Navigating Auto Expense Deduction at Year End: What Clients Need to Know

Doubtless you’ve had clients ask whether they can write off any portion of their vehicle for work or business purposes. And your answer, as always, is: “It depends.” The rules are worth reviewing at year end as they can vary significantly depending on how the client earns their income—employee, self-employed, or incorporated – and this is a deduction that’s often audited. Here’s a practical primer to guide that conversation.

A new tax form has been released this summer, giving clients the ability to authorize CRA to reach into their bank account to pay a balance due. The new Form T1-83 for tax year 2016 was released online in the heart of the summer, on July 22, 2016, and it became available for print on August 3.

SOCHI, Russia. “Canada captured a historic fourth Olympic gold medal in women’s hockey Thursday with a 3-2 overtime win over the United States in a thrilling championship final.”

Knowledge Bureau is proud to announce the continued support of Intuit at the Distinguished Advisor Workshops in 2016/2017.

"You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you." Maya Angelou

Hard to believe, but it’s back to school time and parents and students are already busy preparing for fall classes. Thank goodness there is tax relief for the expensive tuition fees and textbooks. But some of them will soon be lost, starting as soon as January 1, 2017. Are you up to speed on the changes?

The big economic news published this month by Stats Canada was that for the period from the first quarter of 2015 to the first quarter of 2016, Canada’s job vacancy rate (the share of unfilled jobs over all jobs) declined in nine provinces and two territories. Yet by July of 2016, the unemployment rate increased by 0.1 % to 6.9%. So what’s the connection with lemonade?