KBR Poll: A Huge Opportunity for Tax Reforms
The Knowledge Bureau News Network was vibrant last month, especially in the Knowledge Bureau Report Poll. Over 98% of readers who answered overwhelmingly were in favor of tax reforms and they had some great comments as well. Take a look:Use it Before It Disappears in 2018: The First-Time Donor’s Super Credit
An important tax break is disappearing after 2017: The First-Time Donor’s Super Credit. This opportunity is of particular interest to advisors who work with higher-net-worth families and their adult children. In fact, discussing it as part of mid-year tax plan may make good sense for these taxpayers, especially if they wish to be strategic about their giving.
Millions Embrace Digital Filing but Average Refund is Down
Canadians were treated to new technology this year and embraced it soundly: 7.3 million individual requests were received by CRA’s digital service Auto-Fill My Return, and 87% of all returns filed to May 15 used NETFILE or EFILE. However, you may be hearing complaints about smaller tax refunds this year. The averages appear to bear that out.
June 15 Deadline Coming Up Fast for Investors, Proprietors
June 15 is an important tax filing deadline for seniors, investors and proprietors. The second quarterly instalment payment for the year is required on this date. So is the filing of the T1 return for proprietors and their spouses. It can be an expensive day, so it’s important not to delay in determining the amounts payable, especially since CRA has new resources to enforce delinquencies.
Veterans with Pensions Need Help
Approximately 7,600 Canadian Armed Forces personnel leave the Canadian Armed Forces every year with significant tax-free resources for their future. This number includes about 1,000 personnel released for medical reasons beyond their control. They could use your help.
Life Purpose
"There is learning in every experience. Change your attitude about your presumed outcome and simply ask yourself, what did I learn from this experience?" — Debbie Donsky, educator and principal in York Region
“Head in the Sand” Costly Approach to U.S.-Canada Tax Issues
Many Canadians have properties in the U.S. and regularly spend time there. Unfortunately, many of them also tend to take an “ostrich” approach to the related tax issues. That can be very expensive in the long run. If you are a tax or financial advisor serving snowbirds or other clients with U.S. assets, it is imperative to take a proactive approach to protect their wealth from the tax consequences in multiple jurisdictions.
