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:

Laramie Tan-Amit Developed Her Competitive Edge as DFA – Tax Services Specialist:

“As we look back and move forward, we would all be advised to remember that pride goes before the fall.” Former Bank of Canada Governor, Mark Carney in Geneva, 2010

Because employers are generally required to pay for the premises, assets and supplies used up by their employees in performing their duties, the employees themselves have few out-of-pocket costs to claim on the tax return. In some cases, the employee will have expenditures, but to claim them, very specific procedures must be followed.

For many taxpayers, the end of February marks the deadline for the annual ritual of contributing to their RRSP.  This year the contribution deadline for 2016 is March 1, 2017.  But is this last-minute rush to contribute the best course of action?

Retirement is one of life’s most exciting times: a time for exploration, shift in focus and demand for new knowledge and skills. For most clients, it is new territory and as a caring advisor it’s a wonderful opportunity to ‘ride shotgun’.

There are only a few days left to enter this month’s skill-testing financial trivia question to win a free registration to the DAC in Kelowna, where this year’s theme will be:  Financial Advice at the Crossroads of Change.