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...
Here’s what you can deduct…and what you can’t Investors have recently been getting more information from their advisors about the fees and charges they pay. This is likely because of new rules imposed on the financial services industry by securities regulators....
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...
You must act by Dec. 31! If you turned 71 this year, and you still have an RRSP, you have until Dec. 31 this year to convert it into another type of tax-sheltered plan. If you don’t, the Canada Revenue Agency can take away up to half of whatever is in your RRSP....
Beware capital gains tax on non-principal residences With real estate prices going through the roof across the country, you may seriously be considering selling the family cottage to capitalize on the investment your great grandparents made 50 years ago – or that...
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...
How to stop con artists in their tracks If you’ve been receiving messages by phone, email, or text message from someone claiming to be from the Canada Revenue Agency, saying that you have overdue taxes and that legal action will be taken unless you pay immediately,...
A crop of lucrative tax breaks ripe for the picking Every year around this time, I get lots of questions about what kind of tax deductions and credits are available to help you cut your tax bill. So here’s a summary of the more popular tax breaks, along with some...
But the search for tax efficiency can get complicated High net worth investors are keen on tax efficiency in their investments. Understandably so, since taxes have a huge impact on investment returns. Mutual funds are sometimes seen as least tax efficient, because...
…And why a refund isn’t a good thing in the first place If you filed a tax return in April, by now, you’ll have received a Notice of Assessment from the Canada Revenue Agency. Sometimes it’s accompanied by a tax refund cheque. If it’s substantial, it might even...
I’m often asked by clients what to do with shares of bankrupt, insolvent, or wound-up companies that are no longer traded on the stock market. For obvious reasons, taking a capital loss on the shares makes sense, especially if there are capital gains elsewhere that...
Q – Last week you answered a question about fighting a Notice of Assessment from the Canada Revenue Agency. My question relates to another comment made on my Notice regarding instalment payments. I have a business on the side, apart from my regular employment, and...