Splitting income inside a trust trims tax for your beneficiaries
Redirect profits to family members in lower tax brackets
We’re committed to making your practice better, so all this month, we’re delivering you a daily takeaway.
Clients must report everything to CRA — even if it seems immaterial
As soon as clients mention U.S.-sourced income, advisors need to recommend consultation with a cross-border tax expert.
The income tax act provides that a charitable gift gives rise to a donation tax credit in the calendar year in which the gift was made. And, to the extent the donation tax credit is not claimed in that year, it may be carried forward and claimed in any of the donor’s five succeeding taxation years.
As I completed my tax return last month, I found myself amazed at how much the preparation and filing processes have changed since I first became a filer.
When companies use accounting to make profits look bad
With several weeks left before the April 30 filing deadline, it might be a good time to call your clients in to discuss tax planning.
With the 2011 income tax deadline approaching, your clients are looking for ways to keep money in their pockets. The question is: Have they planned ahead, and are you prepared to help?