This Month’s Poll

Do you agree that public trustees, guardians and departments supporting Indigenous Services should be able to certify impairments for the Disability Tax Credit?

It’s reasonably common knowledge that higher wealth accumulators in Canada will want to do some extra planning to avoid the 33% high federal income tax rate applicable to the terminal return of the last surviving spouse.  

Employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, but in some cases the employee will pay for those costs and be able to claim a tax deduction for them.

The Canada Revenue Agency has produced a new Notice of Assessment that is easier to read, a long overdue initiative on the financial literacy front. It will now contain assessments of multiple tax years on one form, which Tax Services Specialists will want to review carefully to ensure the best tax efficiencies are applied over the period, and to preserve appeal rights.

Rather than tinkering with capital gains inclusion rates or changing which assets qualify for capital gains treatment, should governments reconsider taxing capital gains? Some studies suggest that capital gains are fictitious and any taxes thereon result in an economic burden.  Do you agree?

Tax filing time is confusing for most Canadians, but for newcomers it can be completely bewildering.  If you have the opportunity to help with this most important financial document of the year for many families, including new immigrants, consider broaching the following six concepts as a conversation-starter in your role as financial educator.

Canadians are living longer, and while health may be one of the issues matured Canadians focus on in their golden years, carrying debt into retirement and the possibility of filing for bankruptcy is becoming more of a concern.