kind? It’s an expeditious way to support your favorite charities during inflationary times. Donations for the purposes of 2022 tax credits will be accepted until December 30, but it’s important to leave settlement time for the transfer or securities.
Tax Planning: Labour Mobility Deduction for Tradespeople
The April 2022 federal budget, introduced a Labour Mobility Deduction for skilled tradespeople and apprentices who need to temporarily relocate for work and it’s important to advise eligible taxpayers about this before year end so they can find receipts to back up the claims retroactively to January 1, 2022.
Tax Tip: Leaving Canada? What’s Included in the Departure Tax
Canadians, who leaving the country become emigrants, and have to file a final tax return as of the date of emigration must report income for the period of residency and also, a deemed disposition of their taxable assets. This can generate capital gains or losses, which can generate a balance due or in some cases, additional refunds if losses are applied to prior year gains. There are some exceptions explained below.
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The Dark Horses – Find them at the Advanced T1 Tax Update
The Dark Horses are coming: little known tax facts and tips ordinary advisors never tell their clients about. It makes a big difference in the after-tax result! December 15 is the beginning of the Early Registration Deadlines for the Advanced T1 Tax Update, featuring three training options in 2023:
