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:Clawback Planning for 2017
Taxpayers who are subject to clawbacks of EI, OAS or personal amounts, have marginal tax rates that are significantly higher than other taxpayers at the same income levels. When planning income levels in retirement, these inflated marginal tax rates need to be avoided whenever possible.
Net Worth per Adult Up 67% since 2000: Global Wealth Report
Global wealth has increased by 1.4%, but net worth per adult has remained relatively unchanged in 2016, according to a new Global Wealth Report, by the Credit Suisse Research Institute. The net worth per adult has risen 67% since 2000; however, this growth rate flattened out in the period 2008 to 2016.
Year-End Planning: Reviewing Taxpayer Rights on Appeal
The Auditor General for Canada has recently issued a report on CRA’s appeal process, focusing on whether CRA has been efficient in managing income tax objections.
Advanced Tax Knowledge Needed for Year End Planning Opportunities
Highly qualified tax advisors are in high demand, not only by their clients but by financial advisors who seek their services and advice. But, especially if your clients are Boomers, it’s important to move past basic tax preparation knowledge to confidently address the complicated year-end tax planning issues they may face on their investments and properties.
Personal Tax Bootcamp Coming Soon
Knowledge Bureau’s highly engaging Annual Personal Tax Bootcamp is coming soon, January 17-25, 2017, in six cities across Canada. Registrants are urged to reserve their spots early as seating is limited, and to take advantage of early-bird tuition reductions until January 10.
Financial Assistants: Ramp up Your Professional Communications Skills
Assistants to wealth managers will gather for the first ever Assistants’ Conference in Toronto on December 5. Knowledge Bureau President, Evelyn Jacks, will be a guest speaker, presenting on How to Ramp Up Your Communications Skills. She will also introduce a new online diploma program designed especially for wealth advisors’ assistants: the Professional Financial Assistant Diploma Program™.
