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:People in the News
When commenting about the “Understanding Family Dynamics” course, David Bwamiki from Primerica said: “My objectives were met because the course presented real-life examples that I often encounter.”
Morneau’s Proposals Wreak Complexity on Canada’s Entrepreneurs
A Special Knowledge Bureau Report: Buried at the height of summer holidays, the Finance Department has released a significantly complex and potentially punitive proposal to change the integration of the personal and corporate taxation system for private enterprises and provided a mere 75 days to provide feedback.
Proposals Tax Kids Working in The Family Business
The proposed changes to the taxation of private business income and equity, released on July 18, 2017, will affect the income paid to family members who are not actively engaged in the business, as well as limit their access to the Capital Gains Exemption.
Big Change Proposed for Tax on Passive Investment Income in a Corporation
The Finance Department is proposing alternatives to the taxation of passive income earned in a private corporation. This will dramatically alter after-tax income results, essentially taxing the income earned by corporate investing at the top marginal rates and then taxing distributions once more at personal tax rates.
Part II: Day Traders and TFSAS – Why Are You Offside?
Day trading is effective for RRSPs and RRIFs accounts but not for TFSA investing activities. This doesn’t seem to be a logical strategy on CRA’s part, seeing as it is currently looking for millions in penalties and interest from investors who didn’t understand the rules.
Life Purpose
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.” —Steve Jobs
