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Note that in 2017-2018 we are providing the Info Centre, with a drop-down menu to the righ side of the main page. Within the Info Centre is a lof of data, such as CRA forms. Peruse at will, and let us know your thoughts! Charles Russell

 

Tax Alerts

Print the full text below and utilize it to organize your income tax data before visiting the office of Charles Russell


This newsletter contains some information that is very valuable. Check out the different sections as follows: Part I - 12 vital tips that are easily done, that if avoided, may beat you up later Part II – RRSP’s – 11 bona fide considerations for your RRSP savings -absolutely essential Part III – Capital Gains – Don’t fail to understand these important tax matters Part IV – Owner-Managed Businesses – Proper planning makes all the difference! Part V – International Part VI - Assets Part VII – Estate and trusts Part VIII - Employees Part IX - Long Term Employee benefits in a Canadian small business corporation Part X – Other Part XI – CRA pronouncements, briefly


When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. Those who had contributed could start receiving CPP on retirement, usually at the age of 65. Once an individual was receiving retirement benefits, he or she was not required (or allowed) to make further contributions to the CPP. The CPP retirement benefit for which that individual was eligible therefore could not increase (except for inflationary increases) after that point.


For all but a very fortunate few, buying a home means having to obtain financing for the portion of the purchase price not covered by a down payment. For most buyers, especially first-time buyers, that means taking out a conventional mortgage from a financial institution.


The month of September marks both the end of summer and the beginning of the new school year for millions of Canadian children, teenagers, and young adults. And, whatever the age of the student or the grade level to which he or she is returning, there will inevitably be costs which must be incurred in relation to the return to school. Those costs can range from a few hundred dollars for school supplies for grade school and high school students to thousands (or tens of thousands) of dollars for the cost of post-secondary or professional education.


The administrative policy of the Canada Revenue Agency (CRA) with respect to charities has been that no more than 10% of a registered charity’s resources can be allocated to non-partisan political activity. Where the CRA views a charity as having exceeded that threshold it may impose sanctions, up to and including revocation of a charity’s charitable registration status.


Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.


For most Canadians, having to pay for legal services is an infrequent occurrence, and most Canadians would like to keep it that way. In many instances, the need to seek out and obtain legal services (and to pay for them) is associated with life’s more unwelcome occurrences and experiences — a divorce, a dispute over a family estate, or a job loss. About the only thing that mitigates the pain of paying legal fees (apart, hopefully, from a successful resolution of the problem that created the need for legal advice) would be being able to claim a tax credit or deduction for the fees paid.