Canada Needs a Financial Plan
According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim. This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future: retirements, education and homeownership. It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.Taxes for Proprietorships: Learn About Lucrative Tax Savings
Filing tax returns for unincorporated small businesses is in growing demand. Whether retirees are going back to market as consultants or Millennials are choosing to be their own boss, demographic changes are increasingly pointing to a shift from full-time employment to self-employment as a way to leverage time and money. For advisors, learning tax preparation for proprietors is a worthwhile investment.
Double Dip with The New Home Accessibility Tax Credit
A new non-refundable credit is available on the 2016 tax return, which will help families who needed to spend money to make a home accessible to a disabled person. It’s one of those credits for which you have to dig out receipts, however, but it’s worth up to $1500, and more if you double dip – which is possible and legal!