Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

The demand for filing unincorporated small business returns may be a new growth area in the tax preparation industry as both an aging demographic and self-employed millennials choose to  make a living this way.

Siegfried Merten, MFA™, Ontario, is Knowledge Bureau’s noted expert on filing returns for recipients of German pensions. He says this about his experience in obtaining his MFA™ designation:

“No one’s happiness but my own is in my power to achieve or to destroy.” Ayn Rand

This year, new immigrants include more refugees who need to come up to speed on how to benefit from the many refundable and non-refundable tax credits and deductions available in Canada.   You may wish to take a new family under your wing and help them navigate this task.

On Tuesday, the Loonie was worth $0.7657 US.  This is the highest value we’ve seen since September 23, 2016.  Sadly the dollar is still more than 30 down from January of 2013 when it was last on par with the US Dollar.  So what are the tax implications for investors of exchange rate fluctuations?

In communities where rental accommodation is scarce, more and more homeowners are building a second dwelling on their lot and renting out that “coach house” or “carriage house”.  Many have not thought about the tax consequences, though, and they could be complicated.  The key question:  will your tax exempt principal residence status be affected by this second dwelling?