This Month’s Poll

The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?

Canadians who earn tips and gratuities are required to report this income on their annual income tax returns. This year the tax auditor is once again taking a closer look, and it’s become easier than ever, as audits of credit card and debt payments provide a reliable record of undeclared amounts.  Here’s what you need to know to bust those tax audits:

Leadership matters.  Your team depends on yours; so do your clients.  A couple of weeks ago, we featured a story on how the components of ethical leadership can be applied to individual leadership styles. It received great traction on the Executive Business Builders Network.  Please chime in this week.

We salute the outstanding achievements of Siegfried Merten, Master Financial Advisor (MFA), who has been recognized internationally for his work in the avoidance of double taxation for retired Canadians.

February promises to go out like a lion with yesterday’s announcement that the 2018 budget will be unveiled on February 27, 2018. It’s interesting timing. Other important milestones: CRA starts processing 2017 tax returns on February 26, the T4/T5 tax slip deadline is on February 28 and the RRSP filing deadline is March 1.

Love this tax tip: all income sources are not taxable. Here’s my top 10 favorite “dark horses” – exempt amounts most people don’t know about.

Filing a tax return is the first, and often most important, financial transaction of the year for millions of Canadians. What’s different in 2018? For starters, the government is hanging on to early filers’ refunds longer than ever. With last year’s average tax refund clocking in at just over $1,735, that’s a big deposit that cash-strapped Canadians don’t have for their RRSP or TFSA deposit.