Redirect profits to family members in lower tax brackets
Canadians affected by devastating weather events—such as forest fires, tornadoes, floods, landslides and hurricanes—have only one thing on their minds: rebuilding their lives. For this reason, the CRA reminds taxpayers (and their advisors) that they can apply for relief if unable to make payments. “Weather events can prevent Canadians from meeting their tax obligations,” she […]
Heirs can buy your business for minimal cost and you can relieve your tax burden
For the 14th consecutive quarter, the prescribed rate on spousal loans is staying at 1%.
Tax season is over. But that doesn’t mean your clients should forget about their taxes until next year.
Does your client enroll their children in cultural or recreational programs? If so, they should take a second look at the new credits they can receive before filing their return.
The April 30 tax filing deadline is quickly coming into view. Are your clients prepared? As an advisor you might not think it essential to remind clients about the basics, but the help you can provide cements relationships by letting clients know you’re always looking out for them.
Filing your return and paying your taxes on time is crucial, the CRA reminds us. If a refund is due, it’s better to get it sooner than later, and filing early helps to avoid possible interest and penalty charges.
Over the next few weeks, most Canadians will have to face their tax bill. However, there are some changes and credits that may help your clients pocket some extra savings.
There are several changes and updates to the tax code that your clients should be made aware of before they file their 2011 tax returns.