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.

If you have a December 31st year end, the due date for making annual GST/HST remittances is April 30, even though proprietorships have until June 15 to file the T1 General Tax and Benefits return. So if you owe GST/HST now, be sure to make a payment immediately to avoid interest charges.

With tax season largely behind us, energetic business builders in the tax and financial services industries will be interested in pursuing their next great revenue growth opportunity immediately: tax-efficient retirement income planning.

How strong are your economic fundamentals relating to critical issues coming down the pike for 2016 and 2017?  Would you like to better understand how the outcome of the US election will affect the global and Canadian economies?

Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31. Early Registration ends May 15.  Summer Studies Begin July 1 and DAC  Nov 6 -9. Register by June 30.

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." Thomas A. Edison

Tax season may be over but you may have forgotten to claim a lucrative tax deduction or credit, like medical expenses, moving expenses or the disability amount.  First tip:  don’t file a new return; simply adjust your prior filed return.  But, what’s the deadline for making adjustments?