2017 year-end tax planning Year-end expenses

Dec 12, 2017 |Colleen O’ Connell-Campbell
Generally, you can deduct certain expenses you paid in the year on your personal income tax return. Therefore, remember to pay all investment management fees, tuition fees, deductible accounting and legal fees, childcare expenses, alimony, medical expenses...
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2017 year-end tax planning Interest on family loans

Dec 11, 2017 |Colleen O’ Connell-Campbell
If you set up a spousal loan or funded a family trust with a prescribed rate loan, remember to pay the interest owing by January 30, 2018. The borrower may be able to claim a deduction for the interest paid on their tax return. The lender will have an...
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Holiday giving through the lens of the Five Love Languages

Dec 11, 2017 |Colleen O’ Connell-Campbell
Instead of entering the mall in a rushed panic this holiday season, why not consider a calmer, more thoughtful approach to gift-giving. Personally, I find inspiration in The Five Love Languages by Dr. Gary Chapman. According to Chapman, we all have a...
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Shop smart this holiday season

Dec 07, 2017 |Colleen O’ Connell-Campbell
There’s no shortage of gift suggestions out there at this time year – the endless flyers, top ten recommendation lists and the online ads galore. But instead of being told WHAT to shop for, wouldn’t it be helpful to know HOW to shop well during the holiday...
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2017 year-end tax planning Moving within Canada

Dec 07, 2017 |Colleen O’ Connell-Campbell
The marginal tax rates may vary significantly by province or territory. For example, combined with the federal rate, the top marginal tax rate of Nunavut is 44.5% and the top combined rate in Nova Scotia is 54.0% Since you are subject to tax based on...
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2017 year-end tax planning Tax shelters

Dec 06, 2017 |Colleen O’ Connell-Campbell
You may consider purchasing a tax shelter such as limited partnership units or flow-through shares before year-end in order to receive tax deductions. A tax shelter is generally structured so that the expenses incurred by the tax shelter in the first...
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2017 year-end tax planning Timing of mutual fund purchases

Dec 05, 2017 |Colleen O’ Connell-Campbell
When you purchase a mutual fund part way through the year, you purchase the fund at its next asset value, which includes any accumulated income and gains that have not yet been distributed. When the fund makes a distribution, the distribution includes...
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2017 year-end tax planning Capital Gains realized in a trust

Dec 04, 2017 |Colleen O’ Connell-Campbell
If a trust is property structured, capital gains realized by the trust may be allocated to a minor beneficiary and taxed in their hands with little or no taxes payable. Individuals, including minor children, with no other taxable income can realize approximately...
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2017 year-end tax planning RESP contributions

Nov 30, 2017 |Colleen O’ Connell-Campbell
A Registered Education Savings Plan (RESP) is a way to save for a child’s or grandchild’s post-secondary education and can also be used as an income splitting vehicle. The lifetime contribution limits is $50,000 per beneficiary and there is no annual...
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2017 year-end tax planning TFSA contributions

Nov 29, 2017 |Colleen O’ Connell-Campbell
If you have not yet done so, you can make your TFSA contribution for 2017 (up to $5,500) and catch up on any unused contribution room from 2009-2016. The TFSA enables you to earn tax-free investment income, including interest, dividends, and capital gains...
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