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:

Dong Wook (Andrew) Choi, DFA-Tax Services Specialist and MFA-Business Services Specialist knows why improving your professional education is so important this summer: 

In answer to the question posed in Knowledge Bureau’s May opinion poll, professional financial advisors from across Canada agreed by an overwhelming majority—78% to 22%—that top marginal tax rates close to, or over, 50% are not fair.

Despite recent reports that Millennials are worried about facing tougher financial times in their retirement, a little information can go a long way for this well-educated generation.

Two federal family tax credits have disappeared in 2017: the Children’s Fitness Tax Credit and the Children’s Arts Amount. Is there anything families can do to shore up tax savings in light of this unfortunate news?

Midnight June 15 is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season for those weary folks in the tax preparation industry! Don’t let this important deadline get lost in your pre-summer planning.

“Believe those who are seeking the truth. Doubt those who find it.” —André Gide