Three Thoughts on Tax Returns

Tax season is coming up and I’ve already witnessed quite a few Facebook posts on the plans for some individual’s incoming return. A new guitar, a new tattoo, a new this, and a new that. A lot of people view their return as free money. The reality is that it’s actually money you over-paid to the government that you didn’t have to. The government kept it for a year and is now returning it to you interest-free. That being said, there are a few things I would personally do before buying something new and shiny with your return.

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Proposed Tax Changes in 2016

With a new government party in charge, Canadians will face some new tax proposals that will likely be rolled out in 2016. We've listed the ones we feel will most affect our clients. As always, if you have any questions or concerns on how they may affect your planning, feel free to give us a call at 705-733-9385.

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Tax Time!

I have always liked numbers, but I’ve never been a fan of taxes. Over the last decade or so, I never really bought into the “Do It Yourself” computer programs. I always waited for my package to arrive in the mail to bust out my pencil, eraser, and calculator to do my return. I’d spend an hour or two adding up all the numbers, finding all the right pieces of paper, and calculating my return, only to receive a T4 the next day in the mail that I hadn’t put in yet, so I’d have to go back, erase everything, and start anew.

I found this very frustrating.

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Your Final Tax Bill

Did you know that after you pass away, all of your assets (investments, cottages, home, etc) are pooled together and the government will tax you based on the value of the assets as part of your final tax bill. The tax has to be paid by the deceased person’s estate.

Basically, after you pass away, you still have one big bill left to pay to the government. Most don’t plan for this – but it’s a guarantee that one day we’ll all pass away.

A New Legislation for Estate Taxes

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