Back to School Tax Breaks

Like tax season, back-to-school season rolls around annually with certainty. But in today’s inflationary environment, the start-up costs for getting the family organizing for the school year may seem daunting. The good news is that tax and financial advisors can help clients understand their tax planning options and manage all the receipts that can lead to tax breaks later in the spring during tax filing time. Here’s a primer of topics you may wish to discuss:

Self-sufficiency in self-funding future retirements is clearly an issue and the big news coming out of this budget is the opportunity to do so.

How did the Pre-Election Budget help you? We've included several scenario's in this report to help you consider whether you were a winner. 

Michael and Jessica are a young couple living in their condo in Vancouver.  How will the budget affect them?

Matthew and Ashley live in Winnipeg. They have two children, ages 3 and 5.  They own their own home. 

Brian and Patricia retired a few years ago.  Brian is 74 and Patricia is 72.  The couple live in Halifax, NS and have RRIF balances of $300,000 and $400,000 respectively.

Robert and Jackie are contemplating retirement.  Robert is 65, earns $55,000 from employment and also receives a $24,000 pension.