Post Secondary students often neglect filing their income tax and benefit return, they could be missing out on several credits, deductions, and benefits.
The arrival of T4 and T5 slips — by the end of February — signals the official start of the annual tax-preparation rush. One important rule you and your tax preparer will want to follow is completing all family tax returns together, starting with the lowest-earning family member and progressing to the highest. This will allow you to take advantage of provisions for transferring income to children and provide savings opportunities for the young.
The federal government earned the wrath of soon-to-be seniors recently when it suggested it might extend the age at which Old Age Security (OAS) benefits begin to age 67 from age 65. At this point, the proposal — and it is only a proposal — would not change OAS benefit amounts or indexing. This begs two important questions. Why is this being proposed? And, how will this change affect your retirement plan?
Stock option plans are a popular form of compensation for employees and senior executives. They benefit the company because they preserve cash for capital investment, and they benefit shareholders because, in theory at least, they link the employee’s remuneration to the corporation’s well being. But, do they really benefit the employee?To read the full article click here.
You can save thousands of dollars by filing all your family’s income tax returns together. If you file as a family, you can transfer deductions and credits amongst family members, split income for better after-tax results and even make better investment decisions.