Changes to Paper Filing Disempowering

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against:

In the spirit of the season, it’s heartwarming to know that the vast majority of Canadians are lending a helping hand to those in need. And what goes around comes around: be sure to inform your clients about tax credits they may qualify for, thanks to their generosity.

There is still time to consider your own unique RRSP tax strategy to reduce income and taxes and increase refundable tax credits for your financial gain in 2018. The RRSP contribution deadline is March 1, 2018. Following is the last of our series of a dozen tips to consider as the holidays begin and before this year ends:

When setting your career-related New Year’s resolutions, it’s important to ask yourself a key question: “Do I see myself as an employee or an entrepreneur?”

Congratulations to Barbara Schuster from Investors Group who just graduated from Knowledge Bureau’s Advanced Tax-Efficient Retirement Income Planning self-study course, and had the following comments about her experiences:

The RRSP can play a prominent role in many of the year end tax strategies still available to pay less tax in the 2017 tax year.  The RRSP contribution deadline is March 1, 2018.  Following are the first six of a dozen tips to consider as the holidays begin and before this year ends:

Canadians who focus on building their asset base will quickly grow their personal and family net worth – that’s the difference between the value of assets and the debt attached to them. Based on the December 7 release of the Survey of Financial Security for 2016, median net worth was up almost 15 percent to $295,100 over 2012 figures. The principal residence was the largest asset, followed by private pensions. But will this trend continue?