From how to invest tax efficiently to the tax consequences resulting from life events, clients are turning to their advisors for more help and guidance
suggests that, more often than not, the answer is no. Not getting this information right can be extremely costly, experts say. The risk of failing to report gains or losses properly could be being assessed interest on taxes that would otherwise have been due, or a 50-per-cent penalty for negligence.Some Canadians entering their later years are opting for common-law relationships rather than marriage.
2 million had a balance owing with an average amount of $6,612, according to the CRA. Reactions to a big tax bill can range from “not very happy at all” to “some degree of panic,” say advisors – but there are ways to help minimize the impact on long-term financial plans. Education is key to avoiding tax bill surprises, and so are accurate projections. Taxpayers also have certain rights they should be aware of.
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