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:

Are you thinking about retiring soon?  One important consideration in this process is whether you should start your Canada Pension Plan benefits early or late. Now that tax season is over for most people (proprietors have until June 15 to file their returns), this is a question tax specialists and their pre-retiring clients should be discussing sooner rather than later. In fact, anticipating the after-tax consequences of this decision can help spur on broader retirement planning activities.

Jackie Porter, CFP, co-author of Single by Choice or Chance: The Smart Women’s Guide to Living Longer Better has some useful advice for women over forty who find themselves single after an unexpected life change:

With the pressure of tax season over for all but the remaining proprietorship returns (due midnight June 15), it’s a great time to debrief about the skills that were required this tax season and how to shore them up for the next.

What are the top five reasons why busy people make time to attend conferences, just when they think they can least afford the time? You might be surprised by some of the reasons that people give us for attending the Distinguished Advisor Conference (DAC).

The federal budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. However, an emerging issue for most professional advisors is what to do about the emphasis CRA has on the reporting of offshore assets and the perceived loopholes private business owners have.  Those are the two critical subjects in this month’s Distinguished Advisor Workshop tour.

Try our trivia question and get in on a chance to win a free registration to the Distinguished Advisor Conference (DAC) in the spectacular wine country of BC. Meet Canada’s top advisors and reflect with them on this year’s theme, Canada 150: Financial Advice at the Crossroads of Change.