Year-end tax and investment planning tips

They could save you a bundle

Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April, when it’s time to pay your taxes.

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Oops! The CRA wants more – now what do you do?

You can fight with a Notice of Objection

Taxpayers start getting tax refunds from the Canada Revenue Agency in April and May. That may be a cause for celebration. But if you get a Notice of Re-assessment, it can contain a nasty surprise, complete with demands for more tax payments along with penalties and interest to boot. But if you think you’re in the right, there is a way to appeal that Notice. READ MORE

Don’t overlook these deductions and credits!

They could help cut your tax bill

Tax-filing season is here, and the deadline for filing your tax return is April 30. There are in fact some 94 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Here’s a rundown of the most commonly missed credits and deductions. Consult with your tax preparer to see if they apply to you. READ MORE

Which investment expenses are deductible in 2017?

Not everything is, so make sure you claim the correct ones

With year-end rapidly approaching, many investors have been going through their financial statements and slips to see what kind of investment or investment-related expenses they’ve paid through the year, and which ones might be deductible on their personal tax returns. The bad news is that the types of expenses you can deduct are limited. The good news is that they’re typically the biggest ones, so be sure to claim them to get the maximum tax benefit. Here’s a summary of the do’s and don’ts of investment expense deductions. READ MORE

Year-end tax tips

Act before Dec. 31 to get these tax benefits for 2017

The holiday season is fast approaching. And with the lights and festivities, investors and taxpayers will also have visions of year-end tax planning dancing in their heads. Well, maybe not, but there are certainly plenty of year-end tax-planning ideas you might want to consider that could save you big tax bucks come next April. Here’s a summary: READ MORE

Investment expenses: deductible or not?

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Here’s what you can deduct…and what you can’t

Investors have recently been getting more information from their advisors about the fees and charges they pay. This is likely because of new rules imposed on the financial services industry by securities regulators. However, many people are still hazy about which fees are tax-deductible and which are not. Here’s a rundown. READ MORE

Just a few days left for these year-end tax tips

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Don’t delay! They could save you a bundle

Even though most of us are preoccupied with other things at this time of year, there is a handful of year-end investment and tax tips that make a lot of sense to look at now. That’s because they could save you money now and next April, when it’s time to pay your taxes. READ MORE

Important information about RRSP maturity options

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You must act by Dec. 31!

If you turned 71 this year, and you still have an RRSP, you have until Dec. 31 this year to convert it into another type of tax-sheltered plan. If you don’t, the Canada Revenue Agency can take away up to half of whatever is in your RRSP. Here’s what you absolutely need to know about RRSP maturity options. READ MORE

Cut the tax take on cottage sales

Beware capital gains tax on non-principal residences

With real estate prices going through the roof across the country, you may seriously be considering selling the family cottage to capitalize on the investment your great grandparents made 50 years ago – or that you made 10 years ago. Trouble is, you have an uninvited partner in the sale: the Canada Revenue Agency, waiting to take its cut of the proceeds. Here’s how to reduce the tax take on a cottage sale. READ MORE

Last-minute tax credits and deductions to remember

Lucrative, but often overlooked, tax breaks

There are in fact some 70 personal tax deductions and credits available. Not all apply to everyone. And many are often overlooked, even if they do apply. Note that a “tax deduction” reduces your taxable income for the year. For example, a common tax deduction for Canadians is an RRSP contribution. Small business owners, those who are self-employed, or those who have a business on the side may also deduct business expenses. Here’s a sampling of some of the most often overlooked tax credits and deductions. READ MORE

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