“As we all transition to a new normal, please know that Knowledge Bureau’s
e-learning campus is open and operating as usual from its fully virtual pandemic requires we take good care in isolation. In these unprecedented times, a renewed focus on your professional education, conveniently online, can also be a stress reliever. We are poised to help.”
- Evelyn Jacks, Founder and President, Knowledge Bureau
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April 30 is an important deadline for more than one reason: late elections for pension income splitting for 2017 expire April 30, 2021 as taxpayers can optimize pension income splitting, but only for up to three years. Taxpayers who elect to split pension income with a spouse must claim an offsetting deduction on Line 21000 for the elected amount of income that will be reported by the pensioner's spouse. Form T1032 Joint Election to Split Pension Income is used to determine the election. What should professional tax and financial advisors know?
The difference between good and bad debt often lies in its tax deductibility. Those who leverage their assets as part of their strategic plan to build wealth will often do so more successfully by earning more income and increasing their net worth. However, should you borrow to invest? Claiming tax-deductible interest is often the only consolation for the eroding effect that the costs of debt can have on personal wealth. Here’s what you need to know this tax season:
Okay, we admit, it’s a stretch, but we wanted to hop into the spirit, and surprise you, our Knowledge Bureau Report readers, with a tuition treat to celebrate the long weekend!