Investors Shocked by Their Tax Bills?

You may have noticed more of your clients expressing dismay over the high amount of taxes owing this April 30.  The culprit could be the late year capital gains distributions declared  by fund companies in 2025, which can be a particular surprise for investors who bought their funds late in the year.  Their T slips will indicate an entire year’s distribution.  Worse, they won’t necessarily have the cash to pay the taxes – now or throughout the rest of the year.  Here’s what you need to know:

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?

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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?

Canadian taxfilers are saving the planet! Of the total returns received to April 25 for the 2015 tax filing year, 87% were filed electronically, according to CRA’s tax filing statistics. The average refund so far is slightly lower than last year: $1653.

Tax filing season is officially over and that means it’s officially tax audit season. And that can be very expensive. For example, you may have heard the story of the $250,000 owing in back taxes by a campground in Ontario.