Pension Income Splitting is a tax planning tool that can be used by taxpayers over the age of 65 (and in some cases 60) to reduce their tax liability and increase their eligibility for government benefits.
This is done by “splitting” their pension income with their spouse or common-law partner.
This can be one of the most effective tax planning tools for seniors but, unlike the Age Credit and Pension Income Credit, is underutilized as many seniors are unaware of this tax saving opportunity.
January is over and the deadline for your 2018 tax return is soon approaching. While you are probably eager to say goodbye to the past year and look ahead to all that the new year has to offer, you still need to take one final look back at 2018 before you put it out of sight and out of mind.
Before you settle into 2019, you will have to complete your 2018 tax return. In most cases, once December 31 hits, you have lost your opportunity to leverage the last minute tax planning strategies that will fully optimize your return.
There is, however, one tax planning strategy you have in your toolbox to ensure you make the most of your 2018 income tax return - Registered Retirement Savings Plan (RRSP) contributions.
As with every new year, 2019 has its own set of tax payment and filing deadlines that every taxpayer needs to know about. Below is a listing of significant dates and information that you will want to make note of.
Are you a Canadian that heads south for the winter once the cold and snow hit? It can be a great way to escape our harsh winters, but did you know that there could be US tax implications if you stay too long over the border?
You see, many Canadians do not realize that by simply being present in the United States for a significant amount of time, they can be deemed a US resident and therefore exposed to US income tax and estate tax.
2018 is quickly coming to close, which means it is time to start thinking about those last-minute tax planning strategies to help minimize your 2018 tax owing.
Three of the most common last-minute tax planning strategies to consider are charitable donations, medical expenses and RRSP contributions.
Registered Retirement Savings Plans, or RRSPs, are a great way to save for the future but they are also powerful tax planning tool.
This is because contributions made to an RRSP are tax exempt until they are withdrawn. As a result, any amounts you contribute to your RRSP will reduce your taxable income in the applicable year, which in turn reduces your tax owing.
There are a number of tax deductions and benefits that taxpayers can claim to help reduce their taxable income and overall tax owing. But with so many credits and deductions to consider, it is no surprise that some, more than others, are often overlooked come tax filing season.
September is here which means school has begun and you, as parents, have begun incurring educational costs. The costs associated with sending your child to school will depend on what grade your child is in and the type of education they are receiving.
In some cases, your child may be too young for grade school but it is likely that they attend pre-school or daycare on a part-time or full-time basis while you, yourself, are at work or school.
Koroll & Company has outlined the credits and deductions that are available to you as a parent at each stage of your child’s education.
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