Elbows Up: The Time for Personal-Corporate Tax Reform is Now

One can’t avoid the messaging of the economic pain to come. Our deteriorating economic relationship with our biggest trading partner will require us to “pivot and prosper” in order to emerge “stronger and more resilient” says our Prime Minister. While exactly how we will do this is still unclear, there is one clear opportunity: for both federal and provincial governments to initiate a significant personal and corporate tax reform in the upcoming fall budget.

Whether you are a student or working and paying for child care, those expenditures may be deductible and the maximum amount you can claim has increased this year.  It’s a lucrative year end tip advisors will want to prime their clients about,  to maximize child care expense claims on the 2015 tax return.

It has been truly heartbreaking to watch the humanitarian crisis unfold in Europe, as millions of displaced refugee families risk their lives seeking safe havens. Canadians can help with charitable donations, but also by adopting orphaned children.

Accounting departments in growing companies have a special role in collaborating with shareholders:  to help  those at the financial helm to understand not only where the business results lie today, but what  resources it will need to support future growth, potential financing gaps, and how they can best addressed.

Year end tax planning includes upgrading tax office environments to substantially increase efficiencies. The proof appears to be in the pudding: TaxCycle users  are reporting a 41% decrease in paper printing and handling, 30% more accurate tax preparation and 21% time savings per client engagement.

How do advisors successfully engage multiple generations in a digital world in order to build and sustain family wealth?

It’s an important cross-over: for the first time, Canada’s 65-year-olds have outnumbered children ages 0 to 14.