Claiming Moving Expenses

It’s crunch time when it comes to tax filing. Most taxpayers will have received all their T slips – T4s, T3s, T5s, etc. and now it’s time to actually get it done. Whether that’s a do-it-yourself effort or a visit to the tax professional, be sure to claim the deduction for moving expenses if you qualify. It is quite possibly the most lucrative on the tax return. For example, you may be able to claim real estate commissions paid to […]

Canadians Can Control Wealth Erosion In Uncertain Times

It’s difficult to think pessimistically about the great news released mid-March about our national net worth: it increased by 2.7% to $7.7 trillion in the last quarter of 2013, following a 2.5% gain in the third quarter. The main reason was the value of real estate in Canada, which has been rising. But according to Stephen Poloz, the Bank of Canada Governor, dark clouds could lurk behind the euphoric news. Mr. Poloz, identified key concerns for our economy, but few […]

Building Wealth: Don’t Go It Alone

Are you wealthy? What’s your definition? One way to think about it is to consider: what does it take to achieve peace of mind – to be free of financial worry? Would you be truly wealthy then? If you think so, go further: what is the definition of “enough” for you?  Is it $1 million? Is it $10 million? You may have quite a different number in mind than that of your spouse or neighbour. This is all complicated by […]

Poverty and Real Wealth Management: It Begins with Tax Literacy

Can the principles of Real Wealth Management™ apply to family units affected by the dark cycles of poverty, or a profound lack of trust in the family?  This is a question I was recently asked and happy to respond: yes. Real Wealth Management is the strategic framework for a multi-stakeholder approach to joint financial decision-making in the areas of tax, investment, retirement, succession and business planning. It is taught exclusively by Knowledge Bureau. This framework has developed over decades of […]

RRSP or TFSA?

Are you making choices between investing in a TFSA or an RRSP? Which should come first? The correct answer is of course, it depends. We decided to do some numbers to come closer to the precise answer and what we found was interesting. The TFSA seems to be the winner over time, even in cases where income splitting is available in retirement. But there is a wild card: what tax bracket will you be in — at the time of […]

Join Me at Winn$tock 2014 to Think Big
for a Great Cause

I’d like to invite you to join me in supporting The Movement Centre of Manitoba at Winn$tock 2014, Winnipeg’s annual Battle of the Bands featuring musical members of the local financial services community. Winn$tock 2014 is being held on Friday March 21 at Cowboys at Canad Inns Windsor Park, and the team at Knowledge Bureau is pleased to be involved in this worthwhile and fun event once again this year. Every donation of $200 or greater will qualify you for a draw […]

Veterans Need Tax-Efficient Investment Advice

According to the February 11, 2014 federal budget, approximately 7,600 Canadian Armed Forces personnel leave the Canadian Armed Forces every year. This includes approximately 1,000 personnel released for medical reasons beyond their control. Finding meaningful employment is a key factor in making a successful transition to civilian life. But it is also clear that some tax-efficient investment planning could help leverage some of the tax-free supports available to veterans. RDSP and TFSA investments, for example, could be helpful. Astute tax […]

The Groundhog, the Cupid…and the Link to Wealth Planning

It’s February, and that means that the Groundhog and Cupid vie for our attention. They seem to personify the challenge Canadians have with their fiscal balancing act: the ongoing lure to demonstrate love through wallets, with the fiscal obligations to spend and plan for our futures responsibility. The spirits of the two, Groundhog and Cupid, make a great case for tax-efficient financial planning this month. February 2:  What did the Groundhog Bring? Groundhog Day, was apparently inspired by a Scottish […]

Non-Resident Pilots and Overseas Workers See Tax Hikes in 2013

When it comes to tax time, it always pays to do a good review of the tax changes from one year to the next and find those “dark horses”; the little-known tax facts that can make a big difference on tax filing outcomes. One such change exists for pilots flying in and out of Canada, another for overseas workers and yet a third for those whose employers pay premiums for wage loss replacement plans. Pilots. Non-resident pilots flying in and […]

Claiming Employment Expenses

Do you spend money in the course of your work that’s not reimbursed by your employer? Certain employees may, in fact, claim out-of-pocket expenses on their tax returns. However, the Income Tax Act is very specific about the expenses that may be claimed. The deduction for these costs will ultimately show up on Line 229 of the T1. It’s a good idea to use Form T777 Statement of Employment Expenses as a guide to the receipts you need to look […]