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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) payment, which has replaced the

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Brooks Financial Control Tax Your Pay

Year-End Tax Tips to Help You Control the Tax You Pay

Year-end is the perfect time to review you financial situation and explore opportunities to reduce personal income tax before the December 31 deadline. Here are some tips to consider for reducing your net income. Charitable Donations December 31, 2017 is an important deadline to consider if you hope to receive the First-Time Donor’s Super Credit.

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Brooks Financial Retirement Investment Terminology

Canadian Retirement Investment Income Terminology – Part 1

This week, we will begin with Part 1 of our Retirement Investment Income Terminology posts to help you understand the variety of options available to Canadians who are planning and saving for retirement. 1. Registered Pension Plan – RPP A Canada Revenue Agency registered trust that provides pension benefits to an employee upon retirement. Contributions

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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.

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Creating a Holistic Retirement Income Plan: Income Tax and Portfolio Plan

In our last two posts, we discussed the three main considerations when creating a holistic retirement plan – lifestyle plan, after tax income sources and income tax and portfolio plan. This week, we will discuss your income tax and portfolio plan. Income Tax and Portfolio Plan At Brooks Financial, our goal is to help you

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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 will actually have during retirement,

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Creating a Holistic Retirement Income Plan: Your Lifestyle Plan

Are you prepared for retirement? Do you know where your income will come from? The retirement landscape has changed considerably and people can no longer depend on a traditional pension income from a single employer. Fewer people have pension plans and many have had multiple jobs over the years. People are retiring later, and part

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Forget to Record RRSP Contributions on Last Year's Income Tax Return

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 contributions missed when you filed

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Signing up for a CRA My Account is convenient, secure and paperless

The Benefits of the CRA My Account and Online Mail

There are 4 days left to file your Personal Income Tax. If you haven’t done so already, remember you have until Monday, May 1st to complete your return. Are you missing a certain benefit notice or can’t remember your RRSP Limit? Lost a Notice of Assessment from a previous year? Sign-up for My Account for

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2016 Personal Income Tax Changes

What’s new on the 2016 tax return?

Personal Income Tax rules change every year in Canada. Deductions and credits are added, amended and removed. You can be sure that the Canada Revenue Agency will inform you of anything you have failed to report, but do not expect them to point out if you have missed a deduction or tax credit. Brooks Financial

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