Don’t overlook these deductions and credits!

They could help cut your tax bill

Tax-filing season is here, and the deadline for filing your tax return is April 30. There are in fact some 94 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Here’s a rundown of the most commonly missed credits and deductions. Consult with your tax preparer to see if they apply to you. READ MORE

Which investment expenses are deductible in 2017?

Not everything is, so make sure you claim the correct ones

With year-end rapidly approaching, many investors have been going through their financial statements and slips to see what kind of investment or investment-related expenses they’ve paid through the year, and which ones might be deductible on their personal tax returns. The bad news is that the types of expenses you can deduct are limited. The good news is that they’re typically the biggest ones, so be sure to claim them to get the maximum tax benefit. Here’s a summary of the do’s and don’ts of investment expense deductions. READ MORE

Year-end tax tips

Act before Dec. 31 to get these tax benefits for 2017

The holiday season is fast approaching. And with the lights and festivities, investors and taxpayers will also have visions of year-end tax planning dancing in their heads. Well, maybe not, but there are certainly plenty of year-end tax-planning ideas you might want to consider that could save you big tax bucks come next April. Here’s a summary: READ MORE

School’s in session: time to break open the RESP

How RESPs pay out for post-secondary expenses

If you have kids going off to college or university this fall, you’ll be tapping into any savings you’ve made through a Registered Education Savings Plan (RESP). But those payments aren’t treated like a bank account. There are plenty of rules about how they’re administered. READ MORE

Fading sunsets: selling a cottage can be a taxing problem

Unless it’s a principal residence, you’ll pay tax on any gain in value

If the likes of Steven Spielberg, Goldie Hawn, Kurt Russell, Tom Hanks, and Bill Murray have been spotted vacationing at summer homes in the exclusive Muskoka lakes region of Ontario, there really must be something to the whole cottaging experience. And judging from recent price trends, demand for prime waterfront properties is as strong as it ever was. Owning a recreational property is almost iconic in Canada. But what do you do if you own a cottage now and want to sell to a willing A-list buyer? Right now, there’s plenty of incentive to cash in. What pitfalls should you watch for? READ MORE

Just a few days left for these year-end tax tips


Don’t delay! They could save you a bundle

Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April, when it’s time to pay your taxes. READ MORE

Year-end tax issues with bond funds


Why they’re not taxed the same way as GICs

As year-end approaches, it’s time to start thinking about the tax implications of distributions from your various investments. This year, the tax consequences of bond mutual funds compared with, say, straight-interest GICs have been top-of-mind for many investors. Here’s a quick primer on some of the tax issues involved with bond funds. READ MORE

Don’t extend credit to the CRA!

Why your tax refund may be a planning mistake

When you get a tax refund, it would be nice to think the government is “giving” you something. But that’s not the case. A large tax refund simply means you’ve paid too much tax through the year. You’re just getting your own money back. If you get a large refund regularly, it’s a sign you need to tighten up your tax planning. The government is happy about it, because it’s had the use of that extra money interest free, while you haven’t. That money could have been earning a decent investment return instead of sitting in the government’s general revenue slush fund. READ MORE

Last-minute tax credits and deductions to remember

Lucrative, but often overlooked, tax breaks

There are in fact some 70 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Note that a “tax deduction” reduces your taxable income for the year. For example, a common tax deduction for Canadians is an RRSP contribution. Small business owners, those who are self-employed, or those who have a business on the side may also deduct business expenses. Here’s a sampling of some of the most often overlooked tax credits and deductions. READ MORE

How high net worth families can cut the tax pain

Income-splitting investment loans to family members

High net worth taxpayers in the top income brackets can still cut the tax hit on high-yielding investment returns. Yes, it means becoming a lender, usually to a lower- or no-income spouse, but the tax savings can be considerable. Here’s how it works. READ MORE

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