Newcomers: Tax Filing For You Is Complex
International tax law is very complex and border-hopping can be expensive from a tax point of view. Newcomers to Canada and immigrants especially need to pay attention, but so do those residents with offshore assets. Be sure you are working with a Tax Services Specialist™ who has graduated from Knowledge Bureau’s Cross Border Taxation Course.
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Advisors See Opportunity with High-Net-Worth Clients Looking to Protect their Wealth
It’s tricky to find silver linings in 2023, as the cost of everything is rising, with the Consumer Price Index (CPI) sitting at 6.3%. Food, fuel and general goods are increasing in price, and unfortunately so is the cost of running a business.
However, some businesses are finding that they are thriving in the current environment. For example, some advisors are finding that their businesses are still growing, thanks in large part to high-net-worth clients seeking better service.
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Tax Filing Milestones - February and March
It’s that time of year. Mark your calendar for these important tax filing milestones:
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$1.5 Billion Goes Unclaimed Due to Canadians Not Filing Their Taxes
In a paper titled The Mystery of Unclaimed Tax Benefits published in 2020 the authors found that about 10 to 12 per cent of Canadians don't file their tax returns. And if we look back almost a decade ago (2015) researchers estimated that the benefits lost to working-age non-filers was about $1.7 billion. That number has to be higher today, especially with all the new inflation protection measures being announced recently.
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