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.Year-End Tax Tips: Claiming Auto Expenses
Are you using your automobile for work or for your own business? Perhaps you are unsure whether you should make a claim for auto expenses this year; or maybe you suspect you aren’t claiming everything you are entitled to. This is a good reason to see your tax advisor, and make sure you are prepared to make a full claim.
Tax Tip: Manage Net Income for 2016
Who pays higher marginal tax rates: the executive earning $250,000, or the family that makes do on $60,000? If you said the family, you would be correct. That’s because marginal tax rates are higher in income brackets that are impacted by the clawback of social benefits and tax credits. But when does that happen?