Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

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?

In the market for a new car before year end?  Take the time to visit your tax advisor first.  He or she can take the time before the holidays to help you consider your after-tax options and evaluate the best approach to acquiring this asset; as debt management is likely part of the equation.