Claiming Medical Expenses: Free Healthcare?

Free Health Care? Did you know that Canadians spend on average more than $1,000 on medical expenses each year? It’s estimated that government programs, via our taxes, cover about 72% of medical expenses, which means that we pay for the rest. Your clients may be over-paying on their taxes because they don’t know about medical expense deductions. 

"Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence." Helen Keller

Families may soon be out of monthly income due to the cancellation of the Universal Child Care Benefits in July.  It’s also time to review and optimize the Family Tax Cut provisions which are no longer available for the 2016 tax filing year. Tax and financial advisors can help.

Knowledge Bureau wishes to extend to all our fellow Canadians in the Fort McMurray and surrounding areas, our sincerest sympathies for your suffering as a result of last week’s devastating wild fires.  We pledge our support to all our students, graduates, designation holders and friends in the province, as we offer our thoughts of consolation and prayers to you.

Helping in helplessness . . . watching the heartbreaking devastation in Fort McMurray has been gut-wrenching. How one hour can change life so dramatically! Making donations from afar seems only right; and it feels especially good, given how terrible the events of the last week have been.

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.