My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned.

Friday, November 22, 2013

Year-end Tax Tip Tweets - For the Week Ending November 22nd

My Twitter year-end tax tips for this week are listed below. This is my last set of tweets on this topic. As I tweet tax and money related information fairly regularly, you may want to follow me on Twitter @bluntbeancounter.

Tips for Week of November 18 - November 22, 2013


Did your kids attend private school in 2013? Ask if any of the fees can be claimed as child care expenses and/or a donation #yearendtips

If you turned 71 this year, you must convert your RRSP to a #RRIF or annuity by the end of the year #yearendtips

Consider donating shares of public companies as opposed to cash; you will pay no #capitalgains tax. #yearendtips

Look at whether purchasing a #flowthrough share is effective for your tax and investment purposes. #yearendtips

Purchasing a tax shelter investment? The refund may be held by the CRA (although they lost a case) until the tax shelter is audited #yearendtips

Children cut out, charities cut in

In today's Globe and Mail, Marjo Johne writes an interesting article on how donating some of the families fortune can create a philanthropic legacy - but also bitterness among heirs if not done right. Katy Basi, an estate lawyer and frequent contributor to this blog and I are quoted. Here is a link to the article.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.

4 comments:

  1. My kids went to a private school and we got to make certain deductions each year, but one year CRA disallowed some of the deductions going back several years. If other private schools have similar problems, parents should have some liquid savings around in case they face a demand for taxes and interest from CRA.

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    1. Hey Michael

      That is too bad. Typically not something you expect to be reassessed. I have not seen that with my clients, you must be one of the lucky ones :)

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  2. How would you guard against such a thing happening? Can CRA go back more than 3 years in this case?

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    1. Hi Anon

      You cant really guard against this and it is unusual. Typically your return is statute barred after 3 years

      Delete