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.
“Far away there in the sunshine, are my highest aspirations. I may not reach them, but I can look up and see their beauty, believe in them, and try to follow where they lead.” Louisa May Alcott
If you are using tax software in the 2017 tax filing season, you will be amazed at the cutting-edge features that complement the digital services being offered at CRA this year. It may be worth your while to become familiar with the new services.
February 20 is the first day of EFILE in 2017. That means now may be the right time to get those receipts and documents in order to file sooner for your tax refund. Here are the dates to know:
Investors, be sure to claim your investment expenses on the 2016 tax return. If it’s done properly, you can save hundreds, maybe even thousands, of dollars over the years. But you have to do it correctly, or you could get into hot water.
Today’s wealth managers and financial advisors are being called upon to offer their clients a more holistic approach to retirement - one that encourages exploration and direction beyond money-related questions. That’s important.
Starting in July, CRA will provide legal warnings to recover more than $9 billion of overpaid pandemic recovery benefits like CERB. Do you think that is fair?