Understanding the OAS Clawback
Seniors don’t take kindly to the clawback of their OAS (Old Age Security) especially in these inflationary times, but this can happen, especially if there was an unusual receipt of income during the past calendar year. Here’s what you need to know to explain the consequences for 2025 and 2026:A Great New Way to Earn CE/CPD Credits from Knowledge Bureau
Knowledge Bureau is excited to introduce a new convenient, online learning opportunity: continuing professional education on video – a great new way to earn 6 CE/CPD Credits.
Tax Trivia: Do You Know Your Tax Danger Zones?
Just how good is your tax knowledge these days? Are you up for a little year-end tax test to see just how much you need to “shake out the cobwebs” before tax season 2016? Here’s how it works: tell us the significance of these numbers that will appear on the 2015 T1 Return: $2093, $7033, $7899, $11,327, $15,255, $25,370, $35,466, $72,809 and $140,944.
Now Available: Evelyn Jacks’ Family Tax Essentials
It’s more important than ever for Millennials and their Boomer parents to start discussions about multi-generation tax, retirement and financial planning, and after dinner story-telling over the holidays is a great way to start a new financial journey in 2016. Just how do you build a Wealth Purpose with a Tax Strategy? Evelyn Jacks’ Family Tax Essentials will provide you with some great new ideas!
Fiduciary Duty: A Renewed Focus in High-Value Practices
How can you be a better steward of your clients’ wealth? How can you communicate effectively to them your role as a financial fiduciary? The trend in the financial industry is towards greater transparency as the value of advice trumps a transaction-based service. But to create a more powerful value proposition for your advisory practice in 2016, you need to refocus on your fiduciary duty.
Ways And Means Motion: Lots of Tax Changes, Budget Shortfall
The Federal Government introduced a Ways and Means Motion on December 7 that will implement the promised middle income tax cut to 20.5%. In addition, there are a host of new tax increases for high net worth clients: Canadian retirees and business owners that tax and financial advisors will want to reach with planning advice soon.
Taxpayer’s Spouse Successful in Challenging CRA’s Third Party Re-assessment
The recent judgment in Ellis v. The Queen shows that it is possible to successful challenge the Crown’s case for penalties, after a third party re-assessment of taxes to a delinquent taxpayer’s spouse. The appellant had been assessed $10,199.73 in penalties under section 163 of the Income Tax Act (the Act) when her husband transferred 50% of their matrimonial home, targeted by CRA to cover his $50,000 federal tax bill.
