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. 

Saul lost his job and was not able to keep up with his required support payments to his estranged family. He was required to pay $500 per month in spousal support and $1,000 per month in child support. He did not begin to know how to claim his arrears payments on his tax return. Fortunately his Tax Services Specialist could help.

Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) are indexed quarterly. However, the indexation factor for these purposes for the second quarter—April to June 2016—is nil so there will be no raise in the monthly benefit amount for that period. But that doesn’t mean consumer spending didn’t cost more last quarter, as reported by Statistics Canada, especially for food, alcohol and tobacco.

As government budgets close one tax advantage after another, it pays to do some tax planning now as you complete your 2015 tax return. Tax time is a great time to prepare a financial assessment through a sound interview process with your advisors. That’s because it’s a great opportunity to review financial affairs of the family as a whole.

Cecil Baldry-White, CEO of Alitis Investment Counsel, believes there are six major challenges that wealth advisors face in attaining higher returns and longer term performance for their clients in today’s difficult investment environment, and he believes we must meet these challenges head on.

Small business forms the backbone of the Canadian economy, yet only a minority of businesses successfully pass to new owners. Sophisticated strategies are needed to ensure greater success in the transition of business ownership.

Recent Panama Papers leak started broad discussion on tax systems and the underground economy.