Brooks Financial

Brooks Financial 2017 Income Tax Changes

What’s New and Revised for the 2017 Personal Income Tax Return?

The Government of Canada has announced several changes and improvements to personal income tax benefits and credits. The following should be considered for your 2017 personal income tax return: Those responsible for raising children under 18 years of age may be eligible for the tax-free monthly Canada Child Benefit (CCB) …

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An OAS and CPP Primer, understanding sources of government retirement income

An OAS and CPP Primer

The majority of Canadians spend their lives drawing income from one main source or employer during employment years. Retirement income, however, requires careful planning since we can no longer depend on one main source for our income.

Creating a Holistic Retirement Income Plan: After Tax Income Sources

Last week, we introduced the three main considerations when creating a holistic retirement plan – lifestyle plan, after tax income sources and income tax and portfolio plan. In our last post, we focused on lifestyle plan – determining your goals and main priorities for retirement. Once this has been established, we calculate how much money you …

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Brooks Financial Did You Forget to Record RRSP Contributions on Last Year's Income Tax Return? We Can Help!

Did You Forget to Record RRSP Contributions on Last Year’s Income Tax Return? We Can Help!

Canada Revenue Agency requires that all RRSP contributions be reported on Schedule 7 for the past calendar year, as well as any contributions made within the first 60 days of the current year. If you forgot to report, CRA will allow you to file an adjustment to record any RRSP …

Read moreDid You Forget to Record RRSP Contributions on Last Year’s Income Tax Return? We Can Help!

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