Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Submit the name of your worthy nomination for the DAC New Advisor Award now.  The application deadline September 1, 2022.  The prestigious award recognizes the next generation and their contributions to excellence in the tax, accounting and/or financial services.   Here’s what the winner of this prestigious award will receive and how to apply:

Have you discussed the nine key issues that require renewed consideration in retirement planning with boomers?  To begin, testing a financial plan against longevity is very important. For instance, did you know that a 65 year old male and female have a 50% probability of reaching age 89 (male), 91 (female) and 94 (either the male or the female)? There is also a 10% probability that either the male or the female lives to age 101. A female couple could have a greater likelihood of living even longer. 

If you sell a capital property and the net proceeds from the sale are less than your adjusted cost base, you have a capital loss – but only if you don’t purchase (or acquire the right to purchase) an identical property within 30 days before or after the sale of the capital property.

For the second consecutive month, participants of our June poll went head to head with results split almost down the middle. The controversial topic discussed: “Are your clients concerned they will lose their principal residence exemption due to the new house flipping tax?”. Just over half of the tax and financial professionals polled said “yes”, yet most of the comments came in from the no “side”. Here are some of their comments:

KNOWLEDGE BUREAU NETWORK (KBN), presents a new way to share knowledge about new career and business opportunities.  This week, an excellent opportunity to work with an outstanding professional firm.   Larry H Frostiak, FCPA, FCA, CFP, TEP, RWM, Managing Partner, Frostiak & Leslie Chartered Professional Accountants Inc. explains:

Congratulations!  It’s with great pride that families recently celebrated their university graduates; accolades so well deserved!  There are a few things to consider about tax rules as the glasses are raised and grad caps fly.  New tax rules, for example, provide a new RRSP opportunity few know about.