Tax News

No slip, no excuses…

(May 2006) As clients clamour to finalize their tax returns by the end of the month, it may be a good time to remind them that just because they may be missing a slip or two, doesn’t mean they should avoid reporting the income on that slip on their tax returns. According to the Canada […]

May 12, 2006

3 min read

Pop Quiz!

Test your knowledge on income sources for your retiring clients. Q: Can CPP benefits commence early (before age 65) if you are over age 60 and earning $50,000 per year in fulltime employment? A: Yes, as long as the client is at least age 60 and has at least two consecutive months where employment income […]

By Staff | March 17, 2006

2 min read

Over the limit: Withdrawing RRSP over-contributions

(February 2006) With the 2006 RRSP season soon drawing to a close, it’s inevitable that one or two of your clients may have inadvertently got themselves into an RRSP over-contribution situation. The most common source of over-contributions arises from clients who have a group RRSP program in which their employer makes contributions on your clients’ […]

February 24, 2006

3 min read

Report everything

(February 2006) At the end of the month, your clients will begin receiving their year-end statements. If they disposed of securities in 2005 they will also receive either a Canada Revenue Agency T5008 slip, known as a Statement of Securities Transactions or a customized statement from their dealer, broker or fund company detailing a list […]

February 2, 2006

4 min read