Recently Retired? Tax Filing Can Be Complicated

Recently retired?  There are many new provisions on the tax return that could apply to couples for the first time, so filing early and with qualified professional help can be important. How you treat private pension income and Old Age Security benefits, for example, can have many positive tax outcomes. Cutting Taxes on Private Pension Income. Filing a tax return at the same time as your spouse when you start receiving periodic benefits is paramount. This is because you may […]

Illness In the Family? The Tax System Provides Relief

This is a good time of the year to discuss family health – with your tax advisor! If significant medical issues have arisen, there is financial relief available in many cases through the tax system. Tax and financial advisors who really know their clients, will be ready to have these sometimes difficult discussions, to advocate financially for families with medical challenges. There are two key provisions to begin with: DON’T MISS MEDICAL EXPENSES. Millions of taxpayer miss claiming medical expenses […]

No Time To Waste: TFSA, RRSP or Both?

It’s February – no time to waste. There are two very important investment opportunities to take advantage of now, but you’ll need to plan to put much of that February pay and your savings accounts to work for you now. The smart money goal: be sure to make your RRSP and TFSA contributions. MAXIMIZE RRSP DEDUCTIONS – CONTRIBUTE BY MARCH 2. Dig out your 2013 Notice of Assessment to check out your personal RRSP Contribution Room before the contribution deadline […]

Documentation Counts: Filing an Audit Proof Return

Over the next few weeks I am going to feature some tax tips for you to consider with your clients. The first in this series is about better collaboration between advisors and clients on filing audit-proof tax returns. Every new list of tax tips must start with this one: filing an audit proof tax return begins with filing it on time – which means midnight April 30 for most people; June 15 for unincorporated small business owners and their spouses. […]

Getting Tax Season Right: Plan to Start Early

Tax preparation season is about to begin and getting it right means a lot more than filing an accurate tax return. At tax time, your goal is to ensure the sustainability of family wealth – after taxes, inflation and fees. There are several key goals: • first, by minimizing the taxes paid on the 2014 and prior returns • second, by integrating tax planning into investment, retirement and succession planning activities with all generations in the family • third, be […]

Taking Financial Care To The Next Level

What inspires you to set the principles and goals that will guide your achievements in 2015 and redefine your professionalism? It’s a question to reflect upon at the start of the year, especially if you are a trusted advisor to a number of families, and driven by continuous self- improvement. Revisiting personal strategies for professionalism will lead not only to your own personal success, but will surely help you set higher goals with your clients by setting new and better […]

Improving Economic Potential: A Smart Financial Goal

Happy New Year! What’s your “economic potential” in 2015? It’s a great phrase used by Finance Minister Joe Oliver on January 2nd, in the context of the federal government’s continued commitment to a balanced budget in 2015 so he and his department could improve our collective standards of living. Mr. Oliver wants to improve economic potential for Canadians with a balanced budget for three specific reasons: To make more tax dollars will be available for social services, by paying less […]

Happy New Year: 2015 is Brimming with Generous Tax Preferences

Happy New Year and welcome to a brand new tax year. There is a lot to report on already, with generous new tax provisions and indexing changes that will line the pockets of Canadian seniors, families and qualifying small owners who sell their companies in 2015. These and numerous other tax changes will be discussed in detail at Knowledge Bureau’s Distinguished Advisor Workshops, held in Winnipeg on January 20, Toronto on January 21, Calgary on January 22 and Vancouver on […]

Top Five Tips To Help You Recharge

We have all heard people say they would rather be at work than take a holiday. They dread the unmanageable email list when they get back from a few days off. Interesting, how easy it is to give up your joy to the demands of constant time pressure. Forgotten how to recharge? Consider these five tips for enjoying the holiday season this year: Turn off the work cell – if you must use your smart phone, make it about touching […]

Give The Gift Of Time: It’s Precious

It seems to sneak up on us every year: the Christmas Holiday season. Regardless of how you celebrate, it is a time to reflect, count your blessings, give, and re-evaluate how you will use your precious resources of time and money in the new year. At Knowledge Bureau, we spend every day working on delivering excellence in financial education to highly motivated professional advisors who want to take their continuing professional development to an even higher level as masters and […]