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.

The 2015 Newfoundland and Labrador provincial budget was presented on April 30, 2015. 

Since the last time the Supreme Court of Canada (SCC) visited the issue in Rodriguez (1993), doctor-assisted suicide has been legalized in eight other countries around the world.  

Tax season is officially over for most individuals, and that signals the start of tax audit season. 

The recent April 21 Federal Budget introduced relaxed rules for mandatory withdrawals from a RRIF, effective in the 2015 and subsequent tax years.

What’s a detailed, tax-efficient retirement income projection worth to your clients? A lot of peace of mind, especially if they are interested in continuing to build their net worth in retirement and beyond, while reducing their frustration with high taxes on private pension income.

There are many unique opportunities to serve clients in the tax and financial services today.  More than ever, clients expect to receive advice that is relevant both for today’s environment and for the long-term.