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:

If you are working as a professional in the tax, bookkeeping or financial services, it is critical to know the upcoming federal budget changes and their effect on personal, corporate and cross border planning in 2017, 2018 and beyond.

It is one thing to properly keep books, using a double entry system. It is quite another to use that financial information to enable a business to meet its financial goals and make better management decisions throughout the year.  Students who have completed  Managerial Accounting course will be qualified to assist business owners to do so.

A Referral that Really Paid Off:  Chris Valentine, ON,  Master Financial Advisor:

“We cannot hold a torch to light another’s path without brightening our own.”  Ben Sweetland

Employees who earn their living negotiating contracts for their employers or selling on commission may claim certain itemized sales expenses.  In all cases, however, receipt keeping is key; as is the availability of employer-signed Form T2200 Declaration of Conditions of Employment in case of audit.

A Federal budget date is expected soon after Prime Minister Trudeau and Finance Minister Morneau return from this week’s meetings with the new U.S. administration.